From adoption to impact: The next wave of the software evolution
An urgent challenge, a generational opportunity
Market forces accelerating momentum toward needed change
Reaching net zero to require c.$1.7tn per year
Climate tech reducing GHG emissions and resource exploitation
Software a critical enabler to reach net zero future
Foundation for impactful insights, decisions, actions, and results
Only first inning of adoption - CRM software comparison
How GP Bullhound categorises climate software opportunities
From adoption to impact: The next wave of the software evolution
3 July 2023 – To mitigate climate change, every sector of the global economy needs to transform and radically decarbonise in just 30 years. In this article, we dig deeper into the climate tech wave and illustrate why we believe software will play a crucial role in battling our biggest challenges in the years to come and how we at GP Bullhound categorise this significant investment opportunity.
To mitigate the ongoing climate change, every sector of the global economy needs to transform and radically decarbonise in just 30 years. The transition to net zero will require the largest reallocation of capital in history as people, businesses, and governments will all need new solutions and products to meet a more sustainable reality. And as it seems like everyone is holding their breath for technology advancements to take us forward, we want to peel the layers of tech in ‘climate tech’.

While we at the most serious levels recognise the developments needed in energy sources, storage, and materials, we also see much untapped potential in scaling immediate actions. Every consumer and business needs to do more: implement new solutions and adapt faster. Serving as the glue between fundamental technology advancements, data and end-users, rooted into our everyday lives – we are more excited than ever about the power of software products and their impact on our society.

In this article, we dig deeper into the climate tech wave, why we believe software will play a crucial role in battling our biggest challenges in the years to come, and how we at GP Bullhound categorise this significant investment opportunity. 
Hampus Hellermark
Nelly Tranaas
An urgent challenge, a generational opportunity  
The global economic model relies heavily on exploiting natural resources and emitting greenhouse gases (GHG) at a rate that our planet simply cannot handle.
To set the course for a more sustainable trajectory, the world’s collective climate goal has long been to limit the ongoing warming of the planet to 1.5°C. In March 2023, a new Intergovernmental Panel on Climate Change (IPCC) report stated that we are far behind in achieving this goal and are heading towards a 3.2°C warmer climate by 2100.

The results are projected to be devastating. The rise in sea level of at least 50cm will impact all coastal cities and extreme heat waves, flooding, and disrupted sea and planet fauna will impact the wildlife and lives of billions of people. As the world's population and middle class are growing at a rapid pace, our time is running shorter while the challenges grow bigger. 

We still have time to change course. The actual outcome itself is not binary. If we upscale our efforts for a deep and rapid reduction in emissions, we still have a chance to avoid the more dire impacts of climate change. Although a warmer climate will be inevitable, today we should be doing much more to reach net zero by 2050.

This transformative shift will require new products and solutions, both to deploy new processes and to tackle the projected changes. These solutions will come from technology, representing an ocean of opportunities for the companies opting to develop these. The inevitable transformation in front of us is also highlighted by the demand push from stakeholders and the need for funding.
Because of our cumulative emissions, the world is 1.1°C warmer today than in the pre-industrial era 
Today's global greenhouse gas emissions are tied to every aspect of our lives
Global per capita greenhouse gas emissions
by sector, 2019-2021
Net zero refers to a state in which the greenhouse gases going into the atmosphere are balanced by removal out of the atmosphere.
To reach net zero by 2050, global net human-caused emissions of CO2 need to fall by about 43% from 2019 levels by 2030, according to the IPCC. To cut almost half of our CO2 emissions, every sector of the global economy needs to transform and radically decarbonise in just over two business cycles.
global surface temperature 
Sources: GP Bullhound Insights and Intergovernmental Panel on Climate Change (IPCC) report, March 2023
Sources: GP Bullhound Insights and Our World in Data CO2 and greenhouse gas emissions
We at GP Bullhound know that the demand for change is quickly intensifying. As we need to change almost every aspect of how we live and our day-to-day business to decarbonise, people now expect action from businesses as the new normal. Whatever end goal one may have, saving the planet or not, we will all be part of the transition.
We are witnessing increased attention to both mitigating and tackling climate change from various stakeholders. Green movements appear to have reached critical mass and have succeeded in pressuring governments and businesses to take serious action or at least promise to do so.
Companies: Of all Fortune 500 companies, 63% have set 2050 targets for emissions reductions – up 12p.p. in the last year, 47% have set more ambitious 2030 targets, and 93 companies have committed to net-zero targets, according to Climate Impact Partners. 
Consumers: In a Nielsen survey, 73% of consumer respondents stated they would definitely or probably change their consumption habits to reduce their environmental impact. 
Institutions and capital: In 2022, the World Bank Group set a record by delivering $31.7bn to help countries address climate change, representing a 19% increase from the previous year.
Legislators: As part of the EU’s goal to achieve net zero by 2050, the European Commission is pushing the new Corporate Sustainability Reporting Directive (CSRD), which is already impacting reporting practices for approximately 50,000 companies in the EU. 
Stakeholders are pressuring companies to act, and regulatory and political uncertainty are some of the top climate issues facing businesses 
To what extent does your company feel pressure to act on climate change from your stakeholders?
Market forces accelerating momentum toward needed change 
Sources: GP Bullhound Insights and Deloitte CxO Sustainability report 2022
To get up to speed and achieve scale of greener solutions, critical steps towards commercialisation require capital. As we need to rebuild an economy in 30 years that originally took 200 years to build, aiming for net zero globally by 2050 will require the largest reallocation of capital in history.

