References / Case studies
We work with a variety of organizations: Holdings, multi-national and midsize companies, technology start-ups, and investment firms – and focus on their diverse and individual needs.
Transaction Advisory: M&A sell-side, sale of a residential PV company
Klarsolar
About the client
Klarsolar is a German full-service provider of residential solar energy. solutions.
Task
Provide complete M&A sell-side transaction support to the client, from strategic design and pre-market approach to closing.
Services provided by Apricum
- Supported in preparing investor approach materials, including teaser, information memorandum and virtual data room
- Developed a streamlined auction-based transaction process to ensure a swift and efficient execution
- Delivered a shortlist of potential buyers/investors, led the approach process and organized management presentations
- Supported selecting a suitable buyer by conducting a detailed analysis of various offers and terms
- Provided transaction support until closing
RESULTS
The client was able to successfully attract e.on, one of Europe’s largest energy companies, and close the transaction in a challenging market environment.
Strategy consulting: Sales and go-to-market strategy review
European lightweight PV manufacturer
About the client
A European-based leader in organic photovoltaics (OPV).
Task
Review of the client’s go-to-market strategy and sales plan; development of recommendations to support client’s achievement of sales growth targets and improved market positioning.
Services provided by Apricum
- Analyzed demand for lightweight PV in Europe, South Korea and Japan based on the stock of low-load bearing roofs and facade space in these geographies as well as market trends, drivers and customer preferences
- Performed a competitor analysis and review of the lightweight PV segment to establish client’s USP and improve its go-to-market strategy
- Reviewed the client’s sales plan and strategy evaluating key success factors and levers to increase sales
- Devised and workshopped recommendations to increase sales – focusing on topics including marketing, order processing, geographic focus, value chain coverage, partnerships, products and operational set-up
Results
Apricum enhanced the client’s current go-to-market strategy and sales approach with a series of tailor-made workshops and sales plan recommendations, resulting in better alignment with the client’s growth targets.
Strategy consulting: Residential hybrid inverter and BESS product roadshow
Chinese inverter and BESS manufacturer
About the client
The client is a large Chinese technology company specializing in solar inverters, energy storage systems (ESS), and renewable energy solutions.
Task
To facilitate a product roadshow facilitation for a China-based inverter and BESS manufacturer to accelerate sales of its residential hybrid inverter and BESS products to potential customers in Europe.
Services provided by Apricum
- Proposed selection and prioritization criteria of potential customers
- Screened and identified potential customers per selection criteria – ranging from installers and utilities to manufacturers
- Approached >120 contacts at ~80 companies
- Arranged meetings with the most promising potential customers, provided client with background information on meeting participants
- Moderated meetings, summarized meeting discussion points and next steps
Results
The client successfully entered the European residential solar and BESS markets by leveraging the new partners and customers secured during the roadshow.
Strategy consulting: Commercial due diligence
Private equity and venture capital investors
About the client
The client is a family-owned investment holding that manages a diversified, long-term portfolio.
Task
Apricum performed a commercial due diligence (CDD) on a buy and build cleantech impact holding raising funds to acquire specialized and particularly innovative electrical installation businesses in Germany.
Services provided by Apricum
- Conducted commercial red flag due diligence analysis of target
- Assessed the attractiveness of the German market, confirming assumptions regarding market volumes, growth and drivers
- Assessed the target’s existing risk strategies with focus on supply chain risk mitigation
- Reviewed, challenged and assessed assumptions on key competitors, business models and competitiveness to target
- Performed analysis on a specific business case (VPP/flexibility) including value-add for customers, overall feasibility and risks
Results
The client consortium confidently participated in the >€200m fundraise based on the commercial due diligence report, strengthening their positions as leading cleantech investors in Germany.
Strategy consulting: BESS deployment strategy
Major utility in the GCC region
About the client
Apricum supported its client, a major utility in the GCC region by developing a comprehensive BESS deployment strategy.
Task
The development of the BESS strategy for a major GCC utility, included a recommendation for an ideal business model, matching supply framework agreements, financing pathways and delivery of a post-project implementation roadmap.
Services provided by Apricum
- Analyzed and recommended optimal business model
- Developed a list of potential vendors per business model type
- Assessed and refined current BESS deployment strategy
- Drafted key document templates (e.g., supply agreement)
- Analyzed and recommended potential financing pathways, as well as reached out to potential funders for initial market sounding
- Created detailed business plan (including financial model) and assessment of Return on Investment (RoI)
- Developed a comprehensive execution and implementation roadmap
Results
Provided the client with a comprehensive BESS deployment strategy, including clear action items and room for optionality in case of potential context changes that is currently being implemented.
