ANGELENO 
GROUP 
2020 ESG REPORT              
 
 
 
                     
 
0 
 
 
 
RESPONSIBLE AND  
SUSTAINABLE 
INVESTING 
 
2020 ESG REPORT 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10TH  EDITION

ANGELENO 
GROUP 
2020 ESG REPORT              
 
 
 
                     
 
0 
TABLE OF CONTENTS      
…………………………………………………………………………………… 
 
 
Letter from Our Leadership 
1 
Firm Profile  
2 
Creating Value 
4 
Investing for the Future 
7 
Impact in Action 
9 
    Renewable Energy 
 
10 
    Energy and Resource Efficiency 
 
12 
    Water 
 
15 
    Smart Cities 
 
16 
    Sustainable Forestry 
 
18 
    Diversity, Equity and Inclusion  
20 
 
 
 
ESG at Angeleno Group 
22 
    Our Culture 
 
23 
    Stakeholder Engagement 
 
26 
    Portfolio Management 
 
30 
Vision for the Next Decade 
32 
Invitation to Dialogue 
33 
Appendices  
I 
    Team and Advisors 
 
II 
    Values and Expectations for Portfolio Companies 
 
III 
    2020 Impact Metrics and Engagement Outcomes 
 
VI

ANGELENO 
GROUP 
2020 ESG REPORT              
 
 
 
                     
 
 
LETTER FROM OUR LEADERSHIP 
…………………………………………………………………………………… 
 
This ESG Report – our tenth – is a special one for Angeleno Group. The report provides us 
with the opportunity to reflect on how our Responsible and Sustainable Investing Program 
has evolved over the past decade, and also to look forward to the future and, in particular, to 
the decade ahead. 
 
2020 was a momentous year in numerous ways. Being faced with the COVID-19 pandemic 
showed us how interconnected we are, and how adaptive and resilient we can be. The social 
justice movement brought to the forefront systemic discrimination issues that businesses 
and society must address. The public and private markets exhibited remarkable growth in the 
clean energy sector. An inflection point was also reached among investors, corporations and 
governments that the need to transition to a low carbon economy cannot be delayed – and 
that a commitment to ESG principles will be integral to achieving long-term returns and 
creating shared value for all.   
 
In our role as an active owner, Angeleno Group is focused on supporting the next generation 
of ESG-leading companies as they harness innovative clean energy and climate solutions, 
and bring these solutions to scale. We remain highly convicted about the long-term tailwinds 
in our sector – the need to generate renewable power at scale, make cities smarter and more 
resilient, and transition to a more electrified, digitized and sustainable world.  
 
By applying a thoughtful, holistic and rigorous approach to integrating ESG principles into 
portfolio management, we are able to support our portfolio companies to meet their growth 
objectives and to deliver shared value. In 2020, our portfolio companies helped to avoid 
nearly 700 million metric tons of greenhouse gas from entering the atmosphere, and 
employed approximately 17,000 people globally in green jobs. 
 
As we move forward in this critical decade – one that has been referred to as the climate 
decade – to make progress toward the UN Sustainable Development Goals and advance 
commitments driven by the Paris climate accord, Angeleno Group is well-positioned to 
provide meaningful growth capital to support these imperatives. 
 
We would like to extend our sincerest thanks to our staff, portfolio companies, partners and 
advisors who have deftly and diligently navigated the challenges that the COVID-19 
pandemic presented.   
 
On behalf of our entire team, we look forward to continued partnership with our investors, 
portfolio companies and stakeholders to achieve environmental, social and financial impact. 
 
 
 
 
 
Yaniv Tepper 
Managing Partner 
Daniel Weiss 
Managing Partner 
William Miller 
Chief Operating 
Officer 
Michelle Kincanon 
VP, Finance & 
Sustainability

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
2 
FIRM PROFILE   
…………………………………………………………………………………… 
 
INVESTING IN NEXT GENERATION CLEAN ENERGY AND CLIMATE SOLUTIONS 
COMPANIES 
Founded in 2001, Angeleno Group is a pioneer in providing growth capital for next generation 
clean energy and climate solutions companies. We invest opportunistically in a range of deal 
types, with a strategy that is sector-focused, stage-agnostic and research-driven. Angeleno 
Group has become one of the longest standing dedicated clean energy and climate solutions 
growth equity investment firms, investing on a global basis with investment professionals and 
operating partners in the United States and Australasia. Our headquarters are in Los Angeles, 
California. 
 
OUR PORTFOLIO 
Angeleno Group invests in a diverse energy and climate solutions focused portfolio, selecting 
companies from a variety of energy market verticals, including utility-scale solar, specialized 
composite wind turbine blades, intelligent transportation, decentralized water treatment 
solutions, energy efficiency finance, energy storage, environmental and remediation services 
and other applications that promote efficient long-term management of natural resources. 
Angeleno Group’s sector focus allows portfolio companies to benefit from the firm’s 
longstanding relationships and deep industry experience.  
 
Our current investment themes and research priorities are focused on the clean energy 
transition: 
 
Clean Energy Transition: 
Renewable Power at Scale 
Next Generation 
Energy Storage 
Resource Efficiency in 
Water, Agriculture and Sustainable Inputs 
Critical Infrastructure and 
Resiliency 
Industrial Energy Efficiency and 
Digital Manufacturing 
Carbon Mitigation and 
Climate Adaptation 
Sustainable Mobility and Smart Cities 
 
OUR INVESTMENT APPROACH 
 
Angeleno Group’s investment process is designed to generate returns and mitigate risk at 
each stage of the investment cycle. Angeleno Group’s perspective helps create value on 
behalf of both portfolio companies and investors, supporting entrepreneurs and management 
teams through the development and execution of strategic plans that leverage the insights 
and networks of the firm. Our investment philosophy and strategy are founded on this vision. 
 
OUR TEAM, ADVISORS AND OPERATING PARTNERS 
Together with our advisors and operating partners, Angeleno Group has breadth and depth 
of experience in leadership and operations across virtually every major segment and 
geography of the clean energy and climate solutions landscape. Angeleno Group’s team of 
seasoned investment professionals has decades of combined investing, operating and 
advisory experience, including private equity, venture capital, technology development and 
investment banking.  In addition, we have built a strong group of operating partners and 
advisors with sector insights and leadership at operating companies that complements and 
further enhances the capabilities of the broader Angeleno Group team.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
3 
PRINCIPLES FOR RESPONSIBLE INVESTMENT 
Angeleno Group is a signatory to the United Nations-supported Principles for Responsible 
Investment (PRI). We aim to align Angeleno Group’s Responsible and Sustainable Investing 
Program to support each of the six PRI principles:   
 
1 – Incorporate ESG issues into investment analysis and decision-making processes 
 
Angeleno Group completed its tenth year of executing on its formal Responsible and 
Sustainable Investing Program.  We have also established an ESG Committee to oversee and 
advance execution on Angeleno Group’s Responsible and Sustainable Investing Policy. 
 
 
2 – Be active owners and incorporate ESG issues into our ownership policies and 
practices 
 
Angeleno Group completed its tenth year of active ESG engagement with portfolio 
companies that met the specified growth milestones in its Policy. We continued to utilize the 
Task Force for Climate-related Financial Disclosures (TCFD) framework to evaluate climate 
change risks and opportunities as part of our ESG engagement cycle with portfolio 
companies. 
 
 
3 – Seek appropriate disclosure on ESG issues by the entities in which we invest 
 
Portfolio companies continued to complete ESG questionnaires pursuant to our Policy. 
Additionally, several of our portfolio companies – including New Forests and TPI Composites 
– reported publicly on ESG strategies and impact metrics in 2020. 
 
 
4 – Promote acceptance and implementation of the Principles within the investment 
industry 
 
Angeleno Group and its senior investment professionals continue to engage with leading 
organizations and their endowments – including the California Community Foundation, UCLA 
Institute of the Environment and Sustainability and World Resources Institute – to educate 
and heighten awareness of ESG issues and their relevance to institutional investing. 
 
 
5 – Work together to enhance our effectiveness in implementing the Principles 
 
We continued to collaborate with portfolio companies to establish annual ESG action plans 
and performance targets. Angeleno Group’s 2020 Clean Energy and Climate Solutions CEO 
and Investor Summit convened industry, scientific and policy leaders to discuss ESG-related 
trends, including the low carbon economy transition, climate security and corporate 
sustainability practices. 
 
 
6 – Report on our activities and progress towards implementing the Principles 
 
Angeleno Group’s 2020 ESG Report serves as our tenth annual report on our strategy and 
progress. Our reporting process and engagement activities are informed by valued feedback 
received from investors, advisors and portfolio companies.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
4 
CREATING VALUE 
…………………………………………………………………………………… 
 
Angeleno Group’s Responsible and Sustainable Investing Program is designed to create 
value in six key areas:  
 
Informing Investment Themes 
Enhancing Deal Sourcing 
Supporting Management Teams 
Complementing Exit Strategies 
Driving Environmental and Social Impact  
Promoting Sustainable Development 
 
INFORMING INVESTMENT THEMES 
Angeleno Group focuses on investing in companies that develop products and services that 
aim to reduce greenhouse gas emissions and proactively respond to critical sustainability 
and global challenges of our time. 
 
There are three broad themes that underpin Angeleno Group’s growth equity-focused 
investment selection process:  
 
Investment Themes 
Description  
Tools / Technology 
We like to invest in technology-agnostic tools that enable 
many industry participants to flourish. 
 
Capital Efficiency 
We seek to identify companies with efficient and flexible 
capital structures. 
 
Near Term Markets 
We look for significant and realistic near-term markets, 
which can be leveraged to longer-term and larger 
opportunities. 
 
 
The evaluation of material ESG topics informs how we select investments and partner with 
portfolio companies to achieve growth and scalability objectives. 
 
ENHANCING DEAL SOURCING 
Angeleno Group’s investment process is designed to generate returns and mitigate risk at 
each stage of the investment cycle.  Our sourced deals include growth equity, first 
institutional equity (mid- to late-stage venture capital), and opportunistic investments 
including corporate divestitures, secondaries, buyouts and private investments in public 
equity (PIPEs). Our application of ESG considerations prior to investing provides an 
additional lens that we anticipate will further create value for our investors.  
 
