References of Apricum - The Cleantech Advisory

Case studies

A selection of recent projects
we have developed with our clients

Recent projects

 

We work with a variety of different organizations across many markets: Holdings and multi-national companies, midsize companies, technology start-ups, investment firms, academic and research centers and government agencies. Following you will find an overview of recent projects.

Greencells

Transaction advisory: Investor search

About the client

Greencells is one of the largest European solution providers of solar photovoltaic (PV) power plants. Greencells develops, builds, operates and finances utility-scale solar projects, with a track record of more than 1.3 GW of capacity over more than 100 individual projects in 25 countries.

Task

Find an investor who will lead a growth capital round including secondary sale for further growth of Greencells' main business.

Services provided by Apricum

  • Support preparation of teaser and management presentation, financial model
  • Organize and orchestrate structured competitive sell-side process
  • Conduct global roadshow and site visits
  • Provide comprehensive due diligence and negotiation support up to closing

Results

Apricum secured a strategic investment from OMAS, a wholly-owned subsidiary of The Zahid Group, a diversified Saudi Arabian conglomerate, providing a major equity injection. With its investment, OMAS has taken a 50% stake in Greencells, enabling strong future growth.

Quotes

“This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a highly reputable and strong partner, whose strategic vision and values align well with ours,” said Greencells CEO Andreas Hoffmann. “We thank Apricum for making this transaction happen. Their access to decision makers among investors worldwide, deep understanding of the solar industry, their execution expertise and high commitment from beginning to end were crucial to successfully closing the deal.”

“We are delighted to have facilitated this transaction for Greencells. The company’s dynamism, agility and depth of market presence were waiting to be matched up with a strong strategic partner, to take the next major step in Greencell’s success story together,” said Dr. Moritz Borgmann, Apricum partner and lead on the Greencells transaction.

Read Apricum's press release about this transaction here.

Al-Babtain Power & Telecom

Transaction advisory: Joint Ventures

About the client

Al-Babtain Power & Telecom (ABPT) is a Saudi-Arabia based holding with activities in a number of industrial sectors such as telecommunication, construction and energy.

With the support of Apricum in defining and implementing a renewable energy strategy, ABPT decided to enter the PV tracker business as a component manufacturer, with a view to gaining substantial traction in Saudi Arabia and the broader MENA region by supplying locally manufactured steel components. Apricum supported ABPT in defining its strategy for the tracker business and in forming relationships with partners in strategic customers. ABPT decided to enter into a joint venture relationship with Portuguese steel component manufacturer Metalogalva, which already has a long-standing track record in supplying to leading global PV tracker manufacturers. The JV will operate a local manufacturing site in Saudi Arabia.

Task

Create a JV business plan, financial model and detailed Saudi Industrial Development Fund (SIDF) feasibility study for PV tracker production in KSA.

Services provided by Apricum

  • Build bespoke, bottom-up model for multiple products and production lines; model returns financial statements, key metrics for utilization, profit, and investment return,
  • Optimize financial structuring
  • Advise clients on JV business plan development and impacts of business assumptions
  • Assemble comprehensive loan application feasibility study directly to be used for the SIDF loan
  • Advise on market conditions and competitive landscape

Results

Apricum's work enabled ABPT to apply for a SIDF-subsidized loan required to start up the business quickly and become the first local PV tracker manufacturer in KSA.

DEWA Phase III 800 MW solar IPP tender

Transaction advisory: Bid support

About the client

Apricum supported its client, a consortium consisting of a European utility and Chinese solar IPP, in the bid preparation for DEWA’s 800 MW Phase III solar PV IPP tender.

Task

As commercial advisor to the bidding consortium, Apricum led the consortium team taking a holistic view to ensure every aspect of the bid was optimized. Apricum developed the bid strategy, optimized the technical work stream and financial inputs and provided project management services applying valuable “lessons learned” from its previous tender experience.

