Think Equity Cleantech Newsletter April 2010

8/8/2019 Think Equity Cleantech Newsletter April 2010

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ThinkEquity LLC

http://www.thinkequity.com/events/TTT/2010/


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Source: FactSet, Capital IQ, ThinkEquity; as of April 1, 2010

[Month Day], 2010[Month Day], 2010

ThinkCleantechMonthly ReportApril 2010

Joe Dews (415) 249-6392

Managing Director, Head of [email protected]

Warren Jones (415) 249-6923

Director, Cleantech

[email protected]

Bryan Dow (415) 249-6921

Vice President, Cleantech

[email protected]

Robin Graham (415) 249-6391

Managing Director, Co-Head of M&A

[email protected]

Colin Rusch (212) 468-7015

Solar & Grid Modernization Analyst

[email protected]

Shawn Severson (415) 249-1986

Green Industrial &

Environmental Analyst

[email protected]

Monthly Performance:Advanced Lighting 8.8%

Biofuels (2.4%)

Carbon & Envi. Mkts. (0.2%)

Clean Carbon 8.2%

Efficiency 2.4%Powertech 4.8%

Solar 9.2%

Storage 2.9%

Water 3.0%

Wind 10.3%

NASDAQ 5.8%

Please contact Bryan Dow forchanges to the distribution list:[email protected]

ThinkCleantechBanking

ThinkCleantechM&A

ThinkCleantechResearch

ThinkCleantechIndices

Cleantech Industry Performance

12/05 03/06 07/06 10/06 02/07 05/07 09/07 12/07 04/08 07/08 10/08 02/09 05/09 09/09 12/09 04/1

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Adv. Lighting Biofuels Carbon Mkts. Clean CarbonEfficiency Powertech Solar StorageWater Wind NASDAQ Wilderhil l Clean

Notes from ThinkEquity Solar & Efficiency Research Analyst, Colin Rusch

We see power management and power delivery as critical areas for improvement

renewable energy technologies gain share in the electrical infrastructure world-wide.

As energy needs from data centers increase, and as machines increase in complex

requiring varied voltage levels for the performance of their operations, power convers

devices need to be able to channel needed power to all the elements of a circuit boa

efficiently (largely by managing the voltage of the power flow).

We believe solar industry growth is based on global subsidies. We expect the solar indus

to undergo lumpy growth over the next several years as major subsidy programs are revis

notably in Italy and Germany.

We believe that the solar industry has a limited amount of low-cost, vertically integra

crystalline-silicon manufacturing capacity available. Taking into account capacity expans

announcements since August 2009, we believe this capacity amounts to 6-6.5GW

aggregate. We believe these manufacturers and their suppliers will continue to expa

capacity throughout 2011 in an attempt to gain market share.

Notes from ThinkEquity Green Industrial & Environmental Analyst, Shawn Severson

With industrial applications accounting for nearly 60% of water use in high-income countri

we believe it is easy to see that growing industrial activity around the world will push dema

for water. As developing nations modernize, it is fair to say that industrial activity will fol

and pressure resources further.

Although some water resources might be saved via awareness, we believe it would o

make a small dent in the overall increase in demand and a real solution requires access

new sources such as SWRO and a concerted global effort to implement availa

conservation technologies.

Along with the overall population growth, the portion of the global community emerging i

the middle class will increase considerably and so will its water consumption on a per-cap

basis, in our view.


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ThinkCleantechResearch Recap

A123 Systems (AONE): Solid 4Q09 Performance; Maintain Hold Rating

(Link to Report)

Advanced Energy (AEIS): Acquires PV Powered; Reiterate Buy, Raise Fair Value To $24

(Link to Report)

Amtech Systems (ASYS): Initiate Coverage With A Buy Rating

(Link to Report)

Itron (ITRI): Raise Estimates And Fair Value On AMI Strength

(Link to Report)

Power-One (PWER): Initiate Coverage With A Buy Rating

(Link to Report)

Real Goods Solar (RSOL): Strong 4Q09; Maintain Buy; Raise Fair Value to $4

(Link to Report)

SunPower Corporation (SPWRA): Lower Fair Value To $20 On Limited Earnings Power

(Link to Report)

SunPower Corporation (SPWRB): Downgrade To Hold On Limited Earnings Power

(Link to Report)

Yingli Green Energy (YGE): 4Q09 Earnings: Maintain Hold On Limited Earnings Leverage

(Link to Report)

Colin Rusch, ThinkEquity Solar & Grid Modernization Research AnalystColin Rusch, ThinkEquity Solar & Grid Modernization Research Analyst

Energy Recovery (ERII): 4Q09 Results In Line, Guidance Mixed; Maintain Hold(Link to Report)

Fuel Systems (FSYS): 4Q09 Results As Expected; Maintain Hold

(Link to Report)

PICO Holdings (PICO): Assume Coverage With A Buy Rating

(Link to Report)

Shawn Severson, ThinkEquity Green Industrial & Environmental Research AnalystShawn Severson, ThinkEquity Green Industrial & Environmental Research Analyst

March 1 March 31, 2010
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Enterprise Value / RevenueEnterprise Value / Revenue

Enterprise Value / EBITDAEnterprise Value / EBITDA

Price / EarningsPrice / Earnings

Summary Valuations

Source: Capital IQ, Company filings; as of April 1, 2010. Note: All multiples shown are for calendar years.