 
SUPPORTING MANAGEMENT TEAMS 
Angeleno Group partners with experienced entrepreneurs to build successful companies.  
By focusing on ESG – and specifically the power of insights and relationships, we believe 
that we can better support the management teams within our portfolio. 
 
Angeleno Group aims to serve as a catalyst for driving growth and profitability through deep 
industry, regulatory and corporate finance experience, and a global focus on business 
development and strategy. With over a decade of experience supporting clean energy 
entrepreneurs, Angeleno Group works to identify and build the industry leaders of tomorrow.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
5 
COMPLEMENTING EXIT STRATEGIES 
The average holding period for our investments varies, but in broad terms, we expect to hold 
investments for four to eight years. Our engagement with selected portfolio companies on 
ESG issues is focused on managing growth and supporting our portfolio companies to 
achieve shared goals. 
 
Six Years of ESG Engagement with Newterra Prior To Exit 
In 2013, Angeleno Group made its initial investment in Newterra – a manufacturer of 
advanced and decentralized water, wastewater and groundwater treatment solutions to the 
municipal, industrial and environmental remediation sectors. In late 2020 – after years of 
working with the management team to successfully grow the business, Newterra was sold in 
a transaction with Frontenac Company, a Chicago-based private equity firm. 
 
Over the course of our investment, Newterra has become one of the leading advanced 
modular wastewater treatment technology platforms. Newterra has expanded significantly 
through both organic growth and the acquisition and integration of several companies in key 
industrial and municipal sectors, broadening its capability to address the needs of global 
customers with their water and wastewater challenges. 
 
Newterra participated for six consecutive years in Angeleno Group’s annual ESG 
engagement cycle and action plan development process. During that period, we partnered 
with Newterra to develop annual ESG targets and monitor material ESG risks and 
opportunities. 
 
Angeleno Group is proud to have supported Newterra’s ability to make a real contribution to 
its customers and the planet. Today, Newterra is helping clients in a wide range of industries 
operate more efficiently, sustainably and safely at thousands of installations, treating over 60 
billion gallons of water worldwide. 
 
 
DRIVING ENVIRONMENTAL AND SOCIAL IMPACT 
As a clean energy and climate solutions investment firm, our role is to select well-positioned 
companies and assist in bringing their environmental innovations to market and scale so that 
we can achieve strong financial returns for our investors.  
 
In this context, we seek to foster our portfolio companies’ growth into responsible, sustainable 
enterprises with strong ESG practices. We also seek to accelerate our portfolio companies’ 
abilities to produce meaningful outcomes in support of the transition to a low carbon economy. 
Key metrics that we use to measure the degree of economic, environmental and social impact 
outcomes within our portfolio include the metric tons of avoided greenhouse gas emissions 
and the number of “green” jobs created globally. 
 
Shared Objectives with Institutional Investors 
Angeleno Group has a strong contingent of institutional investors that include leading 
university endowments, foundations, corporate and public pension funds, insurance 
companies, and family offices from the United States, Europe, Asia and Australia. 
Endorsement and application of principles for responsible investing is commonplace among 
our institutional investors. Angeleno Group’s Responsible and Sustainable Investing Policy 
and Program are intended to enable us to better meet their needs and support shared 
objectives.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
6 
PROMOTING SUSTAINABLE DEVELOPMENT 
As part of our commitment to advancing responsible investment, we aim to illuminate 
connections where our portfolio companies can support meaningful progress toward the UN 
2030 Sustainable Development Goals, a leading global framework.  
 
Through our investments, we continue to drive progress to support these global goals – 
prioritizing opportunities to advance energy, water, infrastructure, climate change resiliency, 
job creation and gender equality around the world: 
 
 
 
 
Advancing gender equity 
and empowering women 
and girls 
 
 
 
 
Enabling sustainable 
management of water and 
sanitation for communities 
 
 
 
Achieving renewable energy 
at scale, and increasing 
energy efficiency 
 
 
 
Creating green jobs globally 
across local economies 
 
 
 
 
Delivering leading-edge 
technologies to make cities 
smarter and more resilient 
 
 
 
Reducing global greenhouse 
emissions and supporting 
climate change adaptation 
solutions 
 
AWARDS AND RECOGNITION 
In 2020, our portfolio companies continued to receive awards and recognition for innovation 
and leadership. Highlights include the following:  
 
 
§ 
Patriot Environmental Services was ranked as a Top 30 All-Environmental Firm by 
the Engineering News-Record for the second year in a row. 
 
§ 
Stem became a six-time honoree of the 2020 Global Cleantech 100 list, in which a 
panel of nearly 90 experts recognized companies with the most “innovative and 
promising ideas in cleantech” in the world. (INRIX, Newterra and Renew Financial 
are also past Global Cleantech 100 members.) 
 
§ 
ZincFive was named a 2020 S&P Global Platts Energy Awards finalist in the 
Emerging Technology of the Year category for its nickel-zinc battery energy storage 
system.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
7 
INVESTING FOR THE FUTURE 
…………………………………………………………………………………… 
 
Angeleno Group provides growth capital to companies with innovative environmental 
solutions – tools, products and services – that respond to major global challenges through 
sustainable growth businesses.  
 
Our near-term investment themes and research priorities are currently focused on: 
 
1. The Clean Energy Transition: Renewable Power at Scale 
 
2. Next Generation Energy Storage 
 
3. Resource Efficiency: Water, Agriculture and Sustainable Inputs 
 
4. Critical Infrastructure and Resiliency 
 
5. Industrial Energy Efficiency and Digital Manufacturing 
 
6. Carbon Mitigation and Climate Adaptation 
 
7. Sustainable Mobility and Smart Cities 
 
The Clean Energy Transition: Renewable Power at Scale 
 
Throughout the 20th century, fossil fuels generated electricity and 
powered transportation vessels at a lower cost per unit of energy than 
renewables. However, in recent years, the convergence of technology 
advances and market demand for clean energy have reached an inflection 
point in the low-carbon transition and renewable sources of electricity, 
such as solar and wind, can now, in many settings, generate power at 
lower cost than conventional sources of energy. As a result, the majority of 
new installed global electricity generation capacity has been and is projected to be renewable, 
presenting exciting opportunities for existing as well as new businesses. 
 
Next Generation Energy Storage 
 
Advanced battery technologies are poised to dramatically change how we 
produce and consume energy in the foreseeable future. The high potential 
for energy storage use in a wide range of industries and applications – 
from transportation (electric vehicles), to data centers (mission-critical 
power), to the built environment (backup power and demand charge 
reductions across commercial, industrial and residential segments) and 
renewables (to address intermittency issues) – is driving substantial and 
growing demand and the need for various types of energy storage technologies. 
 
Resource Efficiency: Water, Agriculture and Sustainable Inputs 
 
As the world population grows towards an expected 8 billion people in 
2023, sources of potable water, acreage of arable land, and quarries of 
minable minerals continue to decline. Resource efficiency is now an 
urgent, global, and expensive problem given population pressures 
exacerbated by climate change. Key innovations in waste management, 
clean water availability, sustainable agriculture, and responsible production 
of raw materials are vital to address these global challenges.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
8 
Critical Infrastructure and Resiliency 
 
Most of the world’s energy infrastructure network is aged, outdated, 
inflexible, and highly vulnerable to attack. Based around centralized power 
generators and a hub-and-spoke power grid, the system is highly fragile if 
compromised. Furthermore, climate change is putting increased stresses 
on the grid and exposing its vulnerability under this centralized 
architecture. Innovation in distributed energy resource management 
systems, cybersecurity and industrial controls, as well as technologies that 
predict damage to infrastructure, monitor emissions and environmental conditions, and help 
companies and governments adapt to climate change will be central to creating the future of the 
grid. 
 
Industrial Energy Efficiency and Digital Manufacturing 
 
Competitive and environmental pressures on industrial resources are 
spurring a boom in technologies that make factories, supply chains, and 
data processing more efficient than ever. This structural shift in industrial 
processes and manufacturing provides fertile ground for innovative 
technology and service companies focused on productivity and waste 
reduction. These businesses are having a significant impact on climate 
change by advancing sustainability in factory environments through 
sustainable design, responsible material sourcing, localization of supply chain, cradle-to-cradle 
manufacturing, and real-time emissions monitoring among other areas. 
 
Carbon Mitigation and Climate Adaptation 
 
Climate change is a multi-dimensional challenge involving science, 
economics, society and politics. Responding to climate change involves 
both reducing the levels of greenhouse gases in the atmosphere 
(“mitigation”) and adapting to climate change effects already occurring 
(“adaptation”). It is estimated that addressing the impacts of climate 
change will require tens of trillions of dollars over a period of decades, 
employing both existing technologies and approaches while also relying 
on new advancements and methodologies. 
 
Sustainable Mobility and Smart Cities 
 
With more than half the world’s population living in urbanized areas today, 
modern cities and transportation systems have a critical role to play in 
accelerating the clean energy transition. Cities are home to a variety of 
energy-intensive sectors and major transport systems that support the 
creation of over 80% of global GDP. From electric scooters and electric 
buses to energy efficient appliances and the sharing economy, 
electrification is driving investment in a wide range of technologies and 
business models, including clean transit options, charging infrastructure, and urban sustainability 
improvements in smart cities around the world. 
 
 
The rapidly changing economics of clean energy – coupled with sustainability imperatives 
from governments and corporations, the need to upgrade aging infrastructure and 
technological innovation in the low carbon economy – creates multi-decade tailwinds for 
these investment themes.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
9 
IMPACT IN ACTION 
…………………………………………………………………………………… 
 
Through our investments and our role as active partners with our management teams, we 
believe that Angeleno Group is strongly positioned to drive substantive impact on critical 
environmental and social issues.  
 
As of result of our targeted investment approach, we are focused on supporting 
demonstrative impact across the following themes: 
 
Angeleno Group ESG Impact Themes 
Renewable Energy 
Energy and Resource 
Efficiency 
Water 
Smart Cities 
Sustainable Forestry 
Diversity, Equity and 
Inclusion 
 
In this section, we share 2020 highlights from our portfolio companies across these six ESG 
impact themes.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
10 
RENEWABLE ENERGY 
…………………………………………………………………………………… 
 
Demand for renewable energy is increasing every year, and that growth continues to 
accelerate – outpacing demand for conventional energy sources. The growth in demand for 
renewable energy reflects the decline in cost and widespread interest across consumers, 
including corporations, individuals and property owners.  
 
