SPACはVCがクリーンテックに資金を提供するために必要なツール
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【著者紹介】本稿著者のBrian Walsh（ブライアン・ウォルシュ）氏は、中南米の大手エネルギー企業であるCOPECのベンチャーキャピタル部門WIND Venturesの責任者だ。U.S. WIND Venturesは、モビリティ、エネルギー、小売分野のスタートアップやスケールアップに中南米へのアクセスを提供している。
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気候変動や世界的なエネルギー需要の増大を背景に、再生可能エネルギーやエネルギー貯蔵から原子力発電に至るまで、新たなクリーンテクノロジーに注目が集まっている。こうした技術には大きな可能性があるが、多くのイノベーションが必要であり、イノベーションには豊富な資本が必要だ。
しかし問題は、アーリーステージのクリーンテックへの資金供給が十分に行われず、新エネルギー企業の成長を阻害しているのはなぜかということだ。一般に、クリーンテック企業は敏捷性と柔軟性というスタートアップの利点を欠いている。
「迅速に動く」ことは消費者向けモバイルアプリやSaaSソリューションなどの製品では機能する。一方、クリーンテックセクターは高度に規制され、資本集約的で、ミッションクリティカルなインフラに関わる傾向がある。
それがリターンと善意に基づく影響力の両方を傷つけた。Cambridge Associatesによると、ベンチャーキャピタルが投資した企業の2000年以降の内部収益率（IRR）は平均してマイナス15％だった。これをベンチャーキャピタルが投資したヘルスケア企業と比べてほしい。同じ期間のIRRは24％だった。
テクノロジーを通じて世界をより良く、よりクリーンで、より安全で、より健康的な場所にするというその目的は高貴なものだ。しかし、クリーンテックベンチャーキャピタルは苦しんできた。理由は、単にクリーンテックが従来のベンチャーキャピタルモデルに合わないということだ。ベンチャーキャピタルモデルの中心となるのは、新しいアイデアのリスクを軽減し、最も有望なアイデアを大幅に活用して、M&Aまたは新規株式公開（IPO）により流動性をもたらす機能だ。
ベンチャーキャピタルという仕組みがVC自身に投資リターンをもたらすだけでなく、ベンチャーキャピタルの投資評価額の上昇を通じてさらなる資金調達を可能にする。こうした資本化イベントにより、ベンチャーキャピタルから投資を受ける企業は成長を加速し、市場への影響を最大化することもできる。
これがどのように機能するかは、ヘルスケアとクリーンテックを比較すると明らかになる。ヘルスケアでは、VCが新しいイノベーションのリスクを軽減する。そして毎年、より成熟したイノベーションが得られたり、IPOを達成したりしている。その結果、2012年以降、VCの投資金額に対するイグジット時の調達金額の平均年率は1.8となっている。この比率は、クリーンテックではわずか0.2であり、反対方向に800％以上の差がある。このため、クリーンテック企業のリターンは低く、時価総額も抑えられている。
世界の環境の状況と新興国に豊富なエネルギーがないことを踏まえ、私たちはこうした問題をまとめて解決する必要がある。特別買収目的会社（SPAC）はクリーンテックが必要とするベンチャーキャピタル機能を大幅に改善している。Investopediaによると、
SPACは、既存の会社を買収するために新規株式公開（IPO）を通じて資金を調達する目的で設立される、商業活動を行わない会社である。
「ブランクチェック（白紙小切手）会社」としても知られるSPACは、何十年も前から存在している。近年人気が出ており、アンダーライターや投資家のビッグネームを引きつけ、2019年に記録的な金額のIPO資金を調達した。
2020年には110社を超えるSPACが米国で取引を完了し、290億ドル（約3兆450億円）以上の資本がもたらされた。
2020年、SPACからFisker、Lordstown Motors、QuantumScape、Hyliion、XL Fleetなどのクリーンテック企業に合計約40億ドル（約4200億円）の資本が投入された。これにより、同年にベンチャーキャピタルの投資金額に対するイグジット時の調達金額の比率は、以前の平均0.2からはるかに健全な0.6に押し上げられ、200％向上した。
2021年にはさらに改善すると思われる。なぜか。クリーンテックに携わる合併対象会社を探したり決めたりしようとするアクティブなSPACが43社存在するためだ。これらのSPACが合計120億ドル（約1兆2600億円）の成長資本を提供する可能性がある。2021年にこれ以上新しいSPACが現れず、M&AとIPOが歴史的低水準になっても、2021年はクリーンテックへの投資の継続的な改善が約束されている。