MedianIndexRevenueMu

ltiples

2010E 1.5x 0.6x 3.6x 1.8x 2.1x 3.0x 1.0x 2.4x 1.6x 1.1x

2011E 1.3x 0.5x 2.4x 1.5x 1.5x 1.7x 1.0x 1.7x 1.6x 0.6x

Adv. Light. Biofuels Carb Mkts Carbon Efficiency Pow ertech Solar Storage Water Wind

MedianIndexEBITDAMultiples

2010E 10.3x 6.9x 14.4x 6.5x 12.7x 13.5x 9.8x 7.4x 9.8x 9.1x2011E 7.8x 7.0x 7.8x 8.7x 10.5x 9.9x 7.1x 9.2x 8.5x 6.9x


MedianIndexPrice-to-EarningsMultiples

2010E 19.1x 10.3x 19.9x 11.7x 19.4x 19.4x 14.5x 19.8x 20.1x 18.0x

2011E 15.9x 10.0x 13.7x 18.5x 18.4x 20.1x 13.4x 11.3x 17.8x 12.9x



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Advanced LightingTrading Multiples / Operating Statistics


($ in millions, except per share data) Market Data Valuation Multiples Growth Statistics

Enterprise Value / Enterprise Value / LT

04/01/10 % of 52 Equity Enterprise Revenue EBITDA Price / Earnings Proj. EPS P/E/G Ratio

Advanced Lighting Price Week High Value Value 2009A 2010E 2 011E 2009A 2010E 2 011E 2009A 2010E 2 011E Growth 2009A 2010E 2 01

General Electric Co. $18.33 96.8% $195,633.7 $160,262.7 1.0x 1.0x 1.1x 9.6x 7.6x 6.0x 17.9x 18.0x 15.0x 9.7% 1.8x 1.9x 1

Siemens AG $102.19 99.4% $88,623.3 $98,335.9 0.9x 1.0x 1.0x 8.1x 8.4x 7.9x 25.0x 16.5x 12.7x 18.0% 1.4x 0.9x 0

Philips $32.82 95.6% $30,437.6 $30,063.5 0.9x 0.9x 0.9x 9.1x 7.9x 6.9x 51.9x 22.8x 16.9x 29.1% 1.8x 0.8x 0

Cooper Industries plc $48.56 100.0% $8,117.6 $8,670.4 1.7x 1.7x 1.6x 12.0x 10.7x 9.5x 19.8x 16.3x 14.4x 13.7% 1.4x 1.2x 1

Cree Inc. $70.60 97.5% $7,495.7 $6,556.4 10.1x 6.7x 5.3x 35.3x 18.7x 15.9x NM 38.0x 30.4x 22.0% NM 1.7x 1Hubbell Inc. $51.06 99.0% $3,059.2 $3,301.7 1.4x 1.4x 1.3x 9.2x 8.5x 7.7x 16.2x 15.8x 13.8x 12.0% 1.4x 1.3x 1

Aixtron AG $36.98 98.4% $3,682.7 $3,246.0 8.0x 4.3x 3.6x 31.5x 15.2x 11.8x 53.6x 26.6x 21.2x 45.5% 1.2x 0.6x 0

Stanley Electric Co. Ltd. $19.22 89.5% $3,345.5 $3,016.2 1.1x 1.1x 1.0x 8.2x 5.5x 5.1x NM 17.7x 15.2x 12.0% NM 1.5x 1

Lite-On Technology Corp. $1.32 84.7% $2,899.8 $2,789.6 0.9x 0.8x 0.7x 10.9x 8.9x 7.8x 13.8x 11.6x 10.4x 4.0% 3.5x 2.9x 2

Citizen Holdings Co., Ltd. $7.04 100.2% $2,467.5 $2,704.4 1.0x 1.0x 0.9x 19.6x 9.1x 7.3x NM 28.0x 19.2x 105.7% NM NM 0

Seoul Semiconductor Co., Ltd. $39.68 88.5% $2,313.6 $2,307.6 6.8x 4.3x NA 46.2x 28.8x NA NM NM NA NA NM NM

LG Innotek Co., Ltd. $115.85 80.6% $1,984.4 $2,302.6 0.9x 0.7x 0.6x 9.4x 5.6x 4.5x 22.7x 19.1x 12.6x 19.2% 1.2x 1.0x 0

Acuity Brands, Inc. $44.90 98.9% $1,952.9 $2,133.9 1.3x 1.3x 1.2x 10.5x 10.2x NA 21.3x 20.6x 15.4x 11.0% 1.9x 1.9x 1

Epistar Corp. $3.37 86.7% $2,592.6 $2,093.3 5.3x 3.8x 3.1x 16.6x 10.9x 9.3x 44.2x 27.0x 23.6x 156.8% 0.3x 0.2x 0

Veeco Instruments Inc. $43.38 96.4% $1,746.7 $1,564.3 4.3x 2.1x 1.8x NM 10.4x 8.7x NM 19.5x 16.4x 17.5% NM 1.1x 0

Everlight Electronics Co. Ltd. $3.20 83.6% $1,312.4 $1,343.3 3.8x 2.8x 2.4x 17.5x 12.4x 9.5x 24.1x 18.8x 17.0x (2.0%) NM NM

Zumtobel AG $20.14 90.1% $876.1 $1,094.0 0.7x 0.7x 0.7x 7.6x 7.5x 6.7x 27.3x 17.1x 12.6x (12.0%) NM NM

Neo-Neon Holding Ltd. $0.72 81.3% $655.1 $631.6 3.1x 2.8x 2.3x 16.3x 13.1x 9.8x 29.1x 26.1x 18.0x NA NM NM

Unity Opto Technology Co. Ltd. $2.01 97.4% $600.6 $596.5 NA NA NA NA NA NA NA NA NA NA NA NA

Formosa Epitaxy Inc. $1.48 80.9% $481.4 $426.7 NA NA 2.3x NA NA 5.2x NA NA 13.9x NA NA NA

Rubicon Technology, Inc. $21.72 96.5% $439.6 $395.1 21.2x 8.0x 4.4x NM 33.5x 15.1x NM NM 29.8x 21.0% NM NM 1

Universal Display Corp. $11.86 83.2% $439.2 $375.4 25.8x 19.3x 13.9x NM NM NM NM NM NM NA NM NM

Tyntek Corporation $0.89 83.2% $303.4 $341.4 NA NA NA NA NA NA NA NA NA NA NA NA

Bright LED Electronics Corp. $1.38 87.2% $268.4 $297.7 NA NA NA 12.3x 10.9x NA 35.6x 19.7x NA 30.0% 1.2x 0.7x