Angeleno Group actively invests in growth companies that are working to dramatically 
increase the adoption of solar, wind and other forms of renewable energy.  
 
MAXIMIZING EFFICIENCY AND RESILIENCE OF SOLAR POWER 
Kinematics is a leading provider of smart torque 
technology solutions for numerous mission critical 
applications, with over one million operating units in 
the field servicing customers in North America, South 
America, Europe, Australia and Asia.  
 
As a leader in designing, manufacturing, testing, 
validating and delivering advanced slew drive solutions 
for the solar tracker industry, Kinematics has grown 
into the world’s leading manufacturer of slew drives 
and worm reducers to the utility-scale solar tracker 
markets – contributing to the installation of more than 33 gigawatts of renewable energy 
capacity to date. 
 
A critical challenge for the solar industry is to maintain both efficiency and reliability when 
extreme weather events occur.  Industrial and environmental conditions can apply extreme 
torque in seconds. To address this challenge, Kinematics’ design labs have successfully 
integrated clutch technology – intended to slip when the torque exceeds the “normal” 
operating range of the equipment – to its slew drives. The ability to efficiently manage these 
impulse forces within the system capacity, before damage occurs, can deliver significant 
value in terms of equipment cost, maintenance, uptime, and safety. 
 
To further support the solar industry, Kinematics is also actively incorporating “smart drive” 
technology with sensors that continuously report essential drive conditions to the cloud 
accelerating the capture of data giving Kinematics’ product designers quicker insights into 
field performance for further improvements in system performance and reliability. 
 
SMART DESIGN FOR DURABILITY AND VERSATILE APPLICATIONS 
Kinematics’ design philosophy is centered on technically understanding the application 
environments where its products are deployed, and coupling this understanding with 
continuous improvement fed by collected field and laboratory data. Based on its field 
durability data and Highly Accelerated Life Testing (referred to as “HALT”) results, Kinematics 
now provides its customers with a 30-year assurance program. 
 
With over 60 patents to date, Kinematics’ unique technology is also able to support 
construction cranes, industrial automation and now the next generation of phones – using 
torque and slew drive technologies to accurately enable satellite receivers to complete the 
link between phone users.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
11 
DELIVERING WIND ENERGY AT SCALE 
TPI Composites (NASDAQ: TPIC), is a 
leading wind blade manufacturer and the 
only independent manufacturer of 
composite wind blades with a global 
footprint. In 2016, TPI Composites 
successfully completed the largest pure-
play wind equipment initial public offering 
in U.S. capital market’s history.  
 
Contributing to approximately 13% of the 
global onshore wind energy market, TPI 
Composites has manufactured over 65,000 
wind blades since 2001.  
 
In 2020, TPI Composites reached a record high of more than 10,600 wind blades produced. 
TPI Composites continues to expand its partnerships with industry-leading wind turbine 
OEMs, including Vestas, GE, Siemens Gamesa, Nordex, and ENERCON.  
 
CARBON NEUTRALITY AND LONG-TERM ESG GOALS TO SUPPORT GROWTH  
TPI Composites is committed to the decarbonization of the electric sector and electrification 
of the vehicle fleet globally and continues to improve its own ESG practices and develop 
long-term ESG goals.  
 
TPI Composites’ ESG program is propelled by a highly impactful, top-line metric to avoid 
millions of metric tons in greenhouse gas emissions from entering the atmosphere. The wind 
blades manufactured in 2020 have the potential to eliminate 392 million metric tons of 
greenhouse gas emissions over their average 20-year lifespan. Concurrently, TPI Composites 
continued to reduce its recordable incident rate and lost time incident rate both significantly 
below the U.S. Bureau of Labor Statistics industry rates in 2019 and 2020. In 2020, TPI 
Composites’ employees also contributed over 14,000 hours of volunteered time to serve their 
communities despite the challenges of the pandemic including lockdowns and restrictions at 
most locations, and many of its facilities donated PPE and other supplies to hospitals and 
front-line workers. 
 
TPI Composites recently released its second annual sustainability report, which covers 2020 
performance and achievements, alignment with the GRI and SASB standards and UN 2030 
Sustainable Development Goals, and its commitment to long-term ESG goals – including 
promoting a zero-harm culture focused on eliminating unsafe behaviors, improving its overall 
representation of traditionally underrepresented groups, and becoming carbon neutral by 
2030 with 100% of its energy coming from renewable resources. 
 
 
COMPOSITE SOLUTIONS TO ELECTRIFY TRANSPORT 
TPI Composites’ solutions are also well-suited for clean transportation applications because 
of the benefits associated from weight reduction, which extends the battery range for electric 
vehicles. Other benefits include corrosion resistance, strength, durability, the ability to scale 
production with lower upfront production investment and lower total cost of ownership for 
end users. In 2020, TPI Composites continued to develop innovative composite solutions for 
vehicles across passenger automotive, bus, truck and delivery vehicles.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
12 
ENERGY AND RESOURCE EFFICIENCY 
…………………………………………………………………………………… 
Energy production and consumption is currently the largest source of global greenhouse gas 
emissions. The pressures of climate change and economic growth also place constraints on 
the Earth’s natural resources – from minerals to fossil fuels. 
 
Angeleno Group actively invests in energy efficiency technologies that reduce rates of 
household, commercial and industrial energy loss and consumption. We also invest in 
companies that identify compelling and profitable ways to enhance resource efficiency in 
commercial and industrial applications.  
 
GAME CHANGING USE OF ARTIFICIAL INTELLIGENCE FOR RENEWABLE ENERGY 
As the energy industry continues to utilize more variable renewable energy sources, 
maintaining accurate forecasts of power generation and net load are becoming essential to 
ensuring system reliability while also reducing greenhouse gas emissions. The use of artificial 
intelligence (AI) is providing better prediction capabilities to improve demand forecasting and 
asset management; and enabling the creation of “virtual power plants” that facilitate the 
transition toward increased use of renewable energy.  
 
Stem provides solutions that address the challenges of today’s 
dynamic energy market. By combining advanced energy storage 
solutions with Athena™, a leading artificial intelligence (AI)-
powered analytics platform, Stem enables customers and partners 
to optimize energy use by automatically switching between battery 
power, onsite generation and grid power.  Athena™ also enables 
frequency regulation so that an energy storage system can be 
charged or discharged to alleviate demands on the grid. Referred 
to as “peak shaving”, grid demand can be reduced – providing the 
opportunity to sell power into the wholesale market. 
 
A MILESTONE TRANSACTION TO PROPEL GROWTH IN ENERGY STORAGE MARKETS 
Today, Stem operates the world’s largest energy storage network. Currently, over 900 
systems are operating or contracted with Stem’s proprietary Athena™ software platform in 
more than 200 cities – representing approximately one gigawatt hour of storage capacity. 
 
In 2020, Stem announced plans to become publicly traded on the New York Stock 
Exchange, following its combination with Star Peak Energy Transition Corp. (NYSE: STPK), a 
special purpose acquisition company or “SPAC”. Upon the closing of the transaction, the 
combined company will be named Stem and trade on the New York Stock Exchange under 
the new ticker symbol “STEM.” 
 
The transaction will make Stem the first pure play smart energy storage company to go 
public and will provide further growth capital so that Stem can expand its leadership position 
within the global energy storage market, which is expected to grow 25-fold by 2030. 
 
As a public company, Stem finds itself well positioned to support the widespread, systemic 
shift towards cloud-coordinated, local energy resources as an alternative to the traditional 
model for power supply, which relies on large-scale generation and long-distance 
transmission.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
13 
PROTECTING GRID RELIABILITY 
Stem’s approach to energy storage enables new strategies for resilience, allowing 
businesses to operate as self-sufficient microgrids should power fail in the wake of a disaster 
or during planned outages. Advanced storage solutions are also vital in ensuring access to 
basic necessities and manufacturing operations. For example, the grocery stores and 
distribution facilities that safeguard our food supply cannot afford to let food spoil because of 
power outages to refrigerators or freezers. 
 
In 2020, grid reliability became critical in California as the state faced an intense heatwave 
and was ravaged by wildfires. As California began to order rolling blackouts, Stem was able 
to immediately deliver 50 megawatts — enough to power 20,000 homes — from batteries it 
had installed at businesses, local governments and other customers. At the time, Stem could 
have delivered exponentially more megawatts but its ability to contribute more to support 
grid reliability in California was limited by regulations. However, in 2020, federal courts 
affirmed and resolved jurisdictional questions for the Federal Energy Regulatory 
Commission’s Order 841, which eliminates barriers for distributed energy storage systems to 
participate in wholesale energy markets.  
 
PARTNERSHIPS BEHIND AND IN FRONT OF THE METER 
Stem offers full support for solar partners interested in adding storage to standalone, 
community or commercial solar projects – both “behind” and “in front” of the meter. In 2020, 
Stem launched its first “solar + storage” independent power producer site, which is part of its 
portfolio of large-scale solar + storage projects that Stem is operating in partnership with 
Syncarpha Capital, LLC in Massachusetts. Stem is also constructing and operating a 
portfolio of 36 behind-the-meter energy storage systems in California, as part of its 
partnership with Greenbacker Renewable Energy Company LLC. Stem was awarded an 
exclusive contract to provide its Athena™ software for managing a portfolio of storage assets 
comprising 345 MWh with 25 customers, owned in partnership by SK E&S and SUSI 
Partners.  Additionally, Stem entered into a joint venture with Copec that will bring Stem’s 
technologies to South America. 
 
In 2020, Stem launched its new Stem Partner Program to develop a network for solar 
developers, distributors, and their solar + storage developments. In connection with this 
effort, it also announced the launch of Stem University, an online certification program that 
provides required educational tools for the solar companies in the Stem Partner Program to 
gain experience in storage for success across the entire energy lifecycle. 
 
A CIRCULAR, RESOURCE EFFICIENT APPROACH TO BATTERY SOLUTIONS 
An alternative to traditional lead-acid and lithium-ion batteries, ZincFive’s nickel-zinc 
batteries offer a longer operating life, a smaller environmental footprint and a wider operating 
temperature range. With over 100 patents awarded to date, ZincFive’s batteries are more 
energy efficient and fully recyclable at end-of-life.  
 