Services provided by Apricum

  • Conducted a partner search and negotiated MoU with consortium partner from the PV industry
  • Advised on selection of financial, legal and technical advisor for the bidding phase
  • Conducted the overall project management of bidding consortium, coordination of technical, legal, commercial and financial work streams
  • Negotiated with EPCs and audited the financial model

Results

Enabled the client to participate for the first time in a GCC solar IPP tender (being the largest worldwide).

Eos Energy Storage

Transaction advisory: Investor search

About the client

Eos is an American energy storage company with a leading cost position for grid-scale battery systems based on an innovative zinc hybrid cathode-based technology. After two rounds of financing, additional funds to support scale-up and delivery of MW-scale product were needed.

Task

Find an investor to provide funds in the final closing of Eos’ round C equity financing to support the commercial launch of its grid-scale batteries.

Services provided by Apricum

  • Prepare teaser letter and management presentation
  • Identify and approach more than 150 potential financial and strategic investors worldwide through Apricum’s network
  • Organize site visits and management presentations for numerous interested investors
  • Support Eos throughout fundraising and negotiation process

Results

Apricum secured Korean investor OCI in USD 23M in the final closing of Eos’ round C equity financing to support commercial launch of its grid-scale batteries

Quotes

“Apricum played a crucial role in the final close of our successful series C equity raise by bringing in a key strategic investor, which diversifies our investor base. Apricum’s team is world class and their network of global relationships to decision makers of major strategic companies is very impressive and made all the difference,” said Michael Oster, CEO of Eos Energy Storage.

“We are pleased to have brought together two leaders in their fields, which now enables the commercial delivery of Eos’ energy storage system. At a cost point of USD 160/kWh, it truly has the ability to be a game changer in the industry,” said Apricum Principal Florian Mayr.

Read Apricum's press release about this transaction here.

Saudia Arabian industrial conglomerate

Transaction advisory: Joint venture

About the client

The client is a multi-billion US dollar Saudi Arabian conglomerate who is active in a diverse range of industries in the Middle East. One of the client’s ambitions is to become a world-class, solar independent power producer in the MENA region.

Task

To support the client’s goal of becoming a major solar IPP, we recommended a joint venture. The goal of this JV was to set up an IPP for the purpose of participating in Saudi Arabia’s K.A.CARE program, covering all stages from prequalification and bidding for projects through to project execution and operation.

Services provided by Apricum

  • JV partner search
    • Develop longlist and shortlists of potential partners using criteria set by the client and Apricum
    • Initiate contact with shortlisted potential partners
    • Rank and prioritize potential partners
    • Organize and facilitate a road show to meet the top partners
    • Facilitate negotiations to close a non-binding partnership agreement (e.g., MOU)
  • Develop joint business plan

Results

Apricum identified a suitable JV partner – a growing independent European solar power producer. Apricum prepared a full implementation plan, pilot program, branding and business development activities, putting the client in the position to immediately deploy the JV.

Quote

“The JV partner we identified followed an exhaustive and systematic search process. Our team worked diligently with the client to thoroughly prepare a comprehensive, robust, implementation-ready JV arrangement, with an impressive level of detail and maximum chance for success,” said Apricum Partner Dr. Moritz Borgmann.

Industrial conglomerate in GCC

Transaction advisory: Project development and bid support

About the client

The client is a multi-billion US dollar GCC conglomerate headquartered in Saudi Arabia, who seeks to enter the PV industry.

Task

To support the client with a market-entry strategy and bid preparation for solar PV IPP tenders in the MENA region.

Services provided by Apricum

  • Identify tender opportunities and support client during qualification process
  • Globally screen and identify most suitable target markets according to mutually agreed-upon criteria
  • Build a reputable, international bidding consortium
  • Execute the overall project management of the bidding consortium
  • Conduct financial modeling of the project
  • Optimize the project’s competitiveness

Results

Apricum enabled the client to participate in the bidding process for a solar IPP tender in a new market.

