Presentation on venture capital investments in green and cleantechnology startups, what funding trends appear, and some insights. Learn more about Sustainable Business & Design at: http://sustainablelifemedia.com

1. CleanTech Finance,
Venture Capital &
Green Investment
Bob O’Connor
Wilson Sonsini Goodrich Rosati

2. Our History
Personal Semiconductor Internet Information Services Clean Technology
Computing Revolution Revolution Revolution Revolution
Revolution
1980 1981-1983 1995-1999 2003-2004 2005-
Initial Public Offering
November 17, 2005
Initial Public Offering Incorporated Initial Public Offering Acquired by Counsel for
December 1, 1980 Cypress in 1981 August 8, 1995 Yahoo! Cypress Semiconductor
$101.2 million $140 million October 7, 2003 $138.6 million
$1.8 billion
Acquired by
America Online
March 17, 1999
Initial Public Offering Joint Venture with
Initial Public Offering
May 13, 1983 $4.3 billion Q-Cells AG
August 19, 2004 January 14, 2005
$147 million
$1.7 billion $75 million
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3. A Holistic Approach to “CleanTech”
Integrated Industry Thought
Capital Tax
Efficient Team Markets Leaders
Technology Project
Transactions Finance
M&A Renewable Input
Holistic Client Focus Clean Energy & Arrangements Business
Across All Practices Technology Biofuels Understanding
Intellectual Project Offtake
Property Finance Arrangements
State &
Corporate Federal
Governance Regulatory
Scalability Venture Commitment
Permitting
Capital Environmental to Cause
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4. Our Climate Change and Sustainability Practice
Technology Capital
Transactions Markets
M&A Tax
Intellectual Supply
Property Clean Arrangements
Technology Renewable
Energy &
Project Offtake
Venture
Finance Arrangements
Capital
Corporate Project
Governance Finance
State &
Permitting Federal
Environmental Regulatory
WSGR Climate Change Practice
• Legal and operational issues with carbon offset and energy efficiency credit transactions
• Analysis and evaluation of REC and carbon offset purchase agreements on project finance
transactions
• Compliance with state, federal, and regional greenhouse gas legislation and voluntary markets
• Corporate governance counseling relating to climate change and sustainability initiatives
• Counseling with respect to the development markets and sale of products and services into GHG-
regulated industries
• Counseling with respect to the implementation of corporate green initiatives
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5. A Branding Challenge
Solexyl
SolBeam
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6. Capital Is Pouring into Clean Energy
According to New Energy Finance, new
global investment in all clean-energy sectors
soared to $148.4 billion in 2007, up 60% from
$92.6 billion tracked in 2006.
Venture investments in the U.S.
clean-energy sector increased 60%
from 2006 to 2007.
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7. California Leads the Way
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8. The Anatomy of CleanTech Enterprises
Financial
Intellectual Capital Human
Capital Capital
“Political” Capital
•RPSs
•Carbon Offsets
•RECs
•White Tags
CleanTech Enterprise •ITCs
•PTCs
•MACRs
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9. California’s Political Leadership
Global Warming Solutions Act of 2006 (AB 32)
GHG emissions reduced to 1990 levels by 2020
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