Harvatek Corp. $1.22 95.2% $224.2 $210.3 2.4x 2.0x NA 30.7x 31.4x NA 30.5x 15.2x NA NA NM NM

LSI Industries Inc. $6.79 80.1% $163.3 $150.1 0.6x 0.6x NA 13.6x 10.5x NA NM 31.6x 18.6x NA NM NM

Arima Optoelectronics Corporation $0.29 62.6% $107.7 $147.4 2.7x 2.5x NA NA NA NA NM NM NA NA NM NM

Ledtech Electronics Corp. $0.95 94.2% $107.9 $102.7 4.7x 1.6x NA NA NA NA 36.8x 14.9x NA NA NM NM

Dialight PLC $3.74 86.1% $116.0 $101.3 0.8x 0.8x 0.7x 7.7x 5.9x NA 13.6x 13.8x 10.2x NA NM NM

Lighting Science Group Corporation $0.85 44.7% $26.0 $77.5 NA NA NA NA NA NA NA NA NA NA NA NA

Orion Energy Systems, Inc $4.75 74.8% $105.6 $76.7 1.2x 0.9x NA NM 9.2x NA NM 35.4x 18.4x 25.0% NM 1.4x 0

Nexxus Lighting, Inc. $4.00 57.1% $55.0 $56.1 4.9x 2.8x 1.3x NM NM NM NM NM 26.7x 35.0% NM NM 0

Energy Focus, Inc. $1.20 79.7% $25.5 $25.1 NA NA NA NA NA NA NA NA NA NA NA NA

Enfis Group Plc $0.19 8.9% $2.9 $1.3 0.0x 0.0x 0.0x NM NM 0.0x NM NM 2.3x NA NM NM

Mean 84.7% $10,666.6 $2,847.0 4.2x 2.7x 2.3x 16.3x 12.5x 8.1x 28.4x 21.3x 16.9x 28.7% 1.5x 1.3x 1

Median 87.9% $765.6 $862.8 1.5x 1.5x 1.3x 12.0x 10.3x 7.8x 25.0x 19.1x 15.9x 18.6% 1.4x 1.2x 0

0.00 Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Ticker Gross EBITDA Net 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Equivs. Debt

General Electric Co. GE 31.1% 10.7% 7.0% $154,716.5 $155,608.7 $152,319.0 $16,768.0 $21,048.6 $26,751.3 $1.03 $1.02 $1.22 $52,316.0 $11,14

Siemens AG SIE 27.4% 11.4% 3.5% $106,340.0 $96,525.0 $100,890.0 $12,153.4 $11,694.8 $12,490.3 $4.09 $6.19 $8.03 $18,735.9 $27,51

Philips PHIA 35.7% 10.0% 1.8% $33,023.3 $32,489.0 $33,922.9 $3,307.8 $3,817.0 $4,336.5 $0.63 $1.44 $1.94 $6,559.7 $6,11Cooper Industries plc CBE 31.3% 14.2% 8.7% $ 5,108.2 $ 5, 18 3.0 $ 5,569. 7 $719.6 $ 81 3.6 $909.4 $2.46 $ 2. 98 $3.38 $381.6 $9 3

Cree Inc. CREE 42.3% 28.7% 10.6% $647.9 $ 98 5.9 $1,23 1. 9 $185.6 $ 35 1.3 $411.2 $0.73 $ 1. 86 $2.32 $939.2 $

Hubbell Inc. HUB.B 30.8% 15.3% 7.6% $ 2,356.1 $ 2, 41 7.5 $ 2,596. 6 $359.6 $ 38 9.3 $429.3 $3.15 $ 3. 23 $3.69 $258.5 $4 9

Aixtron AG AIXA 44.5% 23.7% 14.8% $405.1 $757.2 $898.6 $102.9 $213.6 $274.8 $0.69 $1.39 $1.74 $436.7 $

Stanley Electric Co. Ltd. 2301 19.1% 15.7% 2.3% $ 2,731.0 $ 2, 75 9.3 $ 2,971. 1 $368.9 $ 54 8.9 $596.5 $0.31 $ 1. 09 $1.26 $648.7 $1 7

Lite-On Technology Corp. EC:2301 15.5% 10.4% 2.8% $ 3,014.6 $ 3, 50 3.5 $3,857. 1 $256.1 $ 31 2.5 $357.7 $0.10 $ 0. 11 $0.13 $1,497.7 $8 7

Citizen Holdings Co., Ltd. 7762 30.5% 5.3% (8.0%) $2,617.7 $ 2,824.0 $3,00 4.1 $138.1 $ 29 8.0 $372.6 ($ 0.64) $ 0.25 $0.37 $912.9 $1,10

Seoul Semiconductor Co., Ltd. 046890 18.0% (2.7%) (4.3%) $340.0 $540.0 NA $50.0 $80.0 NA $0.55 $0.61 NA $8.8 $

LG Innotek Co., Ltd. E:A0110 13.3% 7.2% 4.2% $2,515.6 $ 3, 12 2.9 $ 3,635. 9 $245.7 $ 41 0.3 $511.0 $5.09 $ 6.06 $9.19 $193.3 $5 1

Acuity Brands, Inc. 011070 38.9% 12.8% 5.6% $1,635.1 $1,602.3 $1,732.3 $203.8 $209.2 NA $2.11 $2.18 $2.92 $48.3 $22

Epistar Corp. 2448 25.2% 31.5% 13.5% $392.0 $554.9 $669.0 $126.4 $192.7 $224.6 $0.08 $0.13 $0.14 $695.3 $19

Veeco Instruments Inc. VECO 40.3% 5.7% (4.1%) $364.4 $729.8 $866.5 $21.8 $150.4 $180.5 ($0.48) $2.23 $2.65 $283.6 $10