These attributes help to ensure that backup power is always available for traffic signals and 
critical infrastructure. ZincFive’s battery solutions are now deployed across mission critical 
applications for transportation systems, data centers, the automotive industry and 
emergency responders. Currently, more than 150 transportation departments in the United 
States and Canada depend on ZincFive’s safe, uninterruptible power solutions. In 2020, Zinc 
Five’s nickel-zinc technology was found to avoid six times more greenhouse gas emissions 
than lithium-ion batteries, and received a score of 9.4 out of 10 on positive environmental 
impacts in the Boundless Impact Research and Analytics’ Climate Impact Profile.

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2020 ESG REPORT 
 
 
14 
INNOVATIVE, AFFORDABLE FINANCING FOR RESIDENTAL MARKETS 
In 2020, Renew Financial, a specialty finance 
technology company continued to deliver value 
through Property Assessed Clean Energy (PACE) 
programs in the U.S. These programs play a 
critical role in enabling homeowners to upgrade 
their homes with energy efficiency, renewable 
energy and water efficiency enhancements.  
 
PACE financing – invented by Renew Financial – 
has been named by Scientific American as one of the "top 20 ideas that can change the 
world”. PACE programs allow property owners to finance costs of renewable energy, safety, 
and energy efficient home improvements at a fixed interest rate with flexible payment terms. 
PACE financing has helped more than 200,000 homeowners invest more than $5 billion in 
projects in states where PACE is available, including Renew Financial’s service areas in 
California and Florida. Additional states have expressed interest in implementing PACE 
programs. In 2020, Renew Financial announced the sale of $160 million of residential PACE 
assets to Amalgamated Bank, known as America’s socially responsible bank. 
 
Renew Financial customers have avoided over 1.4 million metric tons of greenhouse gas 
emissions and saved approximately two billion gallons of water. Renew Financial’s financing 
programs have also created approximately 15,000 green jobs and new revenue streams in 
local communities. In California alone, Renew Financial has invested approximately $420 
million over the past decade to empower homeowners to add on-site solar systems. 
 
SUPPORTING CLIMATE RESILIENCE IN FLORIDA 
Every year, Florida homeowners are challenged by hurricanes and storms. In the years to 
come, extreme weather events are expected to become more severe. 
 
Anticipating this challenge, Renew Financial has invested more than $100 million in Florida 
over the past three years to finance projects to make homes safer, more efficient and more 
resilient. Financed resiliency projects include those to install wind-resilient roofs, roof-to-wall 
reinforcements, and hurricane impact windows and doors. These resiliency measures enable 
homeowners to better protect their families and have the potential to avoid millions of dollars 
in property damage for homeowners and insurers. 
 
Renew Financial also continues to support disaster relief in Florida by providing millions of 
additional dollars in zero-cost working capital to help contractors respond to the needs of 
those affected by Hurricane Irma and other recent extreme weather events.

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15 
WATER 
…………………………………………………………………………………… 
 
According to the World Resources Institute, more than one billion people currently live in 
water-scarce regions, and as many as 3.5 billion people could experience water scarcity by 
2025. Equally concerning, pollution also threatens the health of freshwater and coastal 
aquatic ecosystems, which are critical for food production, sanitation and the survival of 
communities around the world. 
 
Angeleno Group actively invests in companies with innovative solutions that protect both the 
quality and quantity of clean water supplies in remote and urban locations around the world.  
 
DEPLOYING HOLISTIC, MODULAR WATER SOLUTIONS  
Newterra is a leading manufacturer of advanced, decentralized water, wastewater and 
groundwater treatment technology solutions to the municipal, industrial and environmental 
remediation sectors. Newterra’s treatment systems currently protect watersheds in some of 
the most remote regions of the planet, enduring the freezing temperatures of Canada's 
arctic, the intense heat of Zambia, and high-altitude sites in Chile. Newterra’s systems are 
built to be tough enough to endure the realities of harsh environments, and also feature smart 
technologies for remote monitoring and operation by Newterra’s service team.   
 
In recent years, Newterra has expanded its product line to include a full suite of advanced 
clean water solutions, which include advanced water and stormwater treatment, membrane 
modules, groundwater remediation and fabrication for natural resources focused industries. 
Notably, Newterra is able to treat water sources contaminated with polyfluoroalkyl 
substances (PFAS), trace metals and hydrocarbons which have been identified to have 
potential links with numerous health conditions, including bone health deterioration, diabetes, 
and certain types of cancer. 
 
 
LEADING THE CHARGE TO PROTECT AND REMEDIATE WATERWAYS 
Patriot Environmental Services (“Patriot”) is a premier 
provider of comprehensive, vertically integrated environmental 
services, including emergency spill response, hazardous waste 
management and transportation, industrial cleaning, 
wastewater treatment and environmental remediation. Patriot 
offers full-service capabilities to transport and treat wastewater 
safely and cost-effectively and is currently in the process of 
expanding its wastewater processing capabilities. 
 
In 2020, Patriot’s National Response Services expanded to cover a wider range of offerings – 
including COVID-19 decontamination – with expert project management, coordination and 
administration for projects of all sizes and in any location. In two years, Patriot’s National 
Response Services team has completed over 1,000 projects across nearly 900 locations.  
 
AN ESSENTIAL FIRST RESPONDER TO CUSTOMERS DURING COVID-19 
At the onset of the pandemic, Patriot launched COVID-19 emergency response, 
decontamination and remediation services for customers.  Using its knowledge and 
experience in keeping people safe, Patriot was able to disinfect virus infected sites, help 
manage hazardous waste streams, and provide emergency active case decontamination and 
remediation and virus protection services for customers.

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2020 ESG REPORT 
 
 
16 
SMART CITIES 
…………………………………………………………………………………… 
 
Today, more than one-half of the world’s population now live in urbanized areas. As cities 
become more multi-modal and the movement of people, goods and data become more 
connected, opportunities exist for cities to become “smarter” – using insights from real-time 
data to manage resources efficiently and improve the quality of life for its citizens.  
 
Simultaneously, the advancement of smart cities will be critical to address climate risks. As 
electrification increases our reliance on grids, it will be necessary to increase grid resilience 
and security. Additionally, sustainable mobility is central to make cities smarter, safer, less 
congested and polluted, and more vibrant. 
 
SPATIAL VISUALIZATION AND MAPPING OF GEO-DATA 
Critigen is a geospatial company that uses mapping technology in support of sustainable 
social and economic development around the world serving governments – including utilities, 
corporations and non-profit organizations to improve decision making, maximize efficiencies 
and support critical infrastructure.  
 
Critigen enables its clients to make spatial technologies work 
in organizations of all sizes, integrating spatial technologies 
with enterprise systems – creating “geoenablement”. 
Critigen’s tools are integrated with enterprise data sources 
– including those from Critigen partners Esri and SAP – to 
enhance data collection, analysis, and decision making. 
In 2020, Critigen partnered with GeoNexus to 
synchronize data between Esri and SAP, as well as 
other enterprise systems. 
 
 
 
Critigen’s mobile applications also help workers in the field increase system performance, 
reduce costs and protect community safety. Critigen’s mobile application capabilities include 
offline access, which is critical for field technicians that are handling emergencies and/or 
working in areas with limited internet or cellular connectivity. 
 
APPLYING OPEN DATA MAPPING TO ADVANCE SUSTAINABLE DEVELOPMENT 
In 2020, Critigen began to collaborate with YouthMappers, a growing network composed of 
student-led chapters from more than 200 campuses in more than 50 countries who create 
and apply open geospatial data to global humanitarian and development challenges. 
 
Building on each organizations’ active participation in the OpenStreetMap (OSM) community, 
Critigen and YouthMappers have agreed to a shared common vision to communicate, 
coordinate, and cooperate to enhance the use and creation of open geospatial data and 
technology. 
 
Critigen will serve as a Technical Advisor on the YouthMappers Steering Committee, and will 
continue to identify projects and professional opportunities to equip YouthMappers students 
with the skills and experience needed to enter the geospatial workforce and create more 
resilient communities.

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17 
BIG DATA ANALYTICS FOR REAL-TIME, MISSION-CRITICAL MONITORING 
Comprised of modular building blocks, mPrest’s unique software technology gathers data 
from millions of sensors and subsystems, applies big data analytics utilizing its AI algorithms, 
and enables cross-discipline correlations in real-time. Leveraging its experience in real-time 
mission-critical command and control software, mPrest has developed the leading 
distributed asset orchestration and optimization software. mPrest’s micro-services based, 
real-time orchestration and optimization platform brings the power of AI and IoT to the digital 
transformation of various industries including utilities, smart and safe cities, critical 
infrastructure protection, connected cars and smart agriculture.   
 
HELPING UTILITIES ADDRESS UNPREDICTABLE DEMAND DURING COVID-19 
At the onset of the pandemic, utilities were challenged by unpredicted loading patterns and 
usage behavior. mPrest’s technology was able to help utilities dynamically respond with grid 
edge control, while simultaneously limiting face-to-face contact between employees. 
 
mPrest’s partnership with utilities across the globe to provide real-time situational awareness 
supports a wide variety of use cases, including the COVID-19 pandemic. mPrest has 
developed the world’s first cloud-based, production DERMS – short for Distributed Energy 
Resources Management Systems – and its “system of systems” orchestration platforms. 
 
mPrest’s intelligent grid “system of systems” applications directly address evolving energy 
challenges – including rapidly decentralizing networks, sharp changes in energy demand, 
extreme weather events and cybersecurity threats. Distributed energy resources are a new 
reality for utilities. They include physical assets, including those for generation, storage and 
electric vehicles — in addition to virtual assets, such as virtual power plants. Frequently, 
these distributed energy resources are not owned by the utilities – making orchestration 
across these connected systems even more critical. 
 
 
LOCAL INSIGHTS TO ENABLE GLOBAL SUSTAINABLE MOBILITY  
INRIX is a world leading developer of connected car services 
and transportation analytics that is committed to making 
mobility smarter, safer, and more efficient. Annually, traffic 
congestion results in billions of dollars in avoidable costs and 
contributes to poor air quality and greenhouse gas emissions. 
 
