SUMMER 2016
www.bdo.com
THE NEWSLETTER OF THE BDO TECHNOLOGY PRACTICE
DID YOU KNOW...
According to a Business for Social
Responsibility report, international
plans to address climate change are
predicted to increase the share of
renewable energy to 32 percent of
global energy supply by 2030.
Revenue from wastewater treatment
and recycle systems in the United
States is expected to reach $3.8
billion by 2025, according to a report
by Navigant Research.
THE ELECTRIC VEHICLE
REVOLUTION: TECH ON TRACK
TO ACCELERATE
By Tim Clackett
When Elon Musk unveiled the
affordable Tesla Model 3 in March,
pre-reservations for the model shot
through the roof, hitting 400,000 and
counting. The excitement for Tesla’s
newest model is reflective of a larger
trend in the industry surrounding
electric vehicles (EVs).
Every major car maker—from Toyota and
Audi to Ford and Chevy—is jumping on the
EV bandwagon. And, according to Bloomberg
New Energy Finance (BNEF), it will prove to
be lucrative: Sales of EVs are forecasted to
hit 41 million units by 2040. This would be
almost 90 times the figures for 2015, when
EV sales were estimated at 462,000 units—a
number already up 60 percent from 2014.
Companies are investing big: Ford plans to
put $4.5 billion toward EVs, and Volkswagen
recently announced an $11.2 billion
investment in the sector by 2025.
The projected mass adoption of EVs by the
consumer marketplace has implications
far beyond the automobile industry, which
provides a tangible opportunity for tech
companies that can help enhance the EV
experience and reduce the cost.
DRIVING THE TREND
FORWARD
Although 1.3 million EVs have been sold
worldwide to date, this still represents less
than 1 percent of light duty vehicle sales
last year, according to BNEF. This could be
According to Bloomberg New Energy
Finance, wind-power prices are down
57 percent from 2010 to an average
of $29 a megawatt-hour, while solar‑
power prices also are 57 percent
lower at $57 a megawatt-hour.
The U.S. Energy Information
Administration’s International Energy
Outlook 2016 projects that world
energy consumption will grow by 48
percent between 2012 and 2040.
The majority of CO₂ emissions
attributable to households are not
due to direct energy use but rather are
embodied in other goods consumed
by those households, according to a
study in The Energy Journal.
According to a report by the
Center for Biological Diversity, ten
states account for more than 35
percent of the total rooftop solar
photovoltaic (PV) technical potential
in the contiguous United States,
but are blocking distributed solar
potential through overtly lacking and
destructive distributed solar policy.
Read more 
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BDO CLEANTECH BRIEFING
CONTINUED FROM PAGE 1
THE ELECTRIC VEHICLE REVOLUTION
partially due to the challenges that EVs
have faced—specifically, limited driving
range and high prices—when compared
to traditional gasoline-powered vehicles.
Further EV adoption will come with beneficial
technology that addresses these two areas.
Additional EV adoption will likely be
motivated by tightening CO2 emissions
regulations, as well as the millions of dollars
in government subsidies that encourage
greater industry participation in the EV
revolution. In 2012, President Obama
invested $5 billion in EVs, including loans and
grants to car and battery producers, spending
on charging stations and $7,500 tax credits to
car buyers.
Further, the Environmental Protection
Agency (EPA) and the National Highway
Traffic Safety Administration (NHTSA)
created emission standards that apply to
light duty cars and trucks in model years
2012‑2016 (first phase) and 2017-2025
(second phase) to result in an average
industry fleet-wide level of 163 grams/mile
of carbon dioxide (CO2) by model year 2025.
Certain states, such as California, have even
taken matters into their own hands to push
forward additional laws encouraging the
adoption of EVs.
WHAT’S NEXT FOR EVS?
Continued technological innovation is certain
to benefit EVs and, in turn, their adoption.