Quote

“Anticipation in the market surrounding this solar IPP tender was high, with fierce competition from the international bidding consortia. Our team did an excellent job, putting together a strong bidding consortium, optimizing all commercial, legal and financial aspects of the bid in short space of time in what was a highly complex process. Our client gathered valuable experience and learnings throughout the entire process, equipping them to successfully participate in future tenders,” said Apricum Partner Dr. Moritz Borgmann.

Large global chemical corporation

Strategy consulting: Marketing & Sales

About the client

The client is one of the world’s top 15 chemical corporations, based in Europe.

Task

The client had just finished product development and qualification of a state-of-the art polymer-based PV backsheet product and commissioned Apricum to design a marketing & sales strategy, including identification of the most attractive customer segments, product and price positioning.

Services provided by Apricum

  • Product review regarding latest technical PV market requirements
  • Market segmentation alongside PV cell technologies, installation types and climate zones
  • Product value modeling along the PV value chain in terms of LCOE reduction and price positioning
  • Sales channel design for the top 10 markets, partnering and implementation

Results

The client employed the marketing & sales strategy for a swift and targeted market entry into the dynamic PV material market – thereby making use of a window of opportunity in a strongly growing market. Product pricing was underscored by quantitative arguments and sales channels quickly became effective.

Quote

“Product development at our client had taken about three to four years. We were able to save our client time and money by devising this marketing and sales strategy in less than four months. The strategy leveraged our technical appraisal, our value modelling methodology and intimate knowledge of the end markets all the way down to individual customers,” said Apricum Partner Florian Haacke.

International solar IPP

Strategy consulting: Market-entry strategy

About the client

The client is one of the leading, globally active independent solar power producers with a focus on large utility-scale projects. Headquartered in Europe, the client develops, builds, owns and operates solar power plants around the world.

As an early mover, the client actively seeks to enter new markets based on the potential for attractive PV opportunities. Viewing solar intermittency as the main barrier to higher levels of PV penetration, the client identified storage and hybrid solar plants as the most suitable solutions to address the issues of intermittency.

Task

The client commissioned Apricum to provide structured guidance in entering the storage and hybrid-diesel segments, in particular, to identify and address the most attractive business opportunities according to technologies, market segments and business models.

Services provided by Apricum

  • Feasibility analysis of PV-hybrid solutions for different fossil and storage technologies
  • Define PV-hybrid products and relevant market segment for the product offering
  • Identify the customer need for different PV-hybrid solutions and define the key pre-requisites for offering PV-hybrid solutions to these customer segments
  • Define the business model for different products including required partnerships

Results

Apricum’s recommendation enabled the client to make an informed decision to enter the PV-hybrid market.

Quotes

Apricum Principal Florian Mayr had this to say about the project:

“The client is a forward-thinking company that sees the market challenges and proactively develops solutions to meet them. Our recommendation was derived from a detailed analysis of many factors resulting in several business model and partnership options that could be immediately implemented. I am pleased we could support the client to enter the PV-hybrid business, which I believe fits well to their mission and key capabilities.” said Florian Mayr.

European industrial conglomerate

Transaction advisory: Due diligence

About the client

The client is a multi-billion euro industrial conglomerate in the energy sector, based in Europe.

Task

To conduct a technical and commercial due diligence for a large-scale manufacturing project investigating high-efficiency PV cells and modules.

Services provided by Apricum

  • Assessment of technology and R&D roadmap, including site visits and in-depth expert interviews
  • Assessment of industrialization plan and ramp-up roadmap
  • Detailed bottom-up cost models for cell and module value chain steps
  • Business plan audit, including challenging all key assumptions, derivation of recommendation

Results

Apricum’s comprehensive technical and commercial assessment of the primarily technically driven proposal, enabled the client to take an informed business decision about investment.

Quote

“The innovative technology under review by our client entailed a complex evaluation along commercial and technical fronts against the background of the incumbent technology. Our detailed assessment and recommendation regarding its future commercial viability gave the client the robust rationale they needed to decide whether to invest,” said Apricum Project Manager Hannes Beushausen.

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