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The portraits of the portfolio holdings are updated annually. SPG holdings as per December 31th, 2009:
Listed Companies
ENERGY
Yingli Green Energy
www.yinglisolar.com
Yingli Green Energy (Yingli) is the largest vertically integrated photovoltaic (PV) product manufacturer
in China. The company sells its products in various markets such as Spain, Germany, Italy, China, and the US. They sell solar modules to major European installers and systems integrators.
Noble
www.noblecorp.com
Noble owns and operates a fleet of 63 offshore drilling units located in markets worldwide and they
have a clear exposure to the deepwater segment of the offshore drilling market. The company has a long term strategy of acquisitions, refurbishment of assets, and selective new building.
ITC
www.itc-holdings.com
ITC is independent transmission operator in the US. After its acquisition of Detroit Edisons transmission subsidiary in 2003 the company now owns two other operating companies. The company is also pursuing extra high-voltage transmission projects in the upper Midwest and the MISO and SPP regions, aimed at interconnecting wind and other renewable resources through subsidiaries of ITC Grid Development.
Iberdrola Renovables
www.iberdrolarenovables.es
Iberdrola Renovables (IBR) is a renewable energy company focusing on design, development, construction management and operation of renewable power stations that are primarily wind based.
IBR has the largest wind power portfolio worldwide. It is a product of the merger of the wind assets of Iberdrola and ScottishPower. Installed capacity stands at 10 GW which rise to 12.5GW by the end of 2010. IBR is mainly active in Spain, US, and UK, has a presence in Greece, Poland, France as well as in 13 other countries. Further operations include a natural gas storage facility, energy management and thermal generation (gas) in the US.
Ja Solar
www.jasolar.com
The Chinese company JA Solar (JASO) makes both mono- and multi- crystalline solar cells. It also engages in tolling arrangements for select customers. The company has manufacturing and R&D facilities in Ningjin, Hebei and Yangzhou, Jiangsu in China. In addition, JASO has recently begun to add module production at its Shanghai facility. Its cell capacity is 800 MW. JASO expects to have a module capacity of 200 MW at the middle of 2010. JASOs customer base is currently composed of 80% Chinese and 20% international customers. Management has made it a goal to increase its penetration of non- Chinese customers over the coming year.
Quanta Services
www.quantaservices.com
Quanta Services is a leading provider of specialized contracting services, delivering end-to-end network solutions for the electric power, telecommunications, broadband cable and gas pipeline industries. The company provides a comprehensive range of services, including the design, installation, maintenance and repair of virtually every type of network infrastructure.
Canadian Solar
www.canadian-solar.com
Canadian Solar is a vertically-integrated manufacturer of PV cells, modules, and custom designed solar power applications. The company has principal executive offices in Suzhou Jiangsu, and operations throughout China. Its traditional or standard PV modules are sold to distributors, system integrators and through OEM channels. The companys e-Modules, which are made with UMG silicon cells, are sold to distributors and system integrators.
Renewable Energy
www.recgroup.com
Renewable Energy Corporation (REC) is one of the leading companies in the polysilicon and wafer business even though they are also present in other parts of the value-chain (cells and modules which they are ramping up). REC Polysilicon is located in the US (Moses Lake, WA), while its other businesses are located in Norway.
Companhia Energética de Minas Gerais
www.cemig.com.br
Companhia Energética de Minas Gerais (CEMIG) is one of the largest electric energy utility companies in Brazil. It primarily generates, transmits and distributes electricity. The company is also engaged in gas distribution, telecommunications and consulting through its subsidiaries. CEMIG operates 53 hydroelectric plants, four thermoelectric plants and one wind farm, with a total installed capacity of 6580 MW. As of December 31, 2009, it owned and operated ~3000 miles of transmission lines and ~280000 miles of distribution lines.
Wacker Chemie
www.wacker.com
Wacker Chemie (Wacker) is a German company headquartered in Munich. Nearly 80% of its sales
are related to silicon. The company is divided into five divisions (silicones, siltronic, polysilicon, fine
chemicals and polymers). Wacker has a good reputation and is an important player in each of these
segments.