最も注目を集めたクリーンテックSPACの1つはNikola Corporationだ。バッテリー式で水素を動力源とするトラックを製造する同社は、2020年6月に特別買収会社VectoIQとの逆さ合併により公開して以来、注目の的となってきた。時価総額は急上昇し、事態は順調に進んでいるように見えたが、2020年末に同社の技術などについて虚偽の発言をしたとして非難され、物議を醸した。
Nikolaのような例は、クリーンテックへの投資促進手段としてのSPACの台頭を阻む汚点となる可能性があるが、そうなってはならない。品質と誠実さを主張するスタートアップの例はたくさんある。たとえばエネルギー貯蔵最適化分野のリーダーであるStem（Wind Venturesのポートフォリオカンパニー）は、Star Peak SPACを介して公開する予定であり、現在SECの承認待ちだ。
公開市場は熱意を持ってSPACを迎えている。Stemの合併が起こると仮定すると、成長を加速し、影響を促進するために4億5000万ドル（約470億円）を超える現金を保有することになる。クリーンテックを機能させ、繁栄するセクターとするために必要かつ前向きなベンチャーキャピタル機能としてのSPACの例だ。
私自身、長年のクリーンテックベンチャーキャピタリストとして、SPACを介した公開市場での投資がクリーンテックにとってVC機能に代わる可能性があることは興味深い。何年もの間、企業がこの問題を解決するためにプレミアムを乗せたバリュエーションでM&A活動を強化すると思っていた。だが私は、長い間待ち続けることとなった。
活動から判断すると、企業は「所有」の役割ではなく、依然として非常に重要な投資家や育成者の役割を果たし続けることに満足しているようだ。とにかく、有望なクリーンテック企業に資金を提供するということが意味するのはたった1つ。これらの企業は資本を必要とし、また規模を拡大するためにそれを使用する中で、クリーンテック関連のインパクトがかつてないほど大きくなっているということだ。
新しい優れたクリーンテクノロジー企業を見つけて資金を提供するための、新しくより多様なアプローチが切実に必要とされている。SPACは、クリーンテックをヘルスケアなどのセクターと同等にするために必要なツールになると思われる。それは私たち全員にメリットがある発展だ。
関連記事
・Nikolaの会長スティーブ・ガースキー氏が輸送関連への投資を検討
・水素電気自動車スタートアップのNikolaが不正行為の告発について反論するも疑問は深まる
画像クレジット：ATU Images / Getty Images
【原文】
In light of climate change and escalating global energy demand, more emphasis is being placed on emerging clean technologies — ranging from renewables and energy storage to nuclear power. Although these technologies have tremendous potential, they require lots of innovation, and innovation needs abundant capital.
The issue: early-stage financing for clean tech hasn’t been plentiful, and it’s stifling the growth of new energy companies. Why is this? In general, clean tech companies lack the startup advantages of agility and flexibility.
“Moving fast” works for products such as consumer mobile apps and SaaS solutions. The clean tech sector, on the other hand, tends to involve highly regulated, capital-intensive, mission-critical infrastructure.
That has hurt both returns and well-intentioned impact. According to Cambridge Associates, venture-backed companies have returned, on average, -15% internal rate of return (IRR) since 2000. Contrast that to venture-backed companies in healthcare, which returned 24% in IRR over the same time period.