Technology companies looking to capitalize
on this massive market opportunity could do
so in the following areas:
Evolutions in Range
EVs are limited by range, but expect to see
advancements. The typical driving range
for EVs is 60 to 120 miles on a full charge,
although a few yet-to-be-released models
will break that barrier. Both the Chevy Bolt
and the Tesla Model 3 will have ranges of at
least 200 miles on a single charge and will be
available for under $40,000—an offering that
will surely put pressure on other producers to
up keep the pace. Hybrids are further limited
by driving range; some models only produce
15-24 miles without a charge. But the 2016
Chevy Volt has a 53-mile electric range,
which makes it likely that ranges between 40
and 60 miles will become the norm for future
plug‑in hybrids.
lithium-air, which results in less degradation
than in other types of batteries.
Charging Infrastructure
Light-weighting Vehicles
With sales of EVs increasing, convenient
charging stations should become more
prevalent. There are roughly 33,000 charging
stations across the country, or about one
for every 10 electric vehicles, according
to ChargePoint. In response to demand,
companies such as Google, Coca-Cola and
Walgreens have established charging stations
at stores and facilities, and car manufacturers
like Nissan are enticing buyers with years
of free charging stations. Even BMW and
Volkswagen teamed up last year to build 100
“express charging corridors” on the East and
West Coasts.
By making cars lighter through the use of new
materials and techniques, improvements in
EV range and reductions in EV cost are likely
to follow. Last year, Ford announced its use
of aluminum for much of the frame in its topselling F-150 line of trucks. Ford is claiming
up to a 20 percent improvement in F-150 fuel
efficiency, due largely to the fact that it is
about 700 pounds lighter.
Automation
With smart technology at the forefront of
nearly everything, car automation is the next
frontier for EVs. We’ve already seen cars with
automated features such as parking assist,
automatic braking and smart cruise control,
so a fully automated driving experience
is not too far off. In fact, Google’s selfdriving car project has created autonomous
vehicles that see 360 degrees without
being distracted like human drivers, and
researchers are even teaching the vehicles
to honk at other vehicles. EV automation
would provide self-diagnosing technology
that would reduce trips to service providers,
as well as quicker fixes via software updates.
Tesla upgraded its Model S last year to
become a nearly driverless car with a suite
of autopilot capabilities through a software
update, and many other car companies are
following suit. However, this progress is not
without setbacks and challenges. Additional
technological advancement will need to be
made to address safety concerns critical to
market acceptance of these technologies.
Battery Energy Density
Improved battery energy density will be
a hurdle to overcome. Most lithium-ion
batteries fall short of the amount of energy
in a gallon of gasoline—the energy density
standard to which the driving public has
become accustomed to over the years.
One new technology that shows promise is
Smart Grid Technology
The smart grid is a next-generation
technology and communications network
that will increase the efficiency of the power
systems in cities and make it possible to
manage energy supply and demand. The
smart grid must be able to handle the rapid
growth in EVs that we will see over the next
few years, including the swift addition of EV
charging stations across the country. Utilities
must also invest in smart devices for the
grid to support the growth in EVs, including
upgraded voltage regulators, capacitor banks
and communication networks.
With researchers working on improved
technologies, wider adoption of EVs is likely
to follow and perhaps even reach the mass
levels that BNEF predicts for 2040. Tech and
auto companies innovating in the EV space
may also qualify for the Federal Research
and Development (R&D) Tax Credit, which
allows a credit of up to 13 percent of eligible
spending for new and improved products
and processes. Considering the lucrative
opportunity at hand, smart technology
companies across all sectors stand to
capitalize on what is undoubtedly the next
revolution in clean technology.
T im Clackett is a partner and leader of
the Cleantech practice at BDO. He can
be reached at [email protected].
Read more 
BDO CLEANTECH BRIEFING
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Q&A with:
GORDON BITTIG
Executive Vice President at SolarWorld Americas Inc.
What does SolarWorld do?
Who are your customers?
SolarWorld manufactures solar power
solutions that contribute to a cleaner energy
supply worldwide. The group, headquartered
in Bonn, Germany, employs about 3,820
people—many of whom carry out production
in Hillsboro, Oregon, as well as in Freiberg
and Arnstadt in Germany. From raw material
silicon to crystalline silicon solar wafers, cells
and modules, SolarWorld manages all stages
of production—including its own research
and development. Through an international
distribution network with locations in the
United States, Europe, Singapore, Japan and
South Africa, SolarWorld supplies customers
all over the world.