The price tag? About $1.7tn in investments each year, according to author and venture capitalist John Doerr’s Speed & Scale initiative. While much is dependent on government budgets, private capital is also playing a crucial role to reach these capital allocation goals. VC and PE investments in climate tech ventures have increased sharply over the past five years, but capital allocation needs to rise significantly in the coming years. 

The financial sector plays a pivotal part in steering investment flows towards a more sustainable economy, and with multiple studies establishing a positive link between ESG considerations and financial performance, embracing sustainability is not only a wise choice but also a lucrative one.
Reaching net zero globally to require c.$1.7tn in investments per year for 20+ years
Global climate tech VC/PE funding ($bn)
Source: ​Data from HolonIQ (2. Jan 2023), triangulated from Speed & Scale's goal of US VC to reach net zero at $50bn and HolonIQ's US proportion of global VC climate capital at ~40% 
From adoption to impact: The next wave of the software evolution
Already leading the way for transformative change in the global economy, new technologies are the most critical part of the world’s decarbonisation toolbox. Climate technology refers to a wide range of products, services, and processes that are designed to reduce greenhouse gas emissions and mitigate the impacts of climate change. The fact that almost all our systems are built upon GHG-emitting processes makes the scope of climate tech tremendous.
Climate tech reducing GHG emissions and resource exploitation 
However, climate tech should not be seen as a homogenous sector. From its broad coverage of our daily lives and processes, the term also gathers very different business models. We have chosen to notate them as "layers" that are highly intertwined, although not 1:1 dependent on each other.
From our expertise in software products and the belief that they are – and will be – the game-changers of our society, we are excited about the potential that lies in software that changes our operations and behaviours and enables the transition to a more sustainable world. There is significant impact potential in bringing innovative, more sustainable methods to a more commercial and wider scale.

By displaying data to the world about environmental footprints, insights and tracking improvements, software solutions will be powerful tools to change our processes and behaviour. “You can’t manage what you don’t measure” is still a great mantra and has been proven that the use of digital solutions for emission measurement improves reduction. 
Climate or clean tech?

The clean tech bubble refers to a surge in renewable energy investments in the early 2000s. Investments were in the R&D phase and the technology was not cost-competitive with fossil fuels.

Climate tech goes far beyond ‘Clean tech 2.0’ as major evolutions in technology have changed how we live today today. Renewable energy sources are cost-competitive and market forces for climate change are much stronger, posing a more structural shift. In addition, the adoption of digital solutions and software tools enables transformative use cases and scalability.

Example: Solar energy cost c.$4/W in 2006 versus c.$0.25/W in 2021 
Organisations that have automated digital solutions for emission measurement
Climate technology layers
Source: Co2 AI by BCG Carbon Emission Survey 2022
According to a McKinsey analysis on the net-zero pathway for Europe, 40% of the necessary emission abatement could come from technologies that are still in R&D or not mature. The remaining 60% could be achieved by scaling and widely deploying already proven technologies.
More likely to measure emissions comprehensively
More likely to reduce emissions in line with their ambitions
Software as a critical enabler to reach net zero future
Software has reached a point where its influence can be more impactful and will accelerate the decarbonisation of the world.