Everlight Electronics Co. Ltd. 2393 32.5% 22.5% 13.4% $353.0 $481.8 $552.5 $76.9 $108.1 $140.7 $0.13 $0.17 $0.19 $117.6 $14

Zumtobel AG BAG:ZAG 35.7% 8.8% (0.4%) $1,539.7 $ 1,481.6 $ 1,52 1.9 $143.7 $ 14 6.6 $164.3 $0.74 $ 1. 18 $1.60 $147.9 $36

Neo-Neon Holding Ltd. 1868 30.1% 19.8% 5.3% $205.7 $225.2 $274.6 $38.7 $48.3 $64.5 $0.02 $0.03 $0.04 $67.1 $4

Unity Opto Technology Co. Ltd. 2499 13.3% 12.2% 11.6% NA NA NA NA NA NA NA NA NA $61.6 $5

Formosa Epitaxy Inc. 3061 17.1% 29.3% (1.0%) NA NA $182.8 NA NA $82.6 NA NA $0.11 $83.9 $2

Rubicon Technology, Inc. RBCN (18.3%) (25.4%) (48.6%) $18.7 $49.2 $89.0 ($5.0) $11.8 $26.2 ($0.48) $0.25 $0.73 $44.6 $

Universal Display Corp. 2426 (59.2%) (104.5%) (129.9%) $14.6 $19.4 $26.9 ($16.5) ($8.2) $6.2 ($0.56) ($0.44) ($0.30) $63.9 $

Tyntek Corporation EC:2426 5.1% 0.7% (6.8%) NA NA NA NA NA NA NA NA NA $27.3 $5

Bright LED Electronics Corp. 3031 16.7% 17.9% 5.6% NA NA NA $24.2 $27.4 NA $0.04 $0.07 NA $20.7 $4

Harvatek Corp. 6168 17.6% NA 3.5% $89.3 $105.1 NA $6.8 $6.7 NA $0.04 $0.08 NA $24.1 $

LSI Industries Inc. 6289 23.0% 4.7% 0.2% $231.8 $263.1 NA $11.0 $14.3 NA $0.02 $0.22 $0.37 $14.3 $

Arima Optoelectronics Corporation EC:6289 (42.3%) (28.7%) (90.2%) $55.4 $58.2 NA NA NA NA ($0.03) ($0.03) NA $16.9 $5

Ledtech Electronics Corp. EC:6164 36.8% 17.6% 8.3% $21.9 $64.3 NA NA NA NA $0.03 $0.06 NA $11.1 $

Dialight PLC 6164 24.2% 10.5% 7.0% $126.0 $133.3 $148.4 $13.1 $17.1 NA $0.28 $0.27 $0.37 $14.7 $

Lighting Science Group Corporation LSCG (2.1%) (130.5%) NM NA NA NA NA NA NA NA NA NA $0.4 $5

Orion Energy Systems, Inc OESX 32.3% (5.3%) (7.3%) $61.9 $90.0 NA ($3.3) $8.3 NA ($0.21) $0.13 $0.26 $32.9 $

Nexxus Lighting, Inc. NEXS 24.3% (47.4%) (89.8%) $11.4 $19.8 $41.6 ($4.8) ($3.9) $0.9 ($0.89) ($0.26) $0.15 $2.3 $

Energy Focus, Inc. EFOI 14.2% (67.1%) (103.2%) NA NA NA NA NA NA NA NA NA $1.8 $

Enfis Group Plc IM:ENF 30.3% (278.9%) (247.4%) $1,843.1 $3,825.2 $10,042.0 ($3.2) ( $915.4) $1,697.9 ($0.20) ($0.08) $0.08 $1.7 $

Mean 19.9% (10.4%) (18.3%) $11,456.4 $11,300.7 $14,219.3 $1,307.0 $1,481.2 $2,382.3 $0.65 $1.12 $1.70 $2,490.3 $1,47

Median 24.7% 10.4% 2.8% $398.6 $743.5 $1,521.9 $102.9 $150.4 $357.7 $0.10 $0.25 $0.73 $65.5 $5


6/23

5

BiofuelsTrading Multiples / Operating Statistics


Operating Performance Operating Financials Liquidity



Archer Daniels Midland Company ADM 4.9% 3.9% 1.8% $62,208.0 $65,174.3 $67,208.2 $2,451.0 $3,628.7 $3,737.3 $1.78 $2.82 $3.05 $1,634.0 $7,86

Green Plains Renewable Energy, Inc. GPRE 6.7% 5.5% 1.5 % $1 ,304.2 $1,69 2.4 $ 1,8 57.7 $ 71.5 $121. 4 $13 0.7 $0.79 $1 .37 $1.48 $ 0.0 $4 5

Pacific Ethanol, Inc. PEIX (13.5%) (11.0%) (25.0%) NA NA NA NA NA NA NA NA NA $11.5 $31

BioFuel Energy Corp. BIOF (2.6%) 0.9% (7.1%) $512.3 $580.0 NA NA NA NA NA NA NA $8.2 $26

Verenium Corporation VRNM 57.6% (76.9%) (33.2%) $65.9 $75.7 $130.1 ($50.7) NA NA ($2.58) ($2.24) ($1.72) $32.1 $10FutureFuel Corp. FTFL 17.5% 16.4% 8.6% $196.7 NA NA $32.4 NA NA $0.58 NA NA $72.3 $

GreenHunter Energy, Inc. GRH (101.1%) (249.9%) NM $337.5 $433.8 NA $59.6 $90.6 NA $0.95 $1.50 NA $0.8 $6

Mean (4.4%) (44.4%) (8.9%) $10,770.8 $13,591.2 $23,065.3 $512.8 $1,280.2 $1,934.0 $0.30 $0.86 $0.94 $251.3 $1,29

Median 4.9% 0.9% (2.8%) $424.9 $580.0 $1,857.7 $59.6 $121.4 $1,934.0 $0.79 $1.43 $1.48 $11.5 $26