In collaboration with the Center for Advanced Transportation 
Technology, INRIX has launched a suite of sophisticated tools 
and data – entitled INRIX Analytics – to help transport agencies proactively manage 
congestion and improve safety across road networks. INRIX Analytics integrates anonymous 
data from diverse datasets enabling insights around trips, volumes and commute patterns. 
INRIX also launched INRIX IQ, a new software-as-a-service (SaaS) application suite to help 
organizations gain deep location-based insights including those related to roadway 
performance, travel trends, and data on road rules, parking capacity and accidents.  
 
CUSTOMER APPLICATIONS FOR CONNECTED VEHICLES  
In 2020, INRIX partnered with HERE Parking – a global connected vehicle service – to 
leverage INRIX’s dynamic parking data that covers over 20,000 cities around the world. 
INRIX’s data will also be used in Ford Motor Company’s new SYNC 4 connected vehicle 
navigation systems, starting with its all-electric Mustang Mach-E, Bronco 4×4 and all-new F-
150 models.

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2020 ESG REPORT 
 
 
18 
SUSTAINABLE FORESTRY 
…………………………………………………………………………………… 
 
The world’s forests are critical to climate regulation and rich in biodiversity and ecosystem 
services necessary to support health and prosperity. The World Wildlife Fund estimates that 
forest area the size of nearly 30 soccer fields is lost every minute.  Halting the loss and 
degradation of these natural systems and promoting their restoration have the potential to 
contribute over one-third of the total climate change mitigation that scientists believe is 
required by 2030.  
 
New models are emerging that help to remove carbon from the atmosphere, while also 
supporting local economies. Major shifts in demand-supply dynamics, sustainability 
considerations and investment are all reshaping the forestry sector and enabling the 
scalability of a compelling new impact investing asset class. 
 
FINANCIAL, ENVIRONMENTAL AND SOCIAL RETURNS FROM CONSERVATION 
New Forests is an international sustainable real assets 
investment manager offering leading-edge strategies in 
responsible forestry, land management, and conservation of 
resources. New Forests manages investments based on a 
view that future value encompasses both production and 
conservation. Its investment strategy is to manage forests to 
optimize revenues from a combination of timber harvest and 
carbon-offset sales. 
 
New Forests for over 15 years has been providing 
institutional investors targeted opportunities in the Asia-
Pacific region and the U.S., with more than AUD 5.7 billion in 
assets under management globally.  
 
In 2020, New Forests announced the conversion of its flagship forestry fund launched in 
2010, the Australia New Zealand Forest Fund (ANZFF), to a long-term mandate enabling 
investors to hold high-quality forestry and forestry-related assets for the long-term.  The 
ANZFF estate includes approximately 283,000 gross hectares of land area and provides 
nearly 1,500 jobs.  
 
In 2020, New Forests also realized more than 7.5 million tons of forest carbon credits in the 
United States, the majority of which came from projects in partnership with Native Alaskan 
corporations. 
 
A TRIPLE BOTTOM LINE MANAGEMENT APPROACH 
New Forests has developed a Sustainable Landscape Investment framework to monitor six 
economic, environmental and social criteria: (1) Productivity, (2) Land Use Planning, (3) 
Ecosystem Services, (4) Shared Prosperity, (5) Risk Management and (6) Governance. 
Specific topics covered within these criteria include biodiversity, water, recreation and 
cultural use, community development, employment and livelihoods, and health and safety. 
 
New Forests is also a Certified B Corporation®, a member of the World Business Council for 
Sustainable Development, and continues to receive an “A+” rating in its UN Principles for 
Responsible Investment assessment report.

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2020 ESG REPORT 
 
 
19 
ACTION PLAN TO BECOME A CLIMATE NEUTRAL BUSINESS 
In 2020, New Forests released its first Climate Disclosure Report, which implemented the 
Task Force for Climate-related Financial Disclosures’ recommendations. In the Report, New 
Forests announced an ambitious Climate Action Plan that combines the company’s 
advocacy for forestry-based climate solutions with the development of robust greenhouse 
gas accounting methods to support a science-based target for its investment portfolio. 
 
Three powerful commitments underscore New Forests’ Climate Action Plan: (1) New Forests 
will be a climate neutral business, (2) New Forests will work collaboratively to ensure that 
forestry is recognized as a climate solution, and (3) New Forests will demonstrate investable 
pathways to transition the forestry sector from a net greenhouse gas emission source to a 
source of net carbon removals. 
 
As New Forests embarks on its Climate Action Plan, the company acknowledges the 
challenges that will need to be addressed – specifically related to the shifting of the sector’s 
historical emissions profile from 24% of global emissions (for forestry and land use 
combined) to one where forestry and land use instead contribute 30% or more of all climate 
mitigation by 2030. Other challenges relate to accounting methods to accurately capture the 
role of carbon removals by forests and carbon storage in durable wood products. 
 
A CIRCULAR APPROACH TO FORESTRY 
New Forests’ circular approach to forestry management utilizes carbon sequestration and 
storage and life-cycle systemic planning in support of its carbon neutrality goal. 
 
 
 
As trees are harvested, replanting and growth of young stands creates a carbon balance across 
the forest. Harvested wood materials also retain carbon. Other materials, such as paper products, 
can be recycled as part of the circular bio-economy.

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20 
DIVERSITY, EQUITY AND INCLUSION  
…………………………………………………………………………………… 
We believe that advancing diversity, equity and inclusion is a powerful accelerator to 
achieving financial success and enabling each of our portfolio companies to achieve their 
respective missions. Angeleno Group’s goal is to partner with and support our portfolio 
companies as they focus on increasing diversity, equity and inclusion in all forms.  
 
OUR DIVERSITY AND INCLUSION PLEDGE  
Recognizing the need to sharpen our focus and deepen our impact, we enacted the 
Angeleno Group Diversity and Inclusion Pledge in 2018. Signed by every member of our 
team, the pledge is intended to reinforce a coordinated commitment among Angeleno 
Group’s partners, officers and staff to increase equity for all, including women, Blacks, 
Latinos, Asians, Native Americans, LGBTQ+, disabled and veteran Americans.  
 
We pledge to continue making our workplace a trusting place to have complex and difficult 
conversations about diversity and inclusion; to bring awareness to unconscious biases; and 
to share both best and unsuccessful practices along the way. In 2020, 100% of our partners 
and staff completed training on diversity and inclusion, unconscious bias and 
microaggressions in the workplace. All partners and managers also completed an additional 
training module on the prevention of discrimination and harassment. 
 
 
INCREASING REPRESENTATION OF WOMEN ON BOARDS 
Within our sphere of influence, Angeleno Group actively encourages our portfolio companies 
to increase the representation of women on their Boards of Directors.  In 2020, we supported 
the additions of five women to board roles – three to the Board of Directors of public portfolio 
companies and two as new members of our Board of Advisors. 
 
Stem announced the new members of its Board of Directors, effective following its merger 
with Star Peak Energy Transition Corp. (NYSE: STPK), a publicly traded special purpose 
acquisition company. Three of the eight Directors are women. One of the women directors – 
Dr. Laura Tyson – is a member of Angeleno Group’s Board of Advisors. Dr. Tyson was the 
first woman to serve in the position of Chair of the President’s Council of Economic Advisors, 
and also served as Director of the White House National Economic Council under the Clinton 
administration.  She is a Distinguished Professor of the Graduate School and Professor 
Emeritus at the Haas School of Business at the University of California, Berkeley and is 
currently serving as a director of the CBRE Group, Inc., Lexmark International, Inc., Apex 
Swiss Holdings, SARL and the SASB Foundation.  
 
TPI Composites selected Linda Hudson – also a member of Angeleno Group’s Board of 
Advisors – to serve on its Board of Directors.  Ms. Hudson is the former President and Chief 
Executive Officer of BAE Systems, Inc., a U.S.-based global defense, aerospace, and 
security company. She is the first woman to be the head of a company that is a major 
contractor with the Pentagon and has been cited as one of Fortune Magazine’s 50 Most 
Powerful Women in Business four times. Ms. Hudson is also currently serving as a director of 
Bank of America and Trane Technologies (formerly Ingersoll Rand).  
 
The appointment of Ms. Hudson supports TPI Composites’ ongoing initiatives to enhance its 
Board’s skill set and diversity, and its public, long-term ESG goal to achieve 33% women 
and 33% racially and ethnically diverse persons on its Board of Directors by 2023.

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2020 ESG REPORT 
 
 
21 
RESPONDING TO THE CALL TO ADDRESS SYSTEMIC INEQUALITIES  
The leadership at Angeleno Group portfolio 
companies – including Critigen, Renew Financial 
Stem and TPI Composites – quickly responded in the 
aftermath of the public outrage and movement to 
address systemic racial inequalities following the 
death of George Floyd in 2020. 
 
In public statements and internal communications with 
employees, common themes expressed from 
leadership at our portfolio companies are the 
importance of listening and the need to do more and 
make long-term, authentic commitments to advance 
diversity, equity and inclusion. 
 
Critical foundational steps that portfolio companies 
are undertaking include the development of Diversity 
and Inclusion Committees with executive sponsorship, 
the expansion of employee resource groups and deployment of employee-wide training 
programs. 
 
ADVANCING ENERGY EQUITY AND ENVIRONMENTAL JUSTICE 
Stem is focused on how energy storage can alleviate issues related to energy equity and 
environmental justice – by bringing the benefits of energy storage and access to 
uninterrupted electricity to under-resourced schools, hospitals, housing, religious centers 
and other community spaces. Stem is working to advance energy equity through public 
policy engagement and compelling projects that support historically disadvantaged 
populations.  
 
As part of California’s Self-Generation Incentive Program, Stem and its sales partners have 
been selected to deploy more than $35 million in new energy storage projects to support 
disadvantaged and low-income communities throughout California. Beneficiaries will include 
educational institutions, nonprofits and small businesses. 
 
Renew Financial’s innovative low-cost, upfront financing solution supports homeowners 
that traditionally may have greater difficulty accessing affordable financing. This financing 
can be used to protect homeowners – including those in disadvantaged or under-served 
communities – from unexpected costs and risks associated with extreme weather events. 
 