Why clean tech lacks funding
While noble in its aims to make the world a better, cleaner, safer, healthier place through technology, clean tech venture capital has suffered simply because clean tech does not fit the traditional venture capital model. Central to the venture capital model is the ability to de-risk new ideas and significantly capitalize the most promising ones, allowing for liquidity via M&A or initial public offering (IPO).
Early-stage financing for clean tech hasn’t been plentiful, and it’s stifling the growth of new energy companies.
This construct allows for the return of venture capital dollars, plus appreciation that enables VC firms to raise new funds. These capitalization events also allow the venture-backed company to accelerate growth and maximize market impact.
How this construct works is evident when comparing healthcare and clean tech. In healthcare, new innovations are de-risked by VCs. More mature innovations are acquired or reach IPO every year. As a result, the average annual ratio of dollars raised via an exit to VC-invested dollars since 2012 is 1.8. This ratio is only 0.2 for clean tech, an 800-plus percent difference in the wrong direction. This has resulted in poor returns and limited capitalization of clean tech companies.
Enter (or reenter) the SPAC
Given the state of the world’s environment and lack of abundant energy in emerging economies, we need to collectively fix this issue. Special purpose acquisition companies (SPACs) are significantly improving clean tech’s venture capital construct. According to Investopedia:
SPACs are companies with no commercial operations that are formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.
Also known as “blank-check companies,” SPACs have been around for decades. In recent years, they’ve become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019.
In 2020, more than 110 SPACs completed transactions in the U.S., capitalizing these companies with more than $29 billion.
In 2020, SPACs capitalized clean tech companies with almost $4 billion of capital, including Fisker, Lordstown Motors, QuantumScape, Hyliion, XL Fleet and others. This helped push the ratio of funds raised at exit to venture capital invested in 2020 from the previous 0.2 average to a much healthier 0.6, a 200% improvement.
In 2021, we will likely see even further improvement. Why? Because there are 43 active SPACs looking toward or finalizing merger targets with a clean tech focus, potentially providing $12 billion in growth capital. Even if there are no more new SPACs in 2021 and a historically low average of M&As and IPOs, 2021 promises continued improvement for clean tech investment.
Don’t let Nikola tarnish the pack
One of the most high-profile clean tech SPACs was Nikola Corporation. The battery-electric and hydrogen-powered truck maker has attracted much fanfare since going public last June through a reverse merger with special purpose acquisition company VectoIQ. The company’s market capitalization soared and things seemed to be going well, but things became controversial later in the year when the company was accused of making false statements about its technology and other things.
Although examples such as Nikola have the potential to tarnish the emergence of SPACs as a way to spur clean tech investing, they shouldn’t. There are plenty of examples of emerging companies that scream quality and integrity. For example, Stem*, a leader in the energy storage optimization space, is now going public, pending SEC approval, via the Star Peak SPAC.
Public markets are receiving the SPAC with enthusiasm. Assuming the merger happens, Stem will be capitalized with greater than $450 million of cash to accelerate growth and drive impact. It’s an illustration of SPACs as a positive venture capital construct that is needed to make clean tech work and become a thriving sector.
As a long-time clean tech venture capitalist myself, it is interesting that public investment via the SPAC may be the correcting element for the clean tech VC construct. For years, I assumed that corporates would step up their M&A activity at premium valuations to solve this issue, but I’ve spent a long time waiting.
Judging by activity, corporates seem content to continue playing the still very important investor/nurturer role, versus the “owning” role. Regardless, capitalizing promising clean tech companies can only mean one thing: clean-tech-related impact is coming like never before as these companies require and use capital to scale.
New and more diverse approaches to finding and funding new, great clean tech companies are sorely needed. SPACs are going to be the tool needed to bring clean tech up to par with sectors such as healthcare. It’s a development that will benefit all of us.
*Stem is a Wind Ventures portfolio company.
（文：Brian Walsh、翻訳：Nariko Mizoguchi）
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