Biofuels Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011

Archer Daniels Midland Company $29.11 88.2% $18,705.8 $24,966.8 0.4x 0.4x 0.4x 10.2x 6.9x 6.7x 16.3x 10.3x 9.5x 10.0% 1.6x 1.0x 1.0

Green Plains Renewable Energy, Inc. $15.41 85.8% $489.2 $955.4 0.7x 0.6x 0.5x 13.4x 7.9x 7.3x 19.5x 11.3x 10.4x 12.0% 1.6x 0.9x 0.9

Pacific Ethanol, Inc. $1.40 50.9% $86.1 $430.2 NA NA NA NA NA NA NA NA NA NA NA NA NA

BioFuel Energy Corp. $2.91 66.1% $74.1 $331.0 0.6x 0.6x NA NA NA NA NA NA NA 6.0% NA NA NA

Verenium Corporation $5.22 44.4% $63.2 $192.5 2.9x 2.5x 1.5x NM NA NA NM NM NM NA NM NM NM

FutureFuel Corp. $6.81 92.7% $194.6 $122.3 0.6x NA NA 3.8x NA NA 11.7x NA NA NA NM NA NA

GreenHunter Energy, Inc. $1.35 31.3% $29.9 $113.5 0.3x 0.3x NA 1.9x 1.3x NA 1.4x 0.9x NA 20.0% 0.1x 0.0x NA

Mean 65.6% $2,806.1 $3,873.1 0.9x 0.9x 0.8x 7.3x 5.3x 7.0x 12.3x 7.5x 10.0x 12.0% 1.1x 0.7x 0.9x

Median 66.1% $86.1 $331.0 0.6x 0.6x 0.5x 7.0x 6.9x 7.0x 14.0x 1 0.3x 10.0x 11.0% 1.6x 0.9x 0.9x


7/23

6

Carbon and Environmental MarketsTrading Multiples / Operating Statistics



Enterprise Value / Enterprise Value / LT PEG

04/01/10 % o f 52 Equ ity Enter pr ise Revenue EBITDA Price / Ear nings Pro j. EPS P /E /G Ratio

Carbon Markets Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011

Climate Exchange Plc $7.64 50.4% $365.9 $334.8 5.7x 5.0x 3.6x NM 18.9x 8.3x NM 30.1x 14.1x NA NM NM NM

Trading Emissions Plc $1.34 75.2% $346.2 $43.1 0.9x 5.6x NA NM NM NA 4.7x 13.6x NA NA NM NM NA

World Energy Solutions, Inc. $3.22 37.1% $29.2 $27.1 1.7x 1.5x 1.3x NM 9.8x 7.4x NM 26.2x 13.7x NA NM NM NM

Camco International Ltd $0.18 37.5% $32.6 NM NA NA NA NA NA NA NM 0.5x 0.5x NA NM NM NM

Mean 50.1% $193.5 $135.0 2.8x 4.1x 2.4x - 14.4x 7.8x 4.7x 17.6x 9.4x NA NA NA NA

Median 43.8% $113.0 $43.1 1.3x 3.6x 2.4x - 14.4x 7.8x 4.7x 19.9x 13.7x NA NA NA NA




Climate Exchange Plc CLE 100.0% 6.7% 2.0% $58.7 $66.4 $93.1 $3.6 $17.7 $40.2 $0.02 $0.25 $0.54 $31.0 $

Trading Emissions Plc IM:TRE NM NM NM $45.5 $7.6 NA ($46.7) ($4.6) NA $0.29 $0.10 NA $304.3 $

World Energy Solutions, Inc. XWE 74.6% (4.6%) (16.0%) $15.6 $18.2 $21.6 ($0.7) $2.8 $3.7 ($0.27) $0.12 $0.24 $2.0 $

Camco International Ltd IM:CAO 74.6% 9.7% (37.2%) $47.2 $61.0 $61.0 $4.0 $10.7 $10.7 ($0.09) $0.41 $0.41 $40.8 $

Mean 83.1% 3.9% (17.0%) $41.8 $38.3 $58.6 ($9.9) $6.6 $18.2 ($0.01) $0.22 $0.39 $94.6 $

Median 74.6% 6.7% (16.0%) $46.3 $39.6 $61.0 $1.5 $6.7 $10.7 ($0.03) $0.19 $0.41 $35.9 $


8/23

7

Clean CarbonTrading Multiples / Operating Statistics





Clean Carbon Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011

Sasol Ltd. $41.83 95.2% $27,642.1 $28,333.6 1.9x 1.5x 1.4x 10.4x 6.1x 4.9x 26.4x 10.5x 7.9x 15.0% 1.8x 0.7x 0.5

Alstom SA $63.44 84.9% $18,633.2 $16,613.8 0.6x 0.6x 0.6x 5.7x 5.8x 5.7x 10.7x 11.7x 11.9x (0.0%) NM NM NM

Headwaters Inc. $4.79 70.0% $289.5 $690.2 1.1x 1.1x NA 11.1x 6.5x NA NM NM NA NA NM NM NM

Rentech, Inc. $1.03 35.2% $221.2 $252.4 1.6x 1.5x 1.5x 18.0x NM 18.6x NM NM NM NA NM NM NM

Fuel-Tech, Inc. $7.85 55.5% $190.1 $172.0 2.4x 2.0x 1.6x NM 17.1x 10.3x NM NM 25.2x 25.0% NM 2.0x 1.0

Syntroleum Corp. $2.15 64.2% $163.9 $138.9 5.1x 3.3x 1.2x 10.8x NM 8.7x 30.4x NM 31.6x NA NM NM NM

ADA-ES, Inc. $7.80 82.1% $57.8 $56.0 2.8x 2.0x 1.5x NM NM 34.6x NM NM 44.3x 5.0% NM NM 8.9

Alkane Energy plc $0.28 70.6% $25.6 $28.5 2.8x 3.1x 2.6x 4.8x 7.2x 5.3x 7.7x 11.8x 7.7x NA NM NM NM


