Climaterock · OTC:CLRCF
Climaterock — SPAC Merger (December 2022)
30 slides from Climaterock's SPAC merger presentation, December 2022
Slide 1: An independent global pure-play renewable energy developer
An independent global pure-play renewable energy developer Investor December Presentation 2022
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) Please read the information below thoroughly before continuing to the rest of the presentation This presentation (together with oral statements made in connection herewith, this “Presentation”) is being delivered to you by E.E.W. Eco Energy World PLC (“EEW”) and ClimateRock to assis
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) Trademarks This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and EEW’s, ClimateRock’s and Pubco;s use thereof does not imply an affiliation with, or endorsement by, the owners of
Slide 4: Today's Speakers
Today’s Speakers Svante Kumlin Kaveh Ertefai Per Regnarsson CEO, EEW CFO, EEW CEO, ClimateRock – Founder and major shareholder – Focus on Solar PV development and – Experienced renewable energy investor of Eco Energy World investments since 2008 and financier with a career in sustainable infrastruct
Slide 5: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 5
Slide 6: EEW at a glance
EEW at a glance EEW is a pure-play developer of utility-scale renewable energy projects FOCUSED BUSINESS MODEL PROVEN TECHNOLOGIES CLIENT BASE Developing projects to a point that Historically, a solar PV are Ready To Build and exit at RTB – developer, expanded to EEW does not own & operate Solar + B
Slide 7: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 7
Slide 8: Strong market drivers underpin high & growing demand for RTB projects
Strong market drivers underpin high & growing demand for RTB projects Decreasing Technology Cost Energy Security ENERGY TRANSITION Greenwave from Investor governments Interest corporations and society Developed by EEW UK – 14 MW (Pitworthy) 8
Slide 9: Utility scale solar PV has one of the lowest cost of electricity generation
Utility scale solar PV has one of the lowest cost of electricity generation Levelized costs of energy (LCOE) of Solar PV fell by 90% between 2009 and 2021 Historic LCOE, 2009 – 2021 LCOE for Various Energy Sources, 2021 400 350 300 250 41 200 30 150 204 100 152 131 50 93 0 65 74 50 56 45 2009 2010 2
Slide 10: 7-fold increase expected in solar PV installations 2020-30 with 22% CAGR
7-fold increase expected in solar PV installations 2020-30 with 22% CAGR Installed Capacity (forecast) 2050 Share of Solar PV in Power generation (capacity) is forecasted Historical Projection 2050 to rise rapidly 16,000 39% 22% 5.0% 14,000 CAGR 2000-20 20X Cumulative Installed Capacity GW CAGR 2020
Slide 11: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 11
Slide 12: EEW's positioning in the solar power infrastructure value chain
EEW’s positioning in the solar power infrastructure value chain Attractive Value Chain Exposure Project Capital Structure (Utility-Scale Solar PV) EEW predominantly operates in subsidy-free markets & is focused on Project Example the highest margin segment of the value chain 100 % ‘Ready To Build’ (
Slide 13: Focused on the early-stage Solar-PV project development
Focused on the early-stage Solar-PV project development Note: After RTB services are optional services provided for certain projects upon request After RTB Obtain all required permits; environmental, land use & generator licenses Permitting Planning Arrangement of senior debt, Land selection in prox
Slide 14: Scalable & streamlined development model supported by in-house operations & local partners
Scalable & streamlined development model supported by in- house operations & local partners Planning Centralised Local Consultants Lawyers Operation Technical Experts Developers Grid Technical (On the Ground) Consultants Advisors External Consultants Energy Grid Analysts Specialists Market Land Anal
Slide 15: >10 years track record: ~1.3 GW of renewables development
>10 years track record: ~1.3 GW of renewables development1 2012 2013 EEW founded (1) Sold 72 MW in UK 2013 2008 Module plant discontinued Group founder begins working in the solar industry Profitable since 2015 2015 2017-18 Solar development in Australia Sold 187 MW in Australia 2018 Solar developme