End customers include anyone who adopts
solar power as an attractive long-term
investment—from individual consumers
buying solar for their rooftops, to owners
of commercial buildings looking to hedge
against ever-rising utility bills, to integrators
of utility-scale projects. As a practical matter,
however, SolarWorld is largely a wholesale
manufacturer that uses distribution
partners to access most segments of the
photovoltaic marketplace.
How does the company differentiate its
products from other solar manufacturers?
SolarWorld is a high-technology, highefficiency player in the solar market. Thanks
to innovation unfolding both centrally and
across the group’s manufacturing sites, this
differentiation means we are constantly
pushing up the power density of our solar
panels to provide customers with more
watts per unit and push down their solar
energy costs. In diversifying our product
portfolio, we are also re-engineering the
fundamental format of a solar panel—
most recently, offering both bifacial and
glass-glass modules. Bifacial solar panels
generate electricity by capturing light on
both front and back sides, whereas glassglass modules bear extraordinarily high
and long performance guarantees because
glass is used to protect them on both sides.
All products come with the backing of a
vertically integrated, pure-play producer
with more than 40 years of experience—a
unique differentiator.
What sort of growth do you see in solar in
the next five years?
Global growth shows all the promise in the
world of remaining robust in the coming
years. The U.S. market is particularly strong,
with recent year-over-year growth reaching
or exceeding the 25-30 percent range.
Developed and emerging markets alike are
increasingly waking up to solar’s potential.
What new solar opportunities are you
seeing in the market?
The opportunities run the gamut. Of
particular importance recently are large solar
projects that SolarWorld has the capability
of undertaking from design to completion as
we oversee engineering, procurement and
contracting, among other functions. Marketwide, community-based solar-purchase
programs are also making strides in enabling
more individuals and families to own solar
systems, or even shares of systems.
What sort of growth trend is SolarWorld
experiencing?
We are expanding plant capacity as fast as we
can. This expansion drive includes a brandnew factory producing 72-cell modules, as
opposed to the historically conventional
60-cell modules, at our hub for the Americas
in Oregon.
What sort of challenges might result
from this growth?
Despite overwhelming demand, corporate
planners must invest judiciously to maintain
sustainable growth, and juggle owned
capacity with contract manufacturing along
the way.
Are government incentives still important
in the growing take-up of renewables?
Have they declined in importance?
While solar is taking root in virtually all
markets, government policies—including
incentive programs—are still shaping the
industry’s growth trajectories within various
regions. Importantly, the U.S. federal
government late last year adopted a five-year
extension of a key federal investment tax
credit that offers a 30 percent tax credit on
solar purchases. Various states have adopted
a range of policies and incentives that
determined where solar is growing fastest
across the national map.
Gordon Bittig is executive vice president for
finance for SolarWorld Americas Inc., the largest
U.S. crystalline-silicon solar manufacturer for
more than 40 years. In that role, he oversees
financial planning, accounting, cost controlling,
legal affairs and related functions. Bittig
started with SolarWorld in 2008 as head of
financial controlling before assuming a role as
vice president for finance and sales operations
in April 2013, and then his current position in
October 2013. Before joining SolarWorld, he
worked as a managing auditor and tax advisor
for Rentrop & Partner KG in Bonn, Germany,
and as a senior auditor for KPMG in Cologne,
Germany. He earned the equivalent of a master’s
degree in economics from the University of Bonn
after serving for two years as an officer in the
Germany military.
Read more 
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BDO CLEANTECH BRIEFING
MANAGING REGULATORY COMPLIANCE RISK
AND INVESTIGATIONS
By Gerry Zack, Managing Director, BDO Global Forensics
When the Volkswagen scandal broke,
a renewed emphasis on compliance
rippled throughout the cleantech
industry. Volkswagen’s apparently
intentional use of a “cheat device”
to foil emissions testing is a stark
reminder of the important distinction
between compliance oversight and a
planned act.