Median 70.3% $205.6 $212.2 2.1x 1.8x 1.5x 10.6x 6.5x 8.7x 18.6x 11.7x 18.5x 10.0% 1.8x 1.4x 1.0x




Sasol Ltd. SOL 27.3% 17.9% 6.0% $15,286.1 $18,637.6 $20,574.0 $2,729.9 $4,617.0 $5,814.1 $1.58 $4.00 $5.28 $2,206.1 $2,57

Alstom SA ALO 18.7% 10.1% 5.9% $28,275.5 $27,802.5 $28,529.1 $2,931.3 $2,872.8 $2,914.2 $5.91 $5.42 $5.35 $4,525.8 $2,45

Headwaters Inc. HW 22.5% 9.7% (66.7%) $640.2 $655.6 NA $62.2 $105.6 NA ($8.90) ($0.09) NA $90.3 $49

Rentech, Inc. RTK 31.3% 8.8% (7.2%) $159.4 $163.5 $166.6 $14.1 ($0.2) $13.5 ($0.06) ($0.05) ($0.04) $47.1 $7

Fuel-Tech, Inc. FTEK 40.6% 1.8% (3.2%) $71.4 $86.7 $105.5 $1.3 $10.1 $16.7 ($0.10) $0.15 $0.31 $21.0 $

Syntroleum Corp. SYNM 88.7% 46.7% 18.4% $27.4 $41.6 $ 119.4 $12.8 $0.5 $16.0 $0.07 $0.00 $0.07 $25.0 $

ADA-ES, Inc. ALK 30.9% (56.3%) (43.7%) $20.1 $28.6 $38.4 ($11.3) ($3.2) $1.6 ($1.26) ($0.49) $0.18 $1.9 $

Alkane Energy plc AIM:ALK 67.8% 58.7% 22.3% $10.2 $9.2 $11.0 $6.0 $4.0 $5.3 $0.04 $0.02 $0.04 $1.5 $

Me an 41.0% 12 .2 % (8 .5%) $ 5,5 61.3 $5,92 8.2 $7,077 .7 $718 .3 $95 0.8 $1,254 .5 ($0.3 4) $1 .12 $1 .60 $8 64.8 $7 0

Median 31.1% 9.9% 1.3% $115.4 $125.1 $119.4 $13.4 $7.0 $16.0 ($0.01) $0.01 $0.18 $36.0 $4


9/23

8

Energy Efficiency & Smart GridTrading Multiples / Operating Statistics




04 /01/10 % o f 52 Equi ty Enter prise Revenue EBITDA Price / Earn ings Pro j. EPS P /E/G Ratio

Energy Eff iciency & Smart Gri d Pri ce W eek Hi gh V al ue Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E G rowth 2009A 2010E 2011

Cree Inc. $70.60 97.5% $7,495.7 $6,556.4 10.1x 6.7x 5.3x 35.3x 18.7x 15.9x NM 38.0x 30.4x 22.0% NM 1.7x 1.4

Itron, Inc. $72.74 95.8% $2,923.3 $3,598.4 2.1x 1.9x 1.7x 17.9x 13.3x 11.3x NM 24.3x 19.1x 23.6% NM 1.0x 0.8

Lite-On Technology Corp. $1.32 84.7% $2,899.8 $2,789.6 0.9x 0.8x 0.7x 10.9x 8.9x 7.8x 13.8x 11.6x 10.4x 4.0% 3.5x 2.9x 2.6

Telvent Git S.A. $28.25 67.8% $963.2 $1,348.1 1.2x 1.2x 1.1x 8.6x 8.6x 7.5x 17.2x 13.1x 11.2x 16.0% 1.1x 0.8x 0.7

ESCO Technologies Inc. $31.97 68.2% $845.3 $980.4 1.7x 1.6x 1.5x 11.7x 9.8x 8.7x 19.4x 18.0x 15.6x 31.0% 0.6x 0.6x 0.5

Neo-Neon Holding Ltd. $0.72 81.3% $655.1 $631.6 3.1x 2.8x 2.3x 16.3x 13.1x 9.8x 29.1x 26.1x 18.0x NA NM NM NM

EnerNOC, Inc. $29.83 80.6% $729.6 $609.9 3.2x 2.3x 1.9x NM 28.2x 14.2x NM NM 32.6x 28.8% NM NM 1.1

Echelon Corporation $8.56 55.7% $351.3 $296.6 2.9x 2.7x 2.0x NM NM NM NM NM NM NA NM NM NM

Comverge, Inc. $11.25 81.1% $282.0 $244.3 2.5x 1.8x 1.4x NM 53.3x 13.0x NM NM NM 30.0% NM NM NM

Ambient Corporation $0.10 38.8% $159.8 $165.8 NA NA NA NA NA NA NA NA NA NA NA NA NA

PowerSecure International, Inc. $7.72 75.3% $133.1 $119.4 1.2x 1.0x 0.8x 22.0x 12.3x 7.1x NM 19.4x 13.9x 22.7% 2.1x 0.9x 0.6

Zenergy Power PLC $1.66 70.0% $114.5 $104.6 29.9x 9.1x 3.9x NM NM NM NM NM NM NA NM NM NM

Lime Energy Co. $4.52 50.6% $106.7 $83.2 NM NM 0.7x NM NM 18.1x NM NM 45.2x NA NM NM NM

Lighting Science Group Corporation $0.85 44.7% $26.0 $77.5 NA NA NA NA NA NA NA NA NA NA NA NA NA

Orion Energy Systems, Inc $4.75 74.8% $105.6 $76.7 1.2x NM NA NM 9.2x NA NM NM 18.4x 25.0% NM 1.4x 0.7

Sustainable Energy Technologies Ltd. $0.38 78.6% $62.3 $61.4 NM NA NA NM NA NA NM NA NA NA NM NA NA