Transaction advisory: Competitive landscape review
UK-based IPP
About the client
The client is a UK-based independent power producer specializing in renewable energy, including solar, wind, and battery energy storage (BESS).
Task
Apricum conducted a review of competitors’ operating models and funding strategies, so as to realize the client’s extraordinarily ambitious capacity targets, in addition to setting board context on the evolution of IPP business models.
Services provided by Apricum
- Ran a high-level analysis on client’s business model and targets
- Prepared a macro view on the landscape and value chain for solar and onshore wind, including recent developments and trends in the IPP industry, covering the expected migration of economic value
- Created deep-dives into selected peers, covering key facts, operational information, financials and funding structure, evolution of strategy and recent strategic moves
- Summarized the findings into a board report, containing benchmarks, best practices and lessons on how peers derive value and funding, both currently and up to 2030
Results
The client recognized that their capacity expansion targets were unconventional and realized that their principal funding strategy could succeed with a more sophisticated and patient approach.
Strategy consulting: Commercial due diligence on an AI grid inspection company
Growth capital fund
About the client
Apricum conducted a commercial due diligence on an AI-assisted grid infrastructure inspection provider for its client, a growth capital firm focused on investing in European SMEs and scale-ups that drive the energy transition.
Task
To conduct a commercial due diligence including market segmentation and dynamics, competitive landscape analysis and strategic positioning assessment for a target in the AI grid inspection space.
Services provided by Apricum
- Conducted interviews with industry experts to build an in-depth understanding of market dynamics
- Built a TAM, SAM and SOM model for inspections and image processing of overhead transmission and distribution lines, towers and substations
- Assessed the competition based on their inspection capabilities, value proposition, customer traction and business model
- Determined the target’s strategic positioning, including its SWOT, pipeline assessment and customer assessment
- Provided an overall recommendation to the client including potential red flag
Results
Provided the client with a comprehensive view on the grid infrastructure inspection market and the maturity of AI image processing models, giving them confidence to lead a €30m investment round in the Target.
Transaction advisory: Capital raise
European solar PV wafer manufacturer
About the client
The client is a European manufacturer of silicon ingots and wafers for the photovoltaic sector.
Task
To support the client in raising equity, from outreach and approach, through to closing the deal.
Services provided by Apricum
- Identified and introduced potential Chinese strategic investors and equity partners
- Presented a shortlist of potential investors, manage approach process and management presentations
- Support due diligence material preparations and review
- Support on negotiations and final investor selection
Results
Client was able to successfully attract a Chinese strategic investor to accelerate establishment for 20 GW Spanish manufacturing facility.
Strategy consulting: Business review
Leading DIY / hardware store chain
About the client
The client is a leading hardware retail store chain in Germany.
Task
To perform a high-level business review of a company offering advice on renovation measures, energy savings and subsidies with the aim to identify any red flags.
Services provided by Apricum
- Provided market actuals and forecasts of German PV rooftop and heat pump installations, including underlying market drivers and hurdles
- Reviewed key assumptions and performed an overall qualitative review of the target’s financial model
- Estimated an indicative valuation of the target based on comparable trading and transaction multiples
- Assessed key business plan risks and potential mitigation strategies by the client
Results
Provided the client, who already held a small minority share in the target, with a sufficient understanding of the target and the market, resulting in the client’s acquisition of a majority stake.
Transaction advisory: Capital raise
Global materials technology and recycling group
About the client
The client is a European-based global materials technology company, seeking capital raise support for a silicon anode project.
Task
Spin off and capital raise for the silicon anode project of a European materials player looking to raise money to fund the project’s growth into pilot and first industrial production of its materials.
Services provided by Apricum
- Created a detailed Investment Memorandum highlighting the material’s USP in the market and competitive advantage over other silicon anode materials
- Built a comprehensive financial model detailing the intended growth plan
- Led marketing process to over 200 relevant investors world-wide from Apricum’s extensive network
- Managed the marketing and execution process, including investor outreach, management presentations as well as NBO and due diligence processes
- Supported client through negotiations and deal structuring until closing
Results
Successfully found lead and follower investors that injected growth capital at an appropriate valuation despite the challenging market environment for European batteries.