Slide 16: Key attributes that make EEW a successful Solar PV developer
Key attributes that make EEW a successful Solar PV developer Pure-Play Developer > 10 Yrs Experience Focus on Grid Proven competence in developing from greenfield & selling RTB Strong focus on the grid – Invests substantial projects time & effort understanding grid capacity in target markets Convers
Slide 17: Key metrics for examples of EEW projects developed & sold
Key metrics for examples of EEW projects developed & sold Development Grid Development Sold Price Asset Location RTB / Sold Buyer started connection cost (€/MW) (€/MW) Project 1 Infrastructure Australia 2016 +12 months +24 months €15k €133k 37 MW Investment Fund Project 2 UK 2013 +9 months +24 month
Slide 18: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 18
Slide 19: Strong & Growing Pipeline – 10.1 GW
Strong & Growing Pipeline – 10.1 GW Project Classification 4Q2022 (1st Dec 22) RTB GREENFIELD + POTENTIAL JDA/ ACQUISITIONS = EXISTING & POTENTIAL DEFINITIONS Early-stage An opportunity is identified, and the land availability and grid network strategy are under analysis. Early Stage 2025 2,814 MW 2,
Slide 20: Geographically diverse pipeline across OECD markets
Geographically diverse pipeline across OECD markets UK Sweden 4,098MW 1,063MW UK, 41% US Spain 1,500MW 696MW Sweden, 11% Italy Pipeline 515MW breakdown by country Italy, 5% Chile 1,110MW Australia Spain, 7% 1,099MW Australia, 11% Chile, 11% As per 1st Dec 2022 US, 15% Note: These pipeline figures in
Slide 21: Committed to scaling-up in the rapidly growing utility-scale solar PV market
Committed to scaling-up in the rapidly growing utility-scale solar PV market GROWTH STRATEGY Greenfield & Potential JDA/Acquisitions ONGOING EXPANSION ACTIVITIES In MW 11 – Entering new markets such as the Greenfield 10 36% Chile and the US 9 – Targeting projects for potential 8 acquisition in the U
Slide 22: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 22
Slide 23: Strong revenue profile from transacting visible pipeline for the next 3 years
Strong revenue profile from transacting visible pipeline for the next 3 years FROM PROJECT DEVELOPMENT TO SALES Projected MW’s targeted to be transacted Recurring revenue generated by selling projects prior to/upon reaching Ready to Build 52% CAGR – Projects from inventory of advanced stage and RTB
Slide 24: Contents
Contents 01 Introduction – EEW at a Glance 02 Solar PV market growth drivers 03 EEW Solar PV business 04 Project Pipeline 05 Financials 06 Investment Case 24
Slide 25: Transaction Overview
Transaction Overview • ClimateRock and EEW target filing an F-4 / proxy statement in December 2022 Overview1 • The transaction will thereafter be expected to close in H1 2023 • Transaction reflects an equity value of approximately $801 million translating into an enterprise value of approximately $6
Slide 26: Detailed Transaction Overview – No Redemptions
Detailed Transaction Overview – No Redemptions Pro Forma Valuation1,2 Illustrative Sources & Uses ($mm, except per share data) Sources ($mm) Pro Forma Shares Outstanding2 78.5 ClimateRock Cash in Trust1 $80.4 (x) Illustrative Share Price $10.21 EEW Equity Rollover $650.0 Pro Forma Equity Value2 $801
Slide 27: Detailed Transaction Overview – Full Redemptions
Detailed Transaction Overview – Full Redemptions Pro Forma Valuation1,2 Illustrative Sources & Uses ($mm, except per share data) Sources ($mm) Pro Forma Shares Outstanding2 71.6 ClimateRock Cash in Trust1 $80.4 (x) Illustrative Share Price $10.21 EEW Equity Rollover $650.0 Pro Forma Equity Value2 $7
Slide 28: Appendix
Appendix 28
Slide 29: Experienced Executive Team & Proposed Post-Closing Board of Directors
Experienced Executive Team & Proposed Post-Closing Board of Directors Proposed post-closing Board of Directors shall be composed of 2 management team members, 3 Board of Directors representatives of EEW shareholders, and 2 ClimateRock appointed representatives Board composition will satisfy SEC
Slide 30: Risk Factors
Risk Factors The Group’s performance depends strongly on availability of experienced and qualified personnel; inability to attract and/or retain such personnel, or loss of one or more of the Group’s key personnel, may disrupt the Group’s operations. The Group’s relatively short operating history