Ener1
www.ener1.com
Ener1 designs, develops and manufactures re - chargeable lithium-ion batteries and battery systems for energy storage. Its end markets include transportation, stationary power, military applications
and small cell markets. In the transportation markets, they are developing systems to power the
next generation of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs). Ener1 also conducts research on and develops fuel cells and nano coating processes.
Gamesa
www.gamesa.es
Gamesa Corporacion Technologica SA (Gamesa) is involved in the engineering, design, manufacture and sale of wind turbines, as well as the construction and sale of wind farms. With a global market share of approximately 13% in fiscal 2009, Gamesa is the third largest wind turbine manufacturer worldwide. The Company operates primarily in Spain, in the US and China.
WATER
American Water Works
www.awwa.org
American Water Works supplies drinking water and provides wastewater disposal to 5% of the American population. It is therefore the largest listed water and wastewater utility in the US. 90% of
American Water Works activity is in the regulated water field, with 10% in hydraulic engineering,
consultancy and the sale of infrastructure and waterrelated products.
Pall
www.pall.com
Pall is a global leader in the removal of solid, liquid and gaseous pollutants from fluids and gases. The
company is benefiting from more stringent regulatory requirements concerning quality in industry and the healthcare sector. Its business activities are supported by a broadly diversified customer base, leadership in several niche markets and a global presence, with 41% of sales in Europe, 33% in North America and 26% in Asia.
Stantec
www.stantec.com
Stantec is a globally recognized leading provider and innovation specialist in the field of sustainable solutions. Stantecs services and technologies for infrastructure and facilities projects encompass the
fields of planning, engineering, interior design, landscape architecture, surveying, environmental sciences and project management. The company pursues a growth strategy based on acquisitions, and was able to further strengthen its presence in the North American environmental market through appropriate acquisitions in 2009.
Suez Environnement
www.suez-environnement.com
Suez Environnement (Suez) is active in the supply of drinking water and the treatment of wastewater, as well as in waste management. With 76 million people drinking water provided by the company, and with a presence on five continents, it is one of the largest environmental companies in the world. The companys brands include Lyonnaise des Eaux (water utility), Degrémont (construction), Ondeo (industrial water and wastewater systems) and SITA (waste management).
KSB Water
www.ksb.de
The German company KSB supplies innovative pump and valve technologies for a broad range of
applications, encompassing everything from building services through to industry, water, energy and
mining. The company is the worlds fifth largest manufacturer of pumps for water management applications and the largest provider of pumps for power plants. KSB has production facilities across
the globe, with sales personnel in more than 100 countries.
Ecolab
www.ecolab.com
Ecolab develops and markets products and services in the field of industrial cleaning, hygiene and pest control. Its customers include hotels, restaurants, hospitals, schools and commercial enterprises.
Around half of its sales are generated in the USA, and a third in Europe. Ecolab is the global market leader by a wide margin, and is able to make targeted acquisitions of attractive rival companies in niche markets thanks to its global presence and size, thus ensuring market and technological leadership.
Geberit
www.geberit.com
Headquartered in Jona, Switzerland, Geberit provides sanitary technology solutions for both renovation projects and new buildings. Its product range comprises six product lines split between two divisions: Sanitary Systems (installation systems, cisterns and mechanisms, faucets and flushing systems, waste fittings and traps) and Piping Systems (building drainage systems, supply systems). The company owns 17 production sites in eight different countries, and has representative offices in around 40 countries.
Kurita Water Industries
www.kurita.co.jp
Kurita Water Industries (Kurita) is one of Japans leading manufacturers of water treatment systems.
Kurita produces, sells and maintains plants primarily in Japan (90%). The companys product range includes water sterilization, purification and treatment plants. It also produces and sells chemicals for the purposes of water treatment.
Wavin
www.wavin.com
The Dutch company Wavin is one of the leading European manufacturers of plastic pipes and accessories. Wavins products are used in infrastructure applications in residential water management systems, in building installations and in cabling and gas pipe ducting.
Veolia Environnement
www.veolia.com
Veolia Environnement (Veolia) is the world leader in environmental services. Veolia operates in the fields of drinking water supply and wastewater treatment, provides refuse management services together with products and services in the field of energy optimization. This year, the merger of Veolia Transport and Transdev was agreed, which is set to create the worlds largest public passenger transport provider.
