References / Case studies
We work with a variety of organizations: Holdings, multi-national and midsize companies, technology start-ups, investment firms and government agencies – and focus on their diverse and individual needs.
Strategy Consulting: Corporate Strategy
Meyer Burger
About the client
Meyer Burger is a Swiss mechanical engineering company that combines innovative cutting-edge technology with tradition and courage to create unique photovoltaic systems that are sustainably manufactured for the global market.
Task
Provide strategic guidance and implementation support to help client transform from PV manufacturing equipment provider to become PV cells and module manufacturer and enter the European PV manufacturing market.
Services provided by Apricum
- Review business plan; verifying assumption of capital expenditure calculations, market research and financing solutions
- Business model detailing; capital analysis, sales strategy, logistics, certification, and bankability assessment in addition to competitor review
- Develop a value model by calculating Levelized Cost of Energy and market-based input for the residential and commercial & industrial segments across four EU countries
- Create Equity Story presentation for capital markets including research and development roadmap, technology, and site details
- Define transaction structure, evaluate public versus private options, identify potential investors and possible conflicts of interest
- Develop a political storyline focusing on job creation and CO2 footprint analysis for political affairs
- Manage application for investment subsidies at state-and federal level
- Overarching business plan execution support in various areas
RESULTS
Apricum delivered the required research and analysis enabling our client to successfully prove the mass production readiness of its Heterojunction/SmartWire technology and its subsequent acceptance by the market. Apricum further supported Meyer Burger in the successful capital raise (165M CHF Rights offering and private placement and 185M EUR debt) and collection of investment subsidies.
Strategy consulting: Industry mapping
Hanwha Q CELLS
About the client
Hanwha Q CELLS is a total energy solution provider worldwide. Their business scope ranges from the midstream of cells and modules to downstream solar solutions for residential, commercial, and industrial buildings, as well as for large solar power plants.
Task
Provide an overview of the renewable energy industry and relevant adjacent areas by mapping the respective value chains. Identify key strategic patterns/shifts by major players in selected areas, e.g., driven by EU policy.
Services provided by Apricum
- Comprehensively mapped the renewable energy industry and adjacent areas – at various levels of depth tailored to the client’s needs
- Developed a top-down expert view on key strategic shifts and patterns observed today and expected for the future, e.g., regarding types of players, value chain coverage or focus on specific products/technologies
- Described main market and policy drivers for observed patterns/shifts
- Identified key examples of strategic decisions by major players and provided corresponding one-pager profiles
- Derived concrete recommendations for next steps
Results
Apricum provided the client an overview of key industry developments for an initial assessment of opportunities and threats, enabling the client to select the most relevant fields for further analysis to shape its corporate strategy.
Transaction advisory: Investor search
Greencells
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.
Transaction advisory: Joint Ventures
Al-Babtain
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.
Transaction advisory: Bid support
DEWA Phase III 800 MW solar IPP tender
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).
Transaction advisory: Investor search
Eos Energy Storage
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.
Transaction advisory: Joint venture
Saudia Arabian industrial conglomerate
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.
Transaction advisory: Project development and bid support
Industrial conglomerate in GCC
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.
Strategy consulting: Marketing & Sales
Large global chemical corporation
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.
Strategy consulting: Market-entry strategy
International solar IPP
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.
Transaction advisory: Due diligence
European industrial conglomerate
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.