The Volkswagen case may be the most
heavily publicized case of regulatory
noncompliance in the automotive industry
in recent memory, but it is certainly not
the only one—nor will it be the last. More
recently, Mitsubishi came forward and
acknowledged it manipulated fuel economy
tests by underestimating the level of air and
tire resistance a car would encounter on the
road when testing was performed. Other
cases are just beginning. French authorities
recently raided multiple PSA Peugeot-Citroen
facilities, and U.S. authorities have begun
looking into allegations of non-compliance
in connection with diesel engines in the
Mercedes Benz line of Daimler.
Numerous cases have preceded Volkswagen’s
recent one. In 2014, Hyundai and Kia paid
fines to settle U.S. claims that mileage ratings
were inflated. Ford lowered mileage ratings
for hybrid car models in 2013 and 2014. The
full list goes on much further.
Compliance violations also extend to the
supply chain in the auto industry. In Japan,
auto parts supplier Takata Corporation
admitted to rigging airbag inflator test data.
These cases also illustrate the international
scope of compliance risks. Just looking at
the cases referenced here, enforcement
investigators from Japan, France, Germany,
United Kingdom, and the United States are
involved. Some of these companies face
investigations from multiple countries.
Regulatory compliance risk is not unique to
the automotive industry. Other sectors that
touch or are within the cleantech industry
have also seen their share of compliance
enforcement actions. For example, the
biofuel sector. The 2005 Energy Policy Act
and the 2007 Energy Independence and
Security Act established tax credits and
subsidies associated with the production
of clean, renewable biofuels. A number of
compliance enforcement actions followed.
Most recently, an engineer admitted
to rubber-stamping fraudulent reports
submitted by two biofuel companies to the
Environmental Protection Agency (EPA).
Independent engineers play an important role
by certifying plant capacities when biofuel
producers apply for the EPA’s renewable
fuel credit program. In this case, owners of
the two biofuel companies were charged
in late 2015 in connection with allegedly
claiming inflated levels of production.
The independent engineer simply took
information submitted by the two companies
and used it in his engineering studies without
verifying its accuracy.
Owners of the two companies were charged
with a variety of violations, including
allegedly claiming subsidies for more than
twice the level of fuel they actually produced.
In another case, three brothers pled guilty
to a scheme in which they sold 35 million
gallons of biodiesel to customers by falsely
claiming it was eligible for the $1/gallon tax
credit and biodiesel credit.
Read more 
BDO CLEANTECH BRIEFING
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CONTINUED FROM PAGE 3
REGULATORY COMPLIANCE RISK
Other cleantech sectors, like solar and wind,
have been investigated due to concerns over
compliance with government regulations,
whether directly related to cleantech
operations or not. In 2014, U.S. Virgin Islands
senator Alvin Williams was sentenced to 52
months in prison in connection with, among
other offenses, accepting $35,000 in bribes
from the developers of wind turbines at Tutu
Park Mall in the Virgin Islands.
VICARIOUS LIABILITY
In many cases, attributing a violation to a
corporation is straightforward when the
acts are intentional and directed by one or
two individuals at the highest levels of the
organization. Even in cases where senior
management was not directly involved in
fraud or noncompliance, but was aware of
the violation and failed to correct it, the
company—and often the executives as
individuals—may be charged. The prosecution
of individuals is likely to increase in light
of recent developments from the U.S.
Department of Justice, which announced
it will focus on individual accountability in
addition to corporate sanctions.
But what surprises some is the fact that
criminal acts by employees can create liability
for a corporation even if senior management
had no knowledge of the violation or the
breakdowns in internal controls that led
to the violation. A recent case involving
Appalachian Laboratories, which performs
water sampling for coal mines, illustrates
this concept.
for wind farms in Sicily. Also, in 2013, Russian
authorities investigated the embezzlement
of more than $30 million from hydropower
company RusHydro.
In 2014, a field supervisor for Appalachian
admitted to conspiring to violate the Clean
Water Act by diluting, distilling and outright
substituting water samples so Appalachian
“could maintain the business with the coal
companies that we were working for.” The
supervisor referenced the pressure that
coal companies placed on companies like
Appalachian to “get good water data.”