Hera
www.gruppohera.it
Hera supplies regions in northeast Italy with electricity, district heating, natural gas and drinking water. The company undertakes refuse collection and disposal, wastewater treatment and provides general municipal services such as lighting and telecoms. Hera is one of five listed municipal utilities in which the Italian authorities still hold a majority stake.
Danaher
www.danaher.com
Danaher is engaged in designing, manufacturing and marketing of professional, medical, industrial,
commercial and consumer products. Revenues are generated globally with 47%, 31% and 14% from US, Europe and Asia respectively. In January 2010, the Company announced that it has acquired 97% interest in Genetix Group plc.
HEALTHY LIVING
Danisco
www.danisco.com
The Danish company Danisco is one of the worlds leading suppliers of food additives, enzymes and
industrially produced organic products. Daniscos organically produced products meet the market
demand for healthier and safer food. The companys ingredients are used across a wide range of
industrial sectors around the world, from baked goods to dairy products, drinks and detergents.
Chaoda Modern Agriculture
www.chaoda.com
Chaoda Modern Agriculture (Chaoda) is the biggest listed agricultural company in China, and is active in the cultivation of natural agricultural products (vegetables, fruit and tea). The company operates 31 large agricultural cultivation sites spread across the entire country. Chaoda sells its products to domestic wholesalers (70%) and exports produce abroad (30%), primarily to Japan, Hong Kong and Europe.
Thermo Fisher Scientific
www.thermofisher.com
Thermo Fisher Scientific (Thermo Fisher) is a leader in the development, production and marketing of analytical instruments, laboratory equipment, laboratory consumables and software. The latter provides solutions for research and development in the healthcare sector, for quality analysis in industrial production and for measurement and verification tasks in the field of environmental protection.
Atrium Innovations
www.atrium-innovations.com
Atrium Innovations (Atrium) is a leading company in the health and wellness industry. It develops high-quality food supplements, marketed through health professionals such as doctors and physiotherapists.
Deckers Outdoor
www.deckers.com
Deckers Outdoor (Deckers) develops and markets footwear, particularly for outdoor activities. The
company has three principal product lines. While the Teva range offers sports sandals and robust
footwear for the outdoors, Simple provides comfortable and sporty shoes from sustainable production processes. The third brand, UGG , offers authentic sheeps leather boots with a high degree of comfort. Other brands include TSUBO, Ahnu and Deckers.
Novo Nordisk
www.novonordisk.com
Novo Nordisk is a focused healthcare company, headquartered in Denmark. It has two business segments: diabetes care and biopharmaceuticals. The diabetes care segment covers Novo Nordisk's insulin franchise, including insulin analogues, human insulin, insulinrelated products and oral anti-diabetic products. The biopharmaceuticals segment consists of homeostasis management, growth hormone therapy, hormone replacement therapy and other products. The company has employees in 79 countries and markets its products in 179 countries. In 2008, Diabetes care products accounted for 73% of the total revenues, haemostasis management for 14%, human growth hormones for 10% and others for 3%.
Kellogg
www.kelloggcompany.com
Kellogg Company manufactures and markets readyto- eat cereal and other convenience foods. The
company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. Kellogg products are manufactured in 19 countries and marketed in more than 180 countries around the world. Its cereal products are generally marketed under the Kelloggs name, and are sold principally to the grocery trade through direct sales forces for resale to consumers.
China Green
www.chinese-green.com
China Green is engaged in the production and supply of safe crop compliant vegetables and fruits,
including fresh produce, processed products and branded food & beverage products. China Greens
domestic business accounts for 52% of total sales. Japan is their largest export market with 21% of
total sales.
Avon Products
www.avon.com
Avon Products is a global leader in the beauty products market. As the worlds largest direct seller,
Avon markets its products in well over 100 countries through more than 5 million independent Avon
Sales Representatives. Avons product range includes cosmetics, body care products and fashion accessories, marketed through brands such as Anew, Skin-So-Soft, Avon Solutions and Avon Wellness.
SunOpta
www.sunopta.com
SunOpta is a leading processor of natural and organically grown food in North America. The company enjoys a position of global leadership in the procurement, trading and processing of non-GM soy, corn and sunflower and in the manufacture of soy and oat-based foodstuffs.
