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ADVANTAGE THROUGH INNOVATION VENTURE CAPITAL – A TOOL TO ACCESS BREAKTHROUGH INNOVATION 1

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ADVANTAGE THROUGH INNOVATION VENTURE CAPITAL – A TOOL TO ACCESS BREAKTHROUGH INNOVATION 1
ADVANTAGE THROUGH
INNOVATION
VENTURE CAPITAL – A TOOL TO ACCESS BREAKTHROUGH INNOVATION
1
CHRYSALIX VENTURE CAPITAL
DEEP INDUSTRIAL, TECHNOLOGY AND ENTREPRENEURIAL EXPERTISE
Dr. Wal van Lierop - President & CEO
Mike Sherman - Managing Partner
Chrysalix Investment
Metrics
Ex Westcoast Energy,
McKinsey, EU, World Bank;
PhD Econ. Vrije University
Dr. Alfred Lam - Vice President
Ex NRC; PhD Chemical
& Biological Engineering
UBC
Stefan Heck – Advisor
Stanford Professor;
Former McKinsey Dir.
Cleantech & Sustain.
Peter Bryant – Advisor
Senior Fellow Kellogg
Innovation Network;
Partner Clareo
Ex Starbucks; Marketing
Specialist; HBA Richard
Ivey School of Business
Joe Blair - Vice President
Clean Energy Startup;
MSc Mechanical Eng,
Harvard MBA
Mark Dudzinski – Advisor
Former CMO General
Electric Energy; BSc
Electrical Eng. Cornell
Paul de Martini – Advisor
Former CTO CISCO and
VP Southern California
Edison
Richard MacKellar - Managing Partner
Ex NxtPhase, Brightside;
Degree in Metallurgy,
Harvard MBA
Wendy Leong - Vice President, Finance
20+ yr. Investment Mgmt.
& Financial Reporting;
CPA, CA; BComm UBC
Dr. Matthias Bichsel – Advisor
Former Executive
Committee Shell; Various
Fortune 500 Board Seats
Dr. Charles Haythornthwaite – Partner
Co-founder Soliant Energy;
PhD Laser Physics & Mat.
Science; Berkeley MBA
Allison Johnson - Director of Marketing
BAH Queen’s University,
MSc Management
London School of Econ.
Michael J. Phelps – Advisor
Former CEO WestCoast
Energy; Various Fortune
500 Board Seats
John Thompson – Advisor
Former VP Technology and
Development, Teck; Wold
Professor Cornell
2
LONG TRADITION OF EARLY STAGE CORPORATE ENGAGEMENT
Chrysalix provides leverage & risk reduction to its Limited Partners
3
Large Industries Facing Transition
ACCESSING EXTERNAL INNOVATION IS ONE OF THE FEW CARDS LEFT TO PLAY
• Industry getting squeezed
• Falling productivity and increasing costs
• Declining prices
• Social licence issues
• Tightening environmental regulation
• Market rapidly changing
4
Challenges with Innovation
CENTRAL QUESTIONS FOR LARGE INDUSTRIALS
Chrysalix Innovation Summit Alumni Organizations
1) How do you become aware and access the high value innovation that really matters?
2) How do you create a portfolio of options to access the upside of breakthroughs but minimize the
cost and the risk along the way?
5
Risk vs Reward
SUCCESS RATE OF INTERNAL INNOVATION CHALLENGING OUTSIDE CORE
Big Wins with
process led by Senior
Champion, BUT with
Greater Risk
Risk Mitigation
Strategy Led by
Operations
Greatest Margins, Opportunities & Threats Outside Core!
6
Enhanced Innovation Funnel
CREATE BROADER STRATEGIC WINDOW OF HIGH VALUE OPPORTUNITIES
7
Strategic Engagement Process
ACTIVE COMPANY BUILDING & MATCHMAKING FOR SUCCESS
Step 6:
Step 5:
Step 4:
Step 3:
Step 2:
Step 1:
Lab Test
Prelim
Assessment
(TRL 1-4)
Customer
Pilot Test
Large Scale
Demo
(TRL 5-7)
Scale Up
First
Commercial
Deployment
(TRL 8-9)
Project
Finance
Corporate
Engagement
Venture
Capital
Strong VC Involvement
Higher
Success Rate
Reduced
time to
Market
Efficient use
of Capital
Large Corp Involvement
8
Chrysalix as Integrator
CONNECTING SOLUTIONS TO MARKET DRIVEN PROBLEMS
Oil & Gas
Solar Thermal
Drywall Industry
9
Solar Steam Generator
10
Pilot: McKittrick, CA, USA
Large Scale Demo: PDO Amal, Oman
50 tonnes of steam per day
1st Commercial Deployment: PDO Miraah, Oman
6,000 tonnes of steam per day
Summary: Chrysalix-Shell Partnership
Today:
 Highly differentiated solar industrial heat technology.
 World’s largest solar project: 1GWt ($600M).
 $1.2B MOU and $100B opportunity just in oil and gas.
Expected 2017 IPO.
Highlights:
2010 – 2012
 Chrysalix recognized technology potential and outstanding team. Series A lone investor (ownership ~30%)
 Based on market knowledge, encouraged switch to much better “hidden” market – enhanced oil recovery
 Introduced “strategic technology” to Shell (Chrysalix LP)
2012 – 2014
 Shell invests in Series B and its Oman JV (PDO) successfully demonstrates pilot in Oman.
 Shell leads Series C with >$100M valuation including Oman sovereign wealth fund, SGRF.
2015 - 2016
 PDO $600M order and $1.2B MOU. Opportunities for financials to invest in pre-IPO round.
14
Chrysalix Venture Capital
Industrial Innovation that Matters
Alfred Lam
Vice President, Chrysalix Venture Capital
E: [email protected]
T: +1.604.659.5483
www.chrysalix.com
15
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