 
500 WOMEN SCIENTISTS 
In 2020, Critigen deepened its partnership with the non-profit organization 500 Women 
Scientists – which is dedicated to making science open, inclusive and accessible. 
 
Critigen has worked closely with the 500 Women Scientists’ team to design, build and 
release a new system that can not only handle the more than 20,000 women who use the 
system, but also one that offers a secure and safe environment for women to communicate 
and collaborate around the world.  
 
The next phase of the work is focused on creating “pods” that serve as virtual mini-
communities to enhance connections, provide mentorship and promote women in science.

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2020 ESG REPORT 
 
 
22 
ESG AT ANGELENO GROUP 
…………………………………………………………………………………… 
We are guided by our Responsible and Sustainable Investing Policy, which extends to both 
pre-investment and post-investment considerations, and is applicable to our firm’s 
fundamental strategies to achieve differentiated returns:   
 
Firm Strategies 
Our Approach and Application 
Deal Sourcing and Selection 
ESG risks and competencies are considered within 
our deal sourcing and selection processes.  
 
Disciplined Portfolio Management 
ESG management principles are encouraged in 
alignment with our commitment to disciplined 
portfolio management throughout the holding period 
of our investments.  
 
Value Creation in Our Portfolio 
Companies 
Value creation efforts consider the role of ESG 
practices within portfolio companies in creating value 
and accelerating sustainable growth. 
 
 
FOCUSING ON EMERGING ESG TOPICS ACROSS THE VALUE CHAIN 
Our Responsible and Sustainable Investing Program aims to be adaptive and responsive to 
emerging ESG topics. Climate risk management, cybersecurity and equity – based on gender 
and race – are examples of some of the emerging ESG topics that we emphasize through 
portfolio company engagement.  
 
As part of our approach to Responsible and Sustainable Investing, we also emphasize the 
management of value chain risks and opportunities. Supply chain risks, such as those related 
to non-adherence with the UN Guiding Principles on Human Rights and International Labor 
Organization conventions, are emphasized. As such, we assess portfolio companies’ current 
practices. Within the sphere of our influence, we also promote the benefits of practices, such 
as establishing Supplier Codes of Conduct and engaging in supplier audits. 
 
GOVERNANCE OF RESPONSIBLE AND SUSTAINABLE INVESTING  
The governance of our Responsible and Sustainable Investing Policy and Program 
emphasizes accountability, engagement and formal review. Angeleno Group’s ESG 
Committee has the highest level of direct responsibility for oversight and management of our 
Responsible and Sustainable Investing Policy and Program. The ESG Committee is 
comprised of one of Angeleno Group’s Managing Partners, our Chief Operating Officer and 
our Vice President of Finance and Sustainability. The ESG Committee is chaired by our Vice 
President of Finance and Sustainability.  
 
The participation of Managing Partners on our ESG Committee enables direct line of sight 
and coordination on any relevant matters with Angeleno Group’s Investment Committees. 
 
On an annual basis, Angeleno Group’s ESG Committee formally reviews our policy, 
incorporating stakeholder feedback. We also created a formal issues escalation mechanism 
wherein portfolio companies and firm employees should escalate ESG issues that present 
significant risks or opportunities to our Chief Operating Officer, Vice President of Finance and 
Sustainability and/or Managing Partners.

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23 
OUR CULTURE  
…………………………………………………………………………………… 
 
As we engage with our current and prospective portfolio companies on responsibility and 
sustainability, we believe that it is important that we “walk the talk” and aspire to lead by 
example at Angeleno Group in the areas of environmental, social and governance.  
 
ENVIRONMENTAL STEWARDSHIP  
Our culture has organically grown to be one that is environmentally conscious, in alignment 
with the nature of our investments in clean energy and climate solutions technologies. 
 
Our corporate headquarters are LEED® Gold certified. Our corporate headquarters were 
selected in part due to the building’s 
sustainable attributes, which include 
natural and LED lighting, low flow toilets, 
onsite recycling and 100% self-reliance 
for landscape irrigation. Angeleno Group 
has collaborated with our building’s 
management to optimize energy 
efficiency and utilize new technologies at 
our corporate headquarters.  
 
We promote reuse and recycling within our offices and the use of all-electric or hybrid 
vehicles for commuting to work. Approximately 70% of our staff currently drive all-electric or 
hybrid vehicles, and electric vehicle charging stations are available on-site.  
 
While working from home during the COVID-19 pandemic, members of Angeleno Group’s 
team used solar panel systems to efficiently power their home offices and electric vehicles. 
 
CORPORATE CITIZENSHIP 
Angeleno Group and its partners continue to support national and local organizations that 
align with our sector focus and support the communities where our firm and portfolio 
companies operate:  
 
2020 Focus Areas 
Organizations Supported by Angeleno Group 
Climate and Ecosystem 
Protection 
§ Natural Resources Defense Council 
§ UCLA Institute of the Environment and Sustainability 
§ World Resources Institute  
 
Leadership Development 
§ Coro Southern California 
§ Los Angeles Cleantech Incubator 
 
COVID-19 Support,  
Disaster Relief and  
Public Health 
 
§ American Cancer Society 
§ American Red Cross 
§ California Community Foundation 
§ Didi Hirsch Suicide Prevention Center 
§ Epilepsy Foundation 
§ Garces Foundation 
§ Los Angeles Regional Food Bank 
 
Research and Policy 
 
§ Pacific Council on International Policy

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GROUP 
 
2020 ESG REPORT 
 
 
24 
EMPLOYEE VOLUNTEERISM  
Our employees have a proud history of actively volunteering in local communities. In recent 
years, our partners and staff have volunteered to help those in need at the Los Angeles 
Regional Food Bank; clean the coastline with Heal the Bay; mentor girls to help them fulfill 
their potential with Step Up; bring inspiration and enrichment to children through Reading to 
Kids; and improve lives and build community through Big Sunday. 
 
In 2020, we continued our multi-year support for the Los Angeles Regional Food Bank, 
making donations that have provided approximately 5,000 meals for those in need. Over the 
past two years, our team’s support through volunteerism and donations has provided more 
than 10,000 meals to local families in our community. 
 
COMMUNITY AND STAFF SUPPORT DURING COVID-19 
Like most organizations, Angeleno Group quickly adapted and adjusted to a new way of 
living, working and supporting communities during COVID-19. 
 
The pandemic has underscored the service-oriented impulses of our team. Some of our staff 
have taken advantage of Angeleno Group’s charitable contribution matching program to give 
to local non-profits providing relief for those most vulnerable and disproportionately affected 
by COVID-19. Others have volunteered more directly to help others, such as giving blood via 
the local Red Cross.  
 
We also engaged in virtual volunteerism opportunities. Using Zoom, our Senior Analyst Irene 
Nicolae has been volunteering with Built by Girls – participating in mentoring sessions with 
high school and college girls as they prepare for college and to enter the workforce.  
 
During COVID-19, our staff has continued to work full time, and in many cases, has 
increased its workload to be available and engaged with portfolio companies on a 24/7 basis 
– particularly at the onset of the pandemic. To maintain our sense of community, we have 
been organizing virtual team social events to commemorate team members’ birthdays and 
other special occasions. 
 
 
ESG-FOCUSED INVESTMENT SELECTIONS IN COMPANY RETIREMENT PLANS 
Angeleno Group has ESG-focused investment selections incorporated into its retirement plan 
choices for participants. The objective of this option is to further institutionalize our 
commitment to ESG and identify opportunities to deepen our impact across all relevant 
investment activities. 
 
ETHICS AND GOVERNANCE 
To strengthen our longstanding commitment to strong ethics and governance, Angeleno 
Group has enacted an Investment Management Ethics Pledge for all partners, officers and 
staff.  Angeleno Group’s Ethics Pledge clearly outlines our obligations with regard to 
managing potential conflicts of interest, ensuring respect in the workplace and maintaining 
compliance with all laws.  
 
We also recognize the power that our industry has to drive both private value creation and 
sustainable, positive societal transformation. As such, Angeleno Group’s Ethics Pledge is 
designed to both reflect and further promote our firm’s cultural strengths and ability to serve 
all stakeholders.

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GROUP 
 
2020 ESG REPORT 
 
 
25 
ANGELENO GROUP’S BOARD OF ADVISORS   
Angeleno Group’s Board of Advisors represents a group of highly distinguished industry 
leaders, sector scientists and former policymakers who provide insights on strategic issues, 
high-level business matters and bring to bear their professional experience and distinguished 
backgrounds relevant to our portfolio companies and initiatives.  
 
RECENT ADDITIONS TO THE BOARD OF ADVISORS 
In 2020, we expanded our Board of Advisors to include two new members: Ambassador  
Ertharin Cousin and The Honorable Janet Napolitano. 
 
Ambassador Ertharin Cousin has previously served as the US Ambassador to the UN 
Agencies for Food and Agriculture, the Executive Director of the United Nations World Food 
Program, and as Executive Vice President and Chief Operating Officer of America’s Second 
Harvest (now Feeding America). She has been included on the Forbes 100 Most Powerful 
Women List, on Time’s 100 Most Influential People list, and as one of the 500 Most Powerful 
People on the Planet by Foreign Policy magazine. Ambassador Cousin is currently a member 
of the Bayer AG Supervisory Board and the Royale Dutch DSM Sustainability Advisory 
Board. Her nonprofit board memberships include the London-based Power of Nutrition and 
Heifer International. 
The Honorable Janet Napolitano served as Secretary of Homeland Security in the Obama 
administration and is a former two-term Governor of Arizona, a former Attorney General of 
Arizona, and a former US Attorney for the District of Arizona. Currently, she is a Professor of 
Public Policy at the Goldman School of Public Policy at the University of California, Berkeley. 
She served as the twentieth president of the University of California, the nation’s largest 
public research university with ten campuses, five medical centers, three affiliated national 
laboratories, and a statewide agriculture and natural resources program. Under her 
leadership, the university announced the Carbon Neutrality Initiative, which committed the 
University of California to achieving net zero greenhouse gases from its buildings and vehicle 
fleet by 2025. 
2020 CEO AND INVESTOR SUMMIT ON CLEAN ENERGY AND CLIMATE SOLUTIONS 
In 2020, Angeleno Group held a virtual event focused on the latest technology, business 
developments and growth capital opportunities in the clean energy and climate solutions 
sector with presentations by Angeleno Group partners, portfolio company CEOs and 
directors, and selected industry, scientific and policy leaders, along with providing an 
overview of key investment activity within the Angeleno Group funds, both private and public, 
as well as a review of the current investment landscape. 
 