United Natural Foods
www.unfi.com
United Natural Foods (United Natural) is a leading distributor of organic and natural products and food supplements. The company has built up a nationwide network of modern storage and distribution centers in the US, allowing it to supply its many retailers with on-time delivery of products of the highest quality. United Natural Foods largest client is Whole Foods Market, the specialist organic food retailer, accounting for over 35% of total sales.
Sonova
www.sonova.com
The Swiss company Sonova is a global market leader in the development, manufacture and marketing of hearing aids and wireless communication systems. The company markets its products under the brand names Phonak and Unitron. Around 52% of its sales are generated in North and South America, with Europe contributing 40% and the Asia-Pacific region 8%. In a few markets, Sonova has its own retail chains such as Hansaton in Austria and Lappere in
Belgium.
Life Time Fitness
www.lifetimefitness.com
Life Time Fitness operates large-scale sport, fitness and family recreation centers in the US. The company has 84 facilities across 19 states. In addition to the standard amenities offered by fitness clubs such as cardiovascular and fitness equipment, most Life Time Fitness centers offer additional amenities such as swimming pools, basketball courts, squash courts, group fitness programs, childcare services, restaurants and wellness areas.
Mylan
www.mylan.com
Mylan engages in the development, manufacture, marketing, licensing, and distribution of generic,
brand, and branded generic pharmaceutical products, as well as active pharmaceutical ingredients.
The company offers more than 570 products in various therapeutic areas, for example cardiovascular or renal and genitourinary, and markets them in more than 140 countries worldwide. Mylan generated 47% of its revenues in North America, 39% in Europe and 14% in Asia Pacific.
RESOURCE EFFICIENCY
Waste Management
www.wm.com
Waste Management is the leading provider of comprehensive waste management and environmental services as well as recycling services in North America. It operates more than 100 facilities for the recycling of paper, cardboard, glass, plastics, metal, and electronics. Waste Management is making steady progress in increasing the number of landfills equipped with gas collection systems and electricity generation for own use (clean vehicle fuel) or to be sold to the grid.
Novozymes
www.novozymes.com
Novozymes is the worlds leading enzyme provider. Its enzyme business (93% of sales) includes enzyme compounds for technical applications (detergents and washing agents, corn starch, textiles, biofuels) and for the foodstuffs and animal feed industries. Novozymes also produces micro-organisms used in wastewater treatment, pollutant reduction and biological pest control in agriculture.
Vossloh
www.vossloh.com
Vossloh is a leading company in the fields of rail infrastructure and rail technology. The Rail Infrastructure division specializes in rail infrastructure products and services, such as rail fastening systems, points, and control and monitoring systems. The Motive Power&Components division produces locomotives, (sub)urban trains and electrical components for a wide variety of light rail vehicles (LRVs).
Shanks
www.shanks.co.uk
Shanks Group (Shanks) is a Pan-European waste management company, active in the UK, Belgium
and the Netherlands. The services offered range from collection to treatment and final disposal of waste. The treatment technologies are developed in-house, through acquisitions or licensing third parties technologies. announcedthe re-financing of its core bank facility.
SGL Carbon Resource efficiency
www.sglgroup.com
The German company SGL Carbon (SGL) is one of the worlds leading manufacturers of carbon-based products. The focus of the companys activities is on the manufacture of carbon fibers, composites and carbon and graphite products. The group, which is active in Europe and America, consists of two divisions. Performance Products develops graphite electrodes for industrial steel production in electric arc furnaces. The Advanced Materials division specializes in the manufacture
of specialist materials based on graphite and carbon together with high-performance products from carbon, glass and aramid fibers.
Centrotec Sustainable Resource efficiency
www.centrotec.de
Centrotec is an integrated systems provider specializing in energy efficient building systems. The product range includes thermal solar energy, ventilation systems with heat recovery (European market leader), ultramodern condensing boiler technology, gas flue systems for condensing boilers
(market position no. 2 in Europe), biomass boilers, heat pumps, and cooling systems with and without the use of solar energy.
Landi Renzo
www.landi.it
Landi Renzo is an Italian firm that produces and markets alternative fuel systems for propane, liquid
petroleum gas (LPG) and compressed natural gas. The company is global market leader in assemblies
for gas-powered vehicles, with a market share of over 30% and a presence in more than 50 countries. While 2008 still saw a majority of conversions of vehicles already in operation, the ratio has, for the time being, shifted in favor of new vehicles.