LESSONS LEARNED
In response to the employee’s guilty plea
with the U.S. Department of Justice, the
West Virginia Department of Environmental
Protection (DEP) promptly revoked
Appalachian’s state certification. Appalachian
appealed to the West Virginia Environmental
Quality Board by claiming there wasn’t any
evidence that the company was aware of or
involved with the tampering performed by
the employee. But the revocation was upheld,
and the DEP concluded the employee’s
admission “is evidence of falsification/
tampering within the lab, regardless of
how many additional employees, if any,
were involved.”
The Appalachian employee’s acts were
intentional. But even accidental violations at
non-executive levels within a company create
liability. The Lower Colorado River Authority
(LCRA) was hit with a $33,151 fine for
inadvertently failing to renew a required state
pollution control permit at a gas power plant.
The permit is required to operate special
equipment that decreases the emission of
nitrogen oxide into the atmosphere. LCRA
continued to operate the equipment for 17
months after its permit expired.
GLOBAL ENFORCEMENT
The preceding cases are confined to the
U.S. But the auto industry cases we started
with are not the only ones that illustrate
enforcement outside the U.S. The entire
cleantech industry has seen greater global
scrutiny in recent years.
In 2013, fraud and corruption charges were
filed against five individuals in Italy in
connection with awarding public contracts
The need for a strong internal compliance
program and investigation function is wellestablished in some industries, including
health care, pharmaceuticals, financial
institutions and government contracting.
And now, the cleantech industry needs to
be added to this list. Compliance has never
been more important in this industry. Many
of the government programs and regulations
that have been created, whether to help or to
regulate the industry, have not been matched
with sufficient government enforcement. But
that is changing. Government agencies are
paying greater attention to compliance with
rules and regulations. And this trend clearly
extends well beyond the auto industry into
other components of cleantech.
As a result, now is the time to shore up
any deficiencies in compliance and ethics
programs, as well as internal investigative
functions. Key elements of a compliance
program include:
uAwareness and training on compliance
requirements
uRisk assessments to identify vulnerable
compliance risks (including assessment of
risks that third parties, like vendors, that
could create)
uMitigation steps to manage compliance
risks
uMonitoring for signs of noncompliance
uInvestigations of possible or alleged
noncompliance
uRemediation and follow-up on
investigation results
There is no “one-size-fits-all” approach
to compliance programs—each must be
carefully tailored to the unique needs of the
specific regulatory environment in which a
company operates.
erry Zack is a managing director in
G
BDO’s Global Forensics practice. He can
be reached at [email protected].
Read more 
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BDO CLEANTECH BRIEFING
PErspective in CLEANTECH
A FEATURE EXAMINING THE ROLE OF PRIVATE EQUITY IN THE CLEAN TECHNOLOGY MARKET
Fundraising in the cleantech sector broke records in 2015
by reaching $348.5 billion, according to recently revised
reports. It’s currently outpacing the fossil fuels industry two
to one, which has been hurt by the long-term, low-cost-of-oil
environment, according to Bloomberg. Renewable energy is becoming cheaper to
produce and store, making the sector less dependent on government subsidies,
which have traditionally been one of its key drivers.
But the cleantech sector is unlikely to
surpass 2015’s record-breaking fundraising
this year, due to a lull in Chinese investment
activity in Q1 that followed a rush at
the end of last year to take advantage of
expiring clean power tariffs, as reported by
Bloomberg New Energy Finance (BNEF). And
while activity in the second quarter ramped
up, global clean energy investment declined
32 percent year over year, at $116.4 billion,
according to a subsequent BNEF report.
subsidies that led to a boom-bust dynamic in
the sector, the Guardian reports.
Investment from China, which last year was
the largest investor in renewable energy, has
continued to decline following a drop-off in
the fourth quarter of 2015, down 34 percent
to $33.7 billion in H1 2016. While cleaning
up pollution remains a top priority for the
Chinese government, and will likely require
infusions of capital from both public and
private entities, private-sector investment
in China across all industries slowed
significantly this year.
Cleantech investment also increased in
Brazil, up 36 percent to $3.7 billion for H1
2016 – significant growth compared to
the overall decline in the region. Excluding
figures from Brazil and the U.S., cleantech
investment in the Americas was down 63
percent in the first six months of 2016.