The event included a segment on Los Angeles as a laboratory and a leader in defining an 
agenda for the 21st century sustainable city with the City of Los Angeles’ Mayor Eric Garcetti, 
who also serves as the Chairman of the C40 Cities Climate Leadership Group. 
 
Topical presentations by Angeleno Group’s Board of Advisors included:  
§ 
Ambassador Ertharin Cousin, addressing the nexus of agriculture, water, energy 
and new opportunities for technology and innovation;  
§ 
Linda Hudson, providing board-level insights and perspectives on corporate 
sustainability; and  
§ 
The Honorable Janet Napolitano, discussing the intersection of national security 
and climate security.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
26 
STAKEHOLDER ENGAGEMENT 
…………………………………………………………………………………… 
Stakeholder engagement is central to Angeleno Group’s Responsible and Sustainable 
Investing Program. We aim to create shared value through active and thoughtful engagement 
with portfolio companies, investors, employees, business community peers and universities. 
 
PORTFOLIO COMPANY ENGAGEMENT  
Pursuant to our Responsible and Sustainable Investing Policy, we engaged in an annual 
post-investment ESG engagement cycle with the portfolio companies that met the revenue, 
EBITDA and/or employee count guidelines of our policy. Because all portfolio companies 
complete a pre-investment ESG questionnaire prior to investment, post-investment 
engagement on ESG issues is informed by our pre-investment engagement activities. 
 
In 2020, we completed our tenth year of post-investment portfolio company engagement on 
ESG issues. Over the past ten years, we have developed an effective process, which begins 
with the distribution of a tailored ESG questionnaire and culminates with the development of 
an ESG Action Plan: 
 
 
In our first year of engagement with a portfolio company, we aim to (1) assess what ESG 
programs, policies and management systems are currently in place; (2) discuss the greatest 
ESG risks, opportunities and business drivers; and (3) provide the foundation for subsequent 
ESG engagement cycles. In the following years of engagement, we identify and refine key 
performance indicators with associated targets. These key performance indicators and 
targets are included in our portfolio companies’ annual ESG Action Plans. 
 
Integrating the Task Force for Climate-related Financial Disclosures  
Established by the Financial Stability Board, the Task Force on Climate-related Financial 
Disclosures (TCFD) is a market-driven initiative that has developed a set of recommendations 
for voluntary and consistent climate-related financial risk disclosures. 
 
In 2020, Angeleno Group continued to integrate the TCFD framework into its portfolio 
engagement process. In our post-investment ESG questionnaire, portfolio companies 
evaluate their degree of potential exposure to TCFD risk and opportunity categories over 
short-term, medium-term and long-term horizons. We then review their TCFD assessments 
and provide feedback on an annual basis.  
 
Across our portfolio companies, our common theme is the prevalence of unique, compelling 
opportunities to support both climate change mitigation and adaptation.  
 
 
Portfolio companies
complete annual ESG 
questionnaire
• Angeleno Group provides 
support during 
questionnaire completion
Angeleno Group and 
portfolio companies
meet to discuss 
questionnaire response 
and ESG Action Plan 
opportunities
• Angeleno Group follows
up with recommended 
ESG Action Plan, and 
issues request for 
subsequent data and 
documentation
Portfolio companies 
and Angeleno Group 
agree on annual ESG 
Action Plan and 
monitor progress 
throughout year
• Portfolio companies 
agree to escalate any 
ESG issues that present 
significant risk or 
opportunities

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
27 
INVESTOR ENGAGEMENT 
Each year, we receive valued feedback from our investors, advisors and portfolio companies, 
which we review to help us evolve our ESG program and inform each year’s upcoming 
engagement cycle. As a result of past investor engagement, we have identified and executed 
on the opportunity to develop formal ESG Action Plans with specific goals and targets to 
stimulate both short-term and long-term improvements.  
 
INDUSTRY ENGAGEMENT  
Angeleno Group’s investment professionals, Board of Advisors and portfolio companies 
actively engage with industry to promote responsible investment, provide thought leadership 
and contribute to the development and deployment of solutions to critical sustainability and 
global environmental challenges.  
 
Sustainability Accounting Standards Board (SASB) 
Our Chief Operating Officer Bill Miller has served on the SASB’s Industry Working Group for 
the Renewable Resources & Alternative Energy sector, providing guidance to assist public 
corporations to develop sustainability disclosure information for investors. Our Vice President 
of Finance and Sustainability Michelle Kincanon has also passed Level I of the Fundamentals 
of Sustainability Accounting Credential from SASB. 
 
World Resources Institute (WRI) 
Angeleno Group Managing Partner Daniel Weiss serves on the Board of Directors of the WRI, 
a leading organization – spanning more than 60 countries – that is focused on solving global 
challenges related to critical topics including climate, energy, food, forests, water and 
transport. Mr. Weiss is the co-chair of WRI’s Global Leadership Council, a select group of 
leaders committed to helping WRI achieve its mission of moving human society to live in 
ways that protect the Earth’s environment and its capacity to provide for the needs and 
aspirations of current and future generations.  
 
 
Additional Engagement to Support Responsible Investing    
Our Chief Operating Officer Bill Miller serves on the Southern California Private 
Equity/Venture Capital regional board of the Financial Executives Alliance (FEA). In 2020, he 
presented to the national FEA membership on creating shareholder value from ESG. 
 
In 2020, Angeleno Group Managing Partner Daniel Weiss participated in a series of speaking 
engagements to support responsible investing – including a panel on impact investing for the 
VerdeXchange 2020 Conference; a roundtable with the Mayor of Los Angeles Eric Garcetti 
on investing in sustainable infrastructure as a vehicle for accelerating a post-pandemic green 
recovery; and an interview with Coro Los Angeles Fellows as part of their water and energy 
focus week.  
 
In February 2020, Mr. Weiss participated in an open innovation forum on the future of the 
energy grid hosted by Edison International. Principal Anil Tammineedi participated in a follow 
up forum in June 2020 on reimagining the grid. The innovation forums supported Southern 
California Edison’s Pathway 2045 vision, a blueprint to use 100% carbon-free electricity by 
2045 to achieve the state’s carbon neutrality goals, which are focused on decarbonizing 
electricity, and electrifying buildings and transport. 
 
Mr. Weiss also co-authored two timely op-ed articles, which reflect on clean energy transition 
opportunities resulting from the COVID-19 pandemic and the commencement of the Biden 
administration. The first article – entitled “LA’s time to lead a fair, strong and clean COVID-19

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
28 
recovery” – was published in July 2020 by the International Business Times and co-authored 
with fellow WRI director Tammie Arnold. The second article – entitled “How Joe Biden can 
tap the private sector to accelerate transition to clean energy” – was published in December 
2020 by CNBC and co-authored with Angeleno Group Board of Advisors member, Dr. Laura 
Tyson. 
 
ACADEMIC ENGAGEMENT   
We believe that academic institutions provide fertile ground for innovation and the productive 
exchange of ideas. Angeleno Group aims to help create shared value – focusing on 
advancing responsible investment in the city of Los Angeles where we are headquartered. 
 
UCLA Institute of the Environment and Sustainability  
Angeleno Group actively supports the UCLA Institute of the Environment and Sustainability 
(IoES), whose mission is to move science to action on the frontlines of environmental 
progress and is recognized for having pioneered a unique, hands-on approach to 
environmental research and practice. 
 
Angeleno Group Managing Partner Daniel Weiss currently serves as co-chair on UCLA IoES’s 
Board of Advisors. Angeleno Group’s partners and staff also continue to actively participate 
in UCLA IoES events, which bring together students, technical experts and leaders to explore 
the business community’s role in advancing environmental solutions.  
 
 
Additional Engagement with UCLA 
We continue to support and participate in events across the UCLA campus. In 2020, 
Angeleno Group Principal Anil Tammineedi was a faculty advisor to UCLA Anderson School 
of Management Executive MBA students on their final leadership project applying tools from 
core curriculum to a real-world business challenge and launching their own business. Mr. 
Tammineedi was also a co-lecturer for a course at the UCLA Anderson School of 
Management, where students examined and explored case studies and strategies for 
technology entrepreneurship.   
 
Mr. Tammineedi was a panelist at the 2020 Energy Innovation Conference hosted by the 
UCLA Anderson Energy Management Group.  The Energy Management Group is the 
gateway to the world of energy, mobility and cleantech for students at UCLA Anderson.  Mr. 
Tammineedi and Angeleno Group Principal Danny Jaffe also participated in the 2020 UCLA 
Anderson Energy Management Group Career Night.   
 
USC Marshall School of Business 
In 2020, Angeleno Group was featured for a second consecutive year as a case study for the 
“Investing in Impact Ventures” course within the Lloyd Greif Center for Entrepreneurial 
Studies at the USC Marshall School of Business. The “Investing in Impact Ventures” course 
examines the many meanings of “impact”, the methods of measuring that impact, and the 
interplay between investment and impact.   
 
Angeleno Group Managing Partner Yaniv Tepper and Angeleno Group Operating Partner 
Thomas Zarrella virtually mentored approximately 75 USC Marshall School of Business 
students – walking through a case study on impact investing in solar, and providing real 
world perspectives on issues and critical success factors. Mr. Tepper and Angeleno Group’s 
Vice President of Finance and Sustainability Michelle Kincanon also advised students in this 
course as they presented their final project, in support of UN Sustainable Development Goal 
12: Responsible Consumption and Production.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
29 
AFFILIATIONS TO SUPPORT ECONOMIC DEVELOPMENT  
In the state of California where we are based, we aim to do more than just make financial 
contributions. We actively donate our time, talent and resources to support economic 
development and innovation.  
 
California Community Foundation 
Angeleno Group Managing Partner Daniel Weiss serves on the Board for the California 
Community Foundation, which has been entrusted with nearly $1.8 billion in assets to 
advance its mission to lead positive systemic change that strengthens Los Angeles 
communities. He also serves on the California Community Foundation’s Investment 
Committee. 
 