Linde
www.linde.com
Linde operates through three divisions: gas, engineering, and gist. The companys gas division provides compressed and liquefied gases and chemicals for commercial use. The companys engineering division offers project planning and development, and construction services for olefin plants, natural gas plants, air separation plants, and hydrogen and synthesis gas plants. Further, it provides logistics and supply chain solutions relating to grocery, retail, electronics, and gas for commercial and industrial sectors through its gist division.
Crown Holdings Resource efficiency
www.crowncork.com
Crown designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world. The companys primary products include steel and aluminum cans for food, beverage, household, and other consumer products. Crown also provides a variety of metal caps, closures, and dispensing systems.
Covanta
www.covantaholding.com
Covanta is a developer, owner and operator of infrastructure for the conversion of waste to energy (known as energy-from-waste), as well as other waste disposal and renewable energy production businesses in the US, Europe and Asia. Covanta is involved in 60 energy generation facilities. It also owns or operates several businesses that are associated with its energy-from-waste business, including a waste procurement business, three landfills and several waste transfer stations.
Hanfeng Evergreen
www.hanfengevergreen.com
Hanfeng Evergreen (Hanfeng), headquartered in Canada, provides slow release fertilizer to the agriculture market in China. Hanfeng focuses on combining its technology with single nutrient fertilizers and compound fertilizers to produce slow release products. The company plans to increase its production capacity to 22.5 million metric tons per annum by 2012.
Zumtobel
www.zumtobel.com
Zumtobel is an Austrian lighting company offering afull range of integral professional lighting solutions,luminaires, light management systems and lighting components for indoor and outdoor applications. As the European market leader in the field of professional lighting systems and the No.2 in the lightingcomponents sector, Zumtobel has a strong international platform.
Unlisted Companies
PRIVATE EQUITY
AquaSpy
www.aquaspy.com
AquaSpy is active in the field of smart irrigation management. AquaSpy offers an integrated product
range for the continuous monitoring of weather conditions and soil moisture. With the help of various advanced telecommunication solutions, the companys sensor-based products are able to provide the relevant decision makers with precise data on a real-time basis.
inge watertechnologies
www.inge.ag
inge Watertechnologies (inge), based in Germany, develops, produces and markets innovative ultrafiltration membranes for purifying drinking water, treating sewage for municipalities and also purifying industrial process water for the food, pharmaceutical and other industries. The membranes are supplied as modules to project developers and system integrators, who integrate them into their treatment plants.
AgraQuest Private Equity
www.agraquest.com
AgraQuest is based in California and develops, produces and markets biological pest management products based on naturally occurring microbes. The companys lead product, Serenade, is approved by the US EPA and by similar regulatory organizations around the world. The companys other products include insecticides Requiem and Baritone, and Sonata, a fungicide. A strong R&D team continues to identify and develop new products for launch over the medium term.
Pelamis Wave Power Private Equity
www.pelamiswave.com
Pelamis Wave Power, based in Scotland, designs and manufactures Pelamis the worlds leading wave energy converter. Pelamis uniquely addresses all the fundamental design concepts required to provide a commercially attractive product capable of generating reliable low-cost power. Pelamis is seen as the most advanced wave energy technology companies.
Emerald Cleantech Fund LP II (investment fund units)
The Emerald Cleantech Fund II LP is managed by Swiss-based Emerald Technology Ventures, one of
the leading cleantech venture capital players in Europe and North America. As a sector focused investor, Emerald is dedicated to investing in high potential young companies serving the energy, materials and water industries. These sectors are amongst the largest in the cleantech space, each
providing the necessary ingredients for successful venture investing.
Identec Solutions Private Equity
www.identecsolutions.com
Austrian company Identec Solutions (Identec) develops and markets intelligent asset tracking, tracing,
location and management systems based on Active Radio Frequency Identification technology (Active RFID) that deliver real-time information on mobile resources over long ranges in harsh environments. Identecs technology is applicable in a broad variety of sectors, including automotive, logistics, construction and offshore oil, gas&mining.
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