European investment has shown slight
upward growth, up four percent at $33.5
billion. This increase comes on the heels
of a tepid 2015, when the European share
of the cleantech market dropped from 45
percent in 2010 to just 18 percent. According
to BNEF, European investment more than
halved from its 2011 peak of $132 billion to
just $58 billion in 2015—the lowest level in
a decade. Europe’s decline was partly due
to the aftermath of the financial crisis and
investor fears over the future of the euro,
but also fluctuations in the availability of
Several large European wind energy
contracts in the first quarter of this year—
including Scottish Power’s approval for
the 714MW East Anglia One array—have
seen European Q1 clean energy investment
jump 70 percent year over year to $17
billion, according to industry newsletter
Business Green.
normal cyclical trends, funding doubled in Q1
of 2016 from the previous quarter with $110
million raised in 14 deals compared to $56
million in 12 deals in Q4 of 2015, according
to Mercom Capital Group. Overall, funding
was down compared to Q1 of 2015, when the
sector raised $185 million in 15 deals. The
top five venture capital-funded smart grid
companies of Q1 of 2016 were mPrest, which
raised $20 million, Powerhive ($20 million),
Smart Wires ($20 million), Telensa ($18
million) and Evatran ($10 million), Mercom
reports. M&A activity was down with just
two smart grid mergers in the first quarter of
this year, compared with nine transactions in
Q4 of 2015 and seven deals in Q1 of 2015.
As efficiency goes up and prices come down
for clean technologies—whether they focus
on renewable energy, smart grids, batteries,
storage or electric vehicles—demand is
increasing despite low oil prices and waning
subsidies in some markets. Although the
Financial Times reported private equity
shied away from renewables in 2014 after
experiencing initial lackluster returns, the
growing importance and maturity of the
sector may make these firms increasingly
attractive to private equity.
Historically, the majority of cleantech
investments are used to finance renewable
energy projects, and that trend has
continued in 2016. Still, the $92 billion
worth of investments in asset finance
of renewable energy projects worldwide
marked a 19 percent year over year
decrease from the unprecedented figures
of 2015. European investments led this
category, with a $3.9 billion investment
in an offshore wind project by SDIC Power
Holdings, SSE Renewables and Copenhagen
Infrastructure Partners.
Smart grid technology continues to receive
strong interest from venture capital and
private equity firms in 2016. Contrary to
Read more 
BDO CLEANTECH BRIEFING
MARK YOUR CALENDAR…
The following is a list of upcoming conferences and seminars from the
leading technology associations and business bureaus:
SEPTEMBER 2016
Sept. 12-15
Solar Power International 2016 (SPI)
Las Vegas Convention Center – North
Hall & Westgate Hotel
Las Vegas
Sept. 13-16
SOCAP 2016
Fort Mason Center
San Francisco
Sept. 19-22
33rd IASP World Conference
Skolkovo Innovation Center
Moscow, Russia
Sept. 21-22
International Conference for
Sustainable Development
Alfred Lerner Hall, Columbia University
New York
OCTOBER 2016
Oct. 4-6
Energy Storage North America
San Diego Convention Center
San Diego, Calif.
Oct. 10-12
SXSW Echo
Austin Convention Center
Austin, Texas
Oct. 10-16
TechWeek Fest 2016
New York
Oct. 19-20
Smart Cities Innovation Summit
San Francisco
Oct. 24-26
WSJDLive
The Montage
Laguna Beach, Calif.
NOVEMBER 2016
CONTACT:
TIM CLACKETT
Los Angeles
310-557-8201 / [email protected]
SLADE FESTER
Silicon Valley
408-352-1951 / [email protected]
HANK GALLIGAN
Boston
617-422-7521 / [email protected]
PAUL HEISELMANN
Chicago
312-233-1876 / [email protected]
AFTAB JAMIL
Silicon Valley
408-352-1999 / [email protected]
ANTHONY REH
Atlanta
404-979-7148 / [email protected]
DAVID YASUKOCHI
Orange County
714-913-2597 / [email protected]
Nov. 1
ACORE Finance West
Parc 55
San Francisco
Nov. 4
Eighth Annual Climate and Energy
Law Symposium
Mother Rosalie Hill Hall, University
of San Diego
San Diego, Calif.
BDO TECHNOLOGY PRACTICE
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