Why now?

Firstly, there has never been a better time to achieve impact with data, according to McKinsey Digital. Not only is there more data available, but the tools and technologies to turn it into insights and action, such as the recent advancement in AI development, have become game-changing.

Secondly, underpinning this progress has been a steady improvement in computational power, memory storage, and strong price decreases for all relevant parts. After spending the past 50 years building its foundation, software is now at a point where we can expect to see an increased impact on the overall society. The global reach and opportunities in battling our climate crisis are greater than ever.
Software is more efficient and accessible, and has never been more powerful.
Computing efficiency 1971-2015 
Now is the perfect time to see the real impact of software
Sources: GP Bullhound and Our World in Data Technological Change 
Computer power efficiency is at its best yet, allowing us to use software on increasingly smaller  and portable devices
The hardware required for software has become so inexpensive that it can be integrated into any other technology imaginable
Together, these developments have made software so capable and accessible that almost every person owns a device used for running software globally
historical cost of computer memory and storage
Sources: GP Bullhound and Our World in Data Technological Change 
Sources: GP Bullhound and Our World in Data Technological Change 
share of US households using specific technologies 1992-2019 
Foundation for impactful insights, decisions, actions, and results
Below we illustrate the power that data-centred, accessible, and automated software products can bring through the reinforcement loop.
Gather data: The technological advancements to gather, structure and combine different sources of data are still under rapid development. For the climate question, we need to combine and process data from hardware such as sensors in machines and electricity systems, research and science, user data, and online and external databases. Modern software and AI can compile and process data needed to address the complexity of the climate problem.

Set to life through a user-friendly product: Through an intuitive interface and compelling product experience, software products can serve as windows to understanding our ecosystem and engaging in desired actions. User-friendly software can accelerate the adoption and right usage of critical innovations. For example, visual content can make it easier to understand and engage in a new process for both consumers and businesses.

Present insights & analytics: To extract real value from data, we need to give it a voice. By using advanced analytical and processing capabilities of AI and machine learning algorithms, we can identify patterns and predict developments. From a climate perspective, this is valuable in almost every application and will be crucial to educating and improving our understanding of the Earth’s climate, as well as how current systems can be optimised to help mitigate and adapt to the impacts of climate change.

Improve decision-making: There is a valuable basis to identify the most effective strategies for mitigating climate footprints and/or maximising positive effects. AI can propose strategies and optimise decision-making, but this step is also where real-world perspectives can be enhanced by software products’ output to make the best decisions – with multiple stakeholders in mind.

Scale action: Scale is needed to move the needle in terms of wider adoption of climate actions and also through automation of impactful efforts. The use of machine learning algorithms allows automated decisions which would be labour-intensive if done case-by-case. In turn, the nature of software makes efforts less scarce and eventually cost-competitive. As an example, using AI to continuously optimise energy use in buildings or enable carbon accounting for companies without the capacity to do the required work manually. 
market examples
Carbon accounting software companies such as Sweep, Watershed, Dcycle, and Normative gather data on a company's energy consumption and greenhouse gas emissions to calculate the company's carbon footprint, generate compliant reports, automatically track progress, and identify areas where further reductions can be made. This process is for many companies now only becoming possible through the use of software, enabling a wider adoption of emission measurement and reduction.
software impact flywheel, a reinforcement loop
Precision agriculture companies such as Cropin, Instacrops, and Ignitia combine AI and IoT with sensors on farming equipment to gather data on soil moisture, temperature, and crop health. The software integrates different sources of data using AI and can then identify patterns and optimise crop yields while using less water and fertilisers. The end-user platform gives actionable insights and recommendations for farmers.
Power utility companies can use software systems such as Oktogrid, Skyfri, and Arcadia to adapt to new electrification needs. By using machine learning algorithms to identify patterns, and anomalies in the data, and AI to manage distribution, enterprise software empowers energy companies with accurate, detailed data, allowing its operators to better understand and therefore improve the efficiency and reliability of power distribution.
Only first inning of adoption – CRM software comparison
Just as natural as managing your customer relations, we believe that in a few years ensuring sustainable processes and monitoring your climate footprint will be the norm. In this section, we illustrate the opportunity for carbon accounting software and electric and hybrid car sales compared to the CRM software adoption curve. 
Today, only one-fifth of companies worldwide are taking decisive steps toward sustainability, according to the World Economic Forum. As previously outlined, all signs – regulatory forces, customer demands, and a planet in danger – indicate that this will not be the case in a few years.