Beacon Power Corporation $0.45 41.3% $79.5 $61.2 NM NA NA NM NA NA NM NA NA 40.0% NM NA NA

Nexxus Lighting, Inc. $4.00 57.1% $55.0 $56.1 4.9x 2.8x 1.3x NM NM NM NM NM 26.7x 35.0% NM NM 0.8

Energy Focus, Inc. $1.20 79.7% $25.5 $25.1 NA NA NA NA NA NA NA NA NA NA NA NA NA

Mean 69.7% $948.1 $941.4 5.0x 2.9x 1.9x 17.5x 17.5x 11.4x 19.9x 21.5x 22.0x 25.3% 1.8x 1.3x 1.0

Median 74.8% $159.8 $165.8 2.5x 2.1x 1.5x 16.3x 12.7x 10.5x 18.3x 19.4x 18.4x 25.0% 1.6x 1.0x 0.8




Cree Inc. CREE 42.3% 28.7% 10.6% $647.9 $985.9 $1,231.9 $185.6 $351.3 $411.2 $0.73 $1.86 $2.32 $939.2 $

Itron, Inc. 2301.00 31.9% 11.9% (0.1%) $1,687.4 $1,908.2 $2,107.3 $200.8 $270.6 $319.5 ($0.06) $2.99 $3.80 $121.9 $79

Lite-On Technology Corp. SEC:2301 15.5% 10.4% 2.8% $3,014.6 $3,503.5 $3,857.1 $256.1 $312.5 $357.7 $0.10 $0.11 $0.13 $1,497.7 $87

Telvent Git S.A. TLVT 33.4% 13.8% 4.9% $1,133.7 $1,094.8 $1,184.2 $156.7 $157.3 $179.5 $1.64 $2.16 $2.52 $134.2 $51

ESCO Technologies Inc. ESE 40.6% 14.3% 7.5% $584.4 $627.9 $659.8 $83.7 $100.3 $112.6 $1.65 $1.78 $2.05 $35.4 $17

Neo-Neon Holding Ltd. EHK:1868 30.1% 19.8% 5.3% $205.7 $225.2 $274.6 $38.7 $48.3 $64.5 $0.02 $0.03 $0.04 $67.1 $4

EnerNOC, Inc. ENOC 46.0% 3.2% (3.6%) $190.7 $264.2 $321.9 $6.0 $21.6 $42.9 ($0.32) $0.31 $0.92 $119.7 $

Echelon Corporation 1868.00 42.7% (23.3%) (31.0%) $103.3 $111.6 $147.6 ($24.1) ($19.8) ($7.2) ($0.79) ($0.80) ($0.46) $80.1 $2

Comverge, Inc. COMV 33.6% (3.2%) (32.0%) $98.8 $134.8 $171.6 ($3.2) $4.6 $18.7 ($1.45) ($0.35) $0.11 $50.5 $1

Ambient Corporation ABTG 21.9% (76.5%) (179.0%) NA NA NA NA NA NA NA NA NA $3.8 $

PowerSecure International, Inc. POWR 34.6% 5.3% 2.7% $102.5 $121.5 $144.1 $5.4 $9.7 $16.8 $0.16 $0.40 $0.56 $20.2 $

Zenergy Power PLC ZEN 16.4% NM NM $3.5 $11.4 $26.9 ($10.6) ($8.7) ($7.2) ($0.25) ($0.15) ($0.11) $9.9 $

Lime Energy Co. LIME 20.9% (6.9%) (16.0%) $71.4 $91.6 $124.5 ($7.1) ($3.7) $4.6 ($0.97) ($0.29) $0.10 $24.2 $

Lighting Science Group Corporation LSCG (2.1%) (130.5%) NM NA NA NA NA NA NA NA NA NA $0.4 $5

Orion Energy Systems, Inc OESX 32.3% (5.3%) (7.3%) $61.9 $90.0 NA ($3.3) $8.3 NA ($0.21) $0.13 $0.26 $32.9 $

Sustainable Energy Technologies Ltd. SXV:STG NM NM NM $0.5 NA NA ($10.0) NA NA ($0.07) NA NA $5.5 $

Beacon Power Corporation BCON (2.4%) NM NM $1.0 NA NA ($16.9) NA NA ($0.16) NA NA $22.6 $

Nexxus Lighting, Inc. NEXS 24.3% (47.4%) (89.8%) $11.4 $19.8 $41.6 ($4.8) ($3.9) $0.9 ($0.89) ($0.26) $0.15 $2.3 $

Energy Focus, Inc. EFOI 14.2% (67.1%) (103.2%) NA NA NA NA NA NA NA NA NA $1.8 $

Mean 26.5% ( 15.8%) ( 28.5%) $494.9 $656.4 $791.8 $53.3 $89.2 $116.5 ($0.05) $0.57 $0.88 $166.8 $13

Median 31.0% (0.0%) (3.6%) $102.9 $180.0 $274.6 $1.1 $15.7 $42.9 ($0.11) $0.12 $0.20 $32.9 $


10/23

9

Powertech & Advanced TransportationTrading Multiples / Operating Statistics


($ in millions, except per share data) Market Data Valuation Multiples Growth Statisticsore


04 /01/10 % of 52 Equ ity Ente rprise Revenue EBITDA Price / Ear nings Pro j. EPS P /E/G Ratio

PowerTech & Advanced Trans. Pri ce W eek Hi gh Val ue Val ue 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Grow th 2009A 2010E 2011

Ormat Technologies Inc. $28.99 65.7% $1,317.0 $1,909.5 4.6x 5.2x 4.2x 14.2x 13.5x 9.9x 19.2x 32.5x 20.1x 17.2% 1.1x 1.9x 1.2

Clean Energy Fuels Corp. $22.82 96.3% $1,383.4 $1,331.8 10.1x 6.1x 4.3x NM 42.0x 19.0x NM NM 42.9x 28.3% NM NM 1.5