 
Economic Advisory Council for Federal Reserve Bank of San Francisco 
In 2020, Angeleno Group Managing Partner Daniel Weiss was appointed to serve on the 
Federal Reserve Bank of San Francisco’s Economic Advisory Council. 
 
Economic Advisory Council members provide observations, opinions, and advice to 
members of the Board of Directors and management of the Federal Reserve Bank of San 
Francisco on current and pending developments in the regional and national economies. 
 
Los Angeles Cleantech Incubator (LACI) 
Angeleno Group is a longtime supporter of LACI. Committed to working with regional 
stakeholders to create 600,000 green jobs by 2050, LACI is focused on creating an inclusive 
green economy by unlocking innovation through startups, transforming markets and 
enhancing communities.  
 
The Los Angeles Cleantech Incubator has sharpened its focus to emphasize the following 
three priority areas: Zero Emissions Transportation, 100% Clean Energy and Smart, 
Sustainable Cities. The organization also maintains targeted goals to decrease greenhouse 
gas emissions and to improve air quality and social equity. 
 
In 2020, Angeleno Group was a sponsor of LACI’s fourth Annual Virtual Night at the Campus 
to support LACI’s impactful programs for a future with an inclusive green economy. LACI’s 
programs include supporting diverse entrepreneurs and small business owners in Los 
Angeles through its startup incubation and Founders Business Accelerator programs to 
increase their impact on the economy, communities, and the environment; and a 
groundbreaking workforce development initiative that trains underemployed and formerly 
incarcerated individuals to maintain and fix electric vehicle charging stations. In 2020, LACI 
also worked to produce tens of thousands of face shields for frontline medical workers 
during COVID-19. 
 
 
Mexico-Los Angeles Commission (MEXLA)  
Established by Mexico’s Foreign Minister Marcelo Ebrard and the City of Los Angeles’ Mayor 
Eric Garcetti, MEXLA is a commission comprised of residents from Los Angeles and Mexico 
who will work together to reinforce the already strong ties between the two regions. 
 
Angeleno Group Managing Partner Daniel Weiss was appointed to serve on the MEXLA 
commission and to help advance shared priorities, including those related to climate and 
energy. MEXLA is the first commission of its kind, and creates a new avenue of collaboration 
between a city and a federal government.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
30 
PORTFOLIO MANAGEMENT 
…………………………………………………………………………………… 
 
Our approach to Responsible and Sustainable Investing (RSI) supports and aligns with our 
values and our commitment to value creation and disciplined portfolio management. Our 
application of ESG considerations is intended to complement, without replacing, our firm’s 
principles and associated investment strategies.  
 
PRE-INVESTMENT DUE DILIGENCE 
As part of our Responsible and Sustainable Investing Policy, Angeleno Group will analyze 
ESG risks, competencies and other relevant considerations as part of our due diligence prior 
to making an investment. As appropriate, we will also engage in dialogue with management 
on ESG considerations prior to making an investment. 
 
We are stage-agnostic, and actively select companies that are innovative, well managed and 
positioned for high-growth. As such, some of our portfolio companies are early stage 
investments (e.g., fewer than 100 employees and/or not yet cash flow positive). 
 
Stages 
Approach 
Early Stage Investments 
Given the more limited nature of their financial and human 
resource capabilities, we consider the ability of their 
management teams to responsibly and successfully execute 
their strategy and the ability of their products, technologies 
and/or services to provide environmental benefits that serve 
marketplace needs. 
 
Later Stage Investments 
We consider a broader range of ESG issues. 
 
 
To support our due diligence processes, we utilize a pre-investment questionnaire for 
prospective investments that highlights a set of prioritized ESG risks and opportunities. 
 
POST-INVESTMENT SUPPORT AND COLLABORATION 
In alignment with our firm’s principles and its Responsible and Sustainable Investing Policy, 
we collaborate with and support our portfolio companies as they grow to encourage strong 
ESG management practices that are value-accretive.  
 
To support portfolio companies, we also make available information on applicable ESG 
standards and best practices. We also provide access to subject matter experts within our 
firm and network.  
 
Our engagement with portfolio companies occurs on an ongoing basis and culminates each 
year with our annual engagement and reporting process. We select portfolio companies for 
ESG engagement based on specific revenue, EBITDA and/or employee count milestones. 
 
For portfolio companies that meet the specified milestones at the time of investment, we 
begin engagement during the annual cycle that follows the one-year anniversary of the date 
of the initial investment.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
31 
A TARGETED, ADAPTIVE APPROACH 
Angeleno Group recognizes that each portfolio company will have a unique set of ESG risks 
and opportunities depending on its stage, sub-sector, business model, stakeholders, 
operating locations, supply chain, product and services life cycle, revenue, employee count, 
applicable regulations and other factors. 
 
As such, we consider these differences when assessing and managing environmental, social 
and governance issues within our portfolio. However, as our portfolio companies grow in 
revenue and employee count, we typically find that a common set of ESG issues are of high 
materiality across our portfolio. 
 
APPLYING A MATERIALITY-BASED LENS 
When assessing material issues for our portfolio companies, we use the Global Reporting 
Initiative (GRI) Standards to conduct a materiality assessment during our first year of active 
ESG engagement with portfolio companies. 
 
To inform how we engage with portfolio companies, we have prioritized the following ESG 
topics across our entire investment portfolio:  
 
Environmental 
Social 
Governance 
§ 
Product and Service 
Benefits 
§ 
Operational Efficiency 
§ 
Compliance and 
Responsible Practices 
 
§ 
Human Capital Development  
§ 
Diversity, Equity & Inclusion 
§ 
Health, Safety & Wellness 
§ 
Positive Community Impacts 
§ 
Supply Chain Responsibility 
§ 
Compliance and  
Responsible Practices 
 
§ 
Sustaining Growth 
§ 
Corporate Culture and 
Reputation 
§ 
Risk and Crisis 
Management 
§ 
Board Integrity 
§ 
Ethical Behavior 
§ 
Compliance and 
Responsible Practices 
 
 
Mapping to the UN Sustainable Development Goals 
The UN Sustainable Development Goals serve as an important guidepost for engagement on 
ESG issues. Through ESG engagement with portfolio companies, we collaborate to prioritize 
and illuminate the specific UN Sustainable Development Goals where each portfolio 
company is uniquely positioned to drive progress as they work to achieve their core business 
objectives. 
 
 
DEVELOPING ESG ACTION PLANS 
In 2020, we continued to partner with our portfolio companies to develop annual ESG Action 
Plans, which provide a structured framework for which we can measure progress on our 
portfolio companies’ management of material ESG topics each year.  
 
Our ESG Action Plans are focused on stimulating annual ESG improvements that will also 
strengthen the organization and support current objectives to grow and scale their 
businesses.  
 
Each ESG Action Plan includes key performance indicators and targets, which we review 
during our annual engagement cycles. Angeleno Group’s goal is to serve as a partner and to 
provide support and advice to our portfolio companies as they execute on their annual ESG 
Action Plans.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
32 
VISION FOR THE NEXT DECADE 
…………………………………………………………………………………… 
 
As we look ahead to the second decade of Angeleno Group’s Responsible and Sustainable 
Investing Program, we are committed to continuous evolution and broadening our impact. 
We will continue to leverage this Program in support of our primary goal to provide accretive 
returns to our investors from both prospective and current investments. 
 
LEADERSHIP AND STRATEGIC INVESTMENTS 
Angeleno Group maintains a dynamic pipeline of investment opportunities, sourced through 
our own bottom-up research, as well as our proprietary network of senior advisors and 
investors. Our focus in 2021 and onwards is to continue to drive value and create exits for 
our current investments.  
 
We plan to continue to provide our investors and portfolio company management teams with 
deep sector experience with our team of experienced investment professionals and our 
active, distinguished Board of Advisors. Our advisory group is comprised of industry leaders, 
technology experts and regulatory officials, which include former senior leaders of the U.S. 
Congress and Executive Branch agencies. Additionally, we will continue to cultivate our 
extensive network of strategic limited partners which includes more than 25 former CEOs 
and board members from leading global energy and engineering companies including 
AECOM, AEP, Chevron, Edison, Exelon, Sempra and Shell. 
 
 
VALUE CREATION, RISK MANAGEMENT AND ACTIVE ENGAGEMENT 
As our Responsible and Sustainable Investing Program evolves, Angeleno Group remains 
focused on making continued improvements and achieving demonstrative outcomes to 
enhance existing value creation and risk management mechanisms within our portfolio.  
 
We acknowledge that portfolio companies’ approaches to ESG will need to be structurally, 
developmentally, and financially appropriate, particularly for early-stage investments. 
Angeleno Group is typically a minority participant in our portfolio companies, and our degree 
of influence that comes from serving on the boards of portfolio companies varies 
accordingly. Within our capacity as a minority participant, we will continue to engage with 
management and other co-investors on the board to proactively address ESG risks and 
opportunities.  
 
In 2021, we plan to continue the collaboration with the portfolio companies that participated 
in our tenth engagement cycle – monitoring their progress and providing support as they 
execute on their ESG Action Plans.  
 
EXPANDING OUR REACH AND SUPPORTING OUR INVESTMENT STRATEGIES 
We aim to continue to engage our portfolio companies and employees through our 
Responsible and Sustainable Investing Program, Diversity and Inclusion Pledge and related 
activities. Additionally, we plan to further align our ESG activities to proactively respond to 
changing market conditions and support our three fundamental strategies for differentiated 
returns: (1) deal sourcing and selection, (2) disciplined portfolio management and (3) value 
creation in our portfolio companies.  
 
We look forward to working collaboratively with our portfolio companies and investors to 
achieve greater prosperity for those we collectively serve.

ANGELENO 
GROUP 
 
2020 ESG REPORT 
 
 
33 
INVITATION TO DIALOGUE 
…………………………………………………………………………………… 
 
We believe that collaboration, active dialogue and engagement are important components of 
our approach to responsible and sustainable investing. 
 
Angeleno Group encourages comments, feedback and questions on this Report, our 
Responsible and Sustainable Investing Program and environmental, social and governance 
topics related to our firm and its portfolio companies.