A 2022 global study from Boston Consulting Group (BCG) revealed that as few as 10% of companies fully measure their emission footprint (GHG Protocol Scope 1-3 carbon emissions). This percentage is set to dramatically increase, driven by regulatory shifts and corporate net-zero targets combined, as well as the knowledge that measurement results in significant emission reductions and corresponding annual savings. In addition, the study found that as much as 87% of companies want to ramp up the scope of their reporting, but said they need better digital tools.
Carbon accounting software adoption curve
We expect carbon accounting software, with its cost and time efficiency, to be one of the digital tools that support emission measurement. As the regulatory forces are in place to accelerate the push, adoption has reached an inflexion point. The corporate digital toolbox looks very different today than in 2001, and as the adoption of technology innovation has dramatically increased, we expect it to be much faster than the 20 years in the CRM analogy.

While the list of opportunities we see for different climate tech solutions is endless, we also look at the decarbonisation of the car fleet, where products related to electrification, cleaner energy sources, energy supply, and demand management will support the shift. 
CRM software adoption curve
Salesforce introduced its CRM software in 1999 and aimed to revolutionise how companies managed their customer relations in a single solution accessible through the cloud.

It became the fastest-growing software company ever to reach $10bn in revenue.

Today, CRM software is used by the majority of companies, with 85% adoption in Europe and the US, according to TechCrunch.
Salesforce illustrative example
“Measurements are crucial to helping companies work towards their net-zero goals [...] and they need to be supported by digital tools that help them achieve accuracy and comprehensiveness, which helps decision making for reduction.”

-Charlotte Degot, Founder
and Global Leader of
CO2 AI by BCG 

Electric & hybrid car sales adoption curve
Sources: GP Bullhound Insights and BCG "Technology is the fast track to net zero", 2022 Note: 1) BCG 2022 CO2 AI by BCG Carbon Emission Survey and 2) Excluding small reporting companies (SRC) defined by less than 100m in revenue
Sources: GP Bullhound Insights and BCG "Why EVs needs to accelerate their market penetration" Note: 1) BCG publications 2021
How GP Bullhound categorises climate software opportunities
With climate tech needed to transform every industry and aspect of our lives to achieve a sustainable trajectory, we need to structure and specify these areas to advance the discussion. With inspiration from the EU Green Deal and John Doerr’s Speed & Scale initiative, we have structured a climate tech overview to categorise software opportunities.

Although this article is focused on climate specifically, the industry-agnostic (horizontal) tools that aim to increase intelligence about our footprint also include social footprint and governance (S&G).
GP Bullhound has identified a selection of the above areas that are currently in a more mature underlying technology stage. We use this as a starting point for the areas of higher immediate relevance where we focus as software investors in this space.
Fix food systems: Optimise food production and distribution
With the world's population set to reach 9.7 billion by 2050, the agriculture industry is faced with numerous challenges, including the rise of meat-heavy diets, depletion of fertile land, water scarcity, unpredictable weather patterns, and climate change. To ensure a secure food supply for future generations, the industry must embrace the next generation of technology that has now accelerated with AI breakthroughs:

  • Precision farming & crop monitoring
  • Food distribution systems
  • Innovative food production methods

Relevant companies include Agrodit, Improvin', Indigo Agriculture, CarbonCloud, Vultus, ignitia, Blue River Technology, and 
ESG intelligence & tools: Insights for sustainable decision-making across industries

We need to familiarise ourselves with the status quo and make data-informed decisions. Who do we cooperate with, invest in, and buy from? How do our efforts compare to others, and what are our current and future climate risks? In addition, we need to finance and insure such initiatives. While the broader market includes solutions ranging from pure consultancy to software, our analysis focuses on the latter, which is software solutions that tackle the knowledge gap with the data we need.