Westport Innovations Inc. $16.42 85.3% $629.1 $542.5 4.7x 2.9x 2.0x NM NM 22.0x NM NM NM NA NM NM NM

Fuel Systems Solutions, Inc. $31.90 60.7% $561.8 $534.6 1.2x 1.2x 1.1x 5.7x 8.0x 7.1x 10.8x 15.6x 13.5x 22.5% 0.5x 0.7x 0.6

Capstone Turbine Corp. $1.29 82.2% $302.8 $294.8 5.2x 3.1x 2.2x NM NA NA NM NM NM 40.0% NM NM NM

UQM Technologies Inc. $4.27 57.3% $153.8 $125.2 15.3x 4.9x 1.5x NM NM 18.0x NM NM 23.7x 28.3% NM NM 0.8

Azure Dynamics Corp. $0.25 72.9% $153.0 $123.2 13.7x 6.4x 1.7x NM NM NM NM NM NM NA NM NM NM

PowerSecure International, Inc. $7.72 75.3% $133.1 $119.4 1.2x 1.0x 0.8x 22.0x 12.3x 7.1x 47.9x 19.4x 13.9x 22.7% 2.1x 0.9x 0.6

Advanced Analogic Technologies $3.66 65.5% $157.3 $54.7 0.6x 0.6x 0.5x NM 51.8x 8.4x NM NM NM 23.3% NM NM NM

Magnetek Inc. $1.77 88.1% $55.0 $38.5 0.5x 0.4x NA 28.7x NA NA NM NA NA NA NM NA NA

Distributed Energy Systems Corp. $0.01 66.7% $0.4 $9.2 NA NA NA NA NA NA NA NA NA NA NA NA NA

Mean 74.2% $440.6 $462.1 5.7x 3.2x 2.0x 17.6x 25.5x 13.1x 26.0x 22.5x 22.8x 26.1% 1.2x 1.1x 0.9





Ormat Technologies Inc. ORA 29.5% 28.0% 16.6% $415.2 $367.2 $450.0 $134.2 $141.8 $192.5 $1.51 $0.89 $1.44 $46.3 $63Clean Energy Fuels Corp. CLNE 36.9% 28.0% (25 .3%) $131.5 $219.2 $312.9 $1.1 $31.7 $70.0 ($0 .60) $0.14 $0.53 $67.1 $

Westport Innovations Inc. Q883130 30.0% 28.0% ( 31 .5%) $115.8 $190 .0 $267.9 ($19.7) ($6.5) $24.7 ($1.12) ($0.49) $0.02 $102.3 $1

Fuel Systems Solutions, Inc. WPT 32.8% 28.0% 11.0% $452.3 $437.4 $488.9 $93.8 $66.9 $75.8 $2.95 $2.04 $2.37 $46.5 $1

Capstone Turbine Corp. CPST (15.7%) 28.0% (116.1%) $57.1 $94.8 $137.0 ($40.2) NA NA ($0.36) ($0.10) $0.01 $15.7 $

UQM Technologies Inc. UQM 28.8% 28.0% (51.4%) $8.2 $25.6 $85.4 ($3.7) ($2.1) $7.0 ($0.15) ( $0.07) $0.18 $28.6 $

Azure Dynamics Corp. SX:AZD (54.4%) 28.0% (295.7%) $9.0 $19.1 $71.7 ($24.6) ($23.6) ($13.1) ($0.07) ($0.04) ($0.11) $32.1 $

PowerSecure International, Inc. AZD 34.6% 28.0% 2 .7% $102.5 $121.5 $144.1 $5.4 $9.7 $16.8 $0.16 $0 .40 $0.56 $20.2 $

Advanced Analogic Technologies, Inc. AATI 48.3% 28.0% (14 .6%) $86.5 $98 .8 $112.8 ($7.8) $1.1 $6.5 ($0.29) ( $0.11) $0.06 $102.6 $

Magnetek Inc. MAG 31.6% 28.0% (3.1%) $82.2 $89.1 NA $1.3 NA NA ($0.01) NA NA $16.5 $

Distributed Energy Systems Corp. DESC (12.4%) 28.0% (161.4%) NA NA NA NA NA NA NA NA NA $3.6 $1

Mean 17.3% 28.0% (60.8%) $146.0 $166.3 $230.1 $14.0 $27.4 $47.5 $0.20 $0.30 $0.56 $43.8 $6

Median 30.0% 28.0% (25.3%) $94.5 $110.1 $144.1 ($1.3) $5.4 $20.7 ($0.11) ($0.04) $0.18 $32.1 $


11/23

10

SolarTrading Multiples / Operating Statistics




04/01 /10 % o f 52 Equ ity Enterprise Revenue EBITDA Price / Earn ings Pro j. EPS P /E /G Ra tio

Solar Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011

First Solar, Inc. $121.30 58.5% $10,338.3 $9,729.6 4.7x 3.5x 2.9x 11.7x 12.5x 10.4x 16.1x 19.3x 16.3x 30.5% 0.5x 0.6x 0.5x

Renewable Energy Corporation $4.70 35.5% $3,123.7 $6,303.9 4.0x 3.3x 2.5x 21.0x 16.0x 8.7x NM NM 19.7x 0.9% NM NM NM

MEMC Electronic Materials Inc. $15.19 71.1% $3,453.8 $3,189.2 2.7x 1.8x 1.5x NM 8.6x 6.4x NM 21.8x 12.3x 15.0% NM 1.5x 0.8x

Suntech Power Holdings Co. Ltd. $14.20 66.4% $2,540.1 $2,976.2 1.8x 1.4x 1.2x 13.8x 9.4x 7.7x 26.8x 19.0x 14.7x 31.6% 0.8x 0.6x 0.5x

LDK Solar Co.Ltd. $6.55 45.9% $850.1 $2,600.9 2.4x 1.9x 1.7x NM 12.6x 8.6x NM 23.9x 9.9x 12.6% NM 1.9x 0.8x

Yingli Green Energy Holding Co. Ltd. $12.