These solutions include:

  • Supply chain ESG ratings
  • ESG compliance and reporting
  • Carbon accounting
  • Green finance & insurance

Relevant companies include EcoVadis, Novata, Celsia, IntegrityNext, The Upright Project, ESG Book, Doconomy, Clarity AI, Novisto, SESAMm, Prewave, and Milkywire.
Green energy transition: Supporting the green shift
Widespread electrification, decarbonised electric supply, and major advancements in storage are needed to reduce our fossil fuel use. To power our lives with more renewable and green power, we need increasingly smart ways to store and use it through grid technology, demand management, and improved capacity regulations in our energy systems. Sub-categories include:

  • Production and asset management
  • Grid management, storage and distributed energy resources optimisation
  • Smart-home and charging

Relevant companies include WeaveGrid, Pexapark, Skyfri, SparkMeter, Monta, Enode, gridX, and Tibber. 
Sustainable buildings: Changing how we design, build and live
Our built environment – how our cities are designed, constructed, and cared for – is at the heart of our urban lifestyle and our climate challenges. There is substantial potential for improvement in reducing emissions when we design new spaces and build our buildings, but also when we use them. We can also make existing buildings more climate-friendly. Software can power these efforts by:

  • Design and city planning
  • Construction and project management
  • Building energy management

Relevant companies include ClimateView, Concular, Cervest, Ento Labs, cove.tool, Spaceti, and Shayp. 
Reduce and remove carbon: Facilitating decreased GHG emissions
You can’t manage what you can’t measure. Accounting and reporting on carbon emissions are key to mapping and reducing the pollutive footprint of companies and individuals. When reduction efforts are in place, the market, and options to remove and offset carbon emissions, need to advance for proper scale. Software has evident potential across these categories:

  • Carbon accounting and corporate management
  • Carbon removal and offsetting
  • Carbon market intelligence and tools

Relevant companies: Sweep, Persefoni, Plan A, Carbonfuture, Pachama, Patch, Choose, CarbonCloud, BeZero Carbon, Normative,, and Climate Trade. 
No information set out or referred to in this communication shall form the basis of any contract. The issue of this insights report (the “report”) shall not be deemed to be any form of binding offer or commitment on the part of GP Bullhound or any of its affiliates or subsidiaries. This report is provided for use by the intended recipient for information purposes only. It is prepared on the basis that the recipients are sophisticated investors (so-called “professional clients” in the meaning of Annex II of Directive 2014/65/EU on markets in financial instruments, or their equivalent elsewhere) with a high degree of financial sophistication and knowledge. This report and any of its information is not intended for use by private or retail investors in the UK or any other jurisdiction where access, use or availability of this information would be unlawful.​

This report does not provide personalised advice or recommendations of any kind. You, as the recipient of this report, acknowledge and agree that no person has nor is held out as having any authority to give any statement, warranty, representation, or undertaking on behalf of GP Bullhound in connection with the contents of this communication. Although the information contained in this report has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by GP Bullhound. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the accuracy, completeness or reasonableness of any projections, targets, estimates or forecasts contained in this report or in such other written or oral information that may be provided by GP Bullhound. The information in this report may be subject to change at any time without notice.​

GP Bullhound is under no obligation to provide you with any such updated information. All liability is expressly excluded to the fullest extent permitted by law. Without prejudice to the generality of the foregoing, no party shall have any claim for innocent or negligent misrepresentation based upon any statement in this report or any representation made in relation thereto. Liability (if it would otherwise but for this paragraph have arisen) for death or personal injury caused by the negligence (as defined in Section 65 of the Consumer Rights Act 2015) of GP Bullhound, or any of its respective affiliates, agents or employees, is not hereby excluded nor is damage caused by their fraud or fraudulent misrepresentation.​

This report should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall they, or the fact of the distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information contained in this report has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Persons reading this report should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance of securities is not a guide to future performance and the value of securities may fall as well as rise. In particular, investments in the technology sector may be subject to frequent fluctuations. The information contained in this report is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this report is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein.​

This report may contain forward-looking statements, which involve risks and uncertainties. Forward-looking information is provided for illustrative purposes only and is not intended to serve as, and must not be relied upon as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions.

​ Any and all opinions expressed are current opinions as of the date appearing on the documents included in this report. The information contained in this report should not be relied upon as being an independent or impartial view of the subject matter, and for the purposes of the rules and guidance of the Financial Conduct Authority (“the FCA”) and of the Financial Industry Regulatory Authority (“FINRA”), and of the Commission de Surveillance (du Secteur Financier “CSSF”), this report shall not be viewed as a research report and is considered marketing communication and a financial promotion. Thus, in accordance with COBS 12.2.18 of the FCA Handbook, its contents have not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of the report.​

The GP Bullhound indices and indexes included in this presentation are presented to support the opinions and information on the markets and securities included in this presentation. The GP Bullhound indices or indexes are NOT and should, under no circumstance, be used as indexes, indices or benchmarks in the sense of the EU regulation EU 2016/2011 or the UK Benchmark (Amendment and Transitional Provisions) (EU Exit) Regulations 2019 as amended by the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (U.K. BMR), hereinafter, the "Regulations". GP Bullhound (including any of its regulated affiliates in the EU or UK) does not issue indexes or benchmarks within the definition of the Regulations, nor acts as manufacturer or administrator of regulated indexes or benchmarks as defined in the Regulations. Recipients or any reader of this presentation should not use the indices in this presentation as indices or benchmarks for the purposes defined in the Regulations. GP Bullhound (including affiliates) shall not be liable for its incorrect use as indexes or benchmarks subject to the Regulations by recipients, readers or any third party.​ ​ 
The individuals who prepared the information contained in this report may be involved in providing other financial services to the company or companies referenced in this report or to other companies who might be said to be competitors of the company or companies referenced in this report. GP Bullhound, through its investment banking and asset management departments, does and seek to do business with companies which are, or may be covered in this report. As a result, both GP Bullhound and the individual members, directors, officers and/ or employees who prepared the information contained in this report may have responsibilities that conflict with the interests of the persons who access this report.​

GP Bullhound and/or connected persons may, from time to time, have positions in, make a market in and/ or effect transactions in any investment or related investment mentioned in this report and may provide financial services to the issuers of such investments. The information contained in this report or any copy of part thereof should not be accessed by a person in any jurisdictions where its access may be restricted by law and persons into whose possession the information in this report comes should inform themselves about, and observe, any such restrictions. Access of the information contained in this report in any such jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions. Neither the whole nor any part of the information contained in this report may be duplicated in any form or by any means. Neither should the information contained in this report, or any part thereof, be redistributed or disclosed to anyone without the prior consent of GP Bullhound. GP Bullhound and/or its associated undertakings may from time to-time provide investment advice or other services to or solicit such business from any of the companies referred to in the information contained in this report.​

Accordingly, information may be available to GP Bullhound that is not reflected in this material and GP Bullhound may have acted upon or used the information prior to or immediately following its publication. However, no person at GP Bullhound (which includes its members, directors, officers and/or employees), may undertake personal transactions in financial instruments of companies to which this report relates, without receiving prior clearance from the GP Bullhound Compliance Officer or nominated delegated. In addition, GP Bullhound, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this report and may from time-to-time add or dispose of such interests. GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Ltd are private limited companies registered in England and Wales, registered numbers 08879134 and 08869750 respectively, and are authorised and regulated by the Financial Conduct Authority. GP Bullhound Luxembourg Sarl is a private limited company, registered in Luxembourg (B-254.845) and authorised and regulated as an Alternative Fund Manager by the CSSF in Luxembourg (A00003217). Any reference to a partner in relation to GP Bullhound is to a member of GP Bullhound or an employee with equivalent standing and qualifications. A list of the members of GP Bullhound is available for inspection at its registered office, GP Bullhound 78 St. James's Street, London SW1A 1JB.​

For US Persons: This report is distributed to US persons by GP Bullhound Inc. a broker-dealer registered with the SEC and a member of the FINRA. GP Bullhound Inc. is an affiliate of GP Bullhound Corporate Finance Ltd. All investments bear certain material risks that should be considered in consultation with an investors financial, legal and tax advisors. GP Bullhound Inc. engages in private placement and mergers and acquisitions advisory activities with clients and counterparties in the Technology and CleanTech sectors.

​ In addition, the persons involved in the production of this report certify that no part of their compensation was, or will be, directly or indirectly related to the specific views expressed in this report. As such, no person at GP Bullhound (including its members, directors, officers and/or employees) has received, or is authorised to accept, any inducement, whether monetary or in whatsoever form, in counterparty of promise to issue favorable coverage for the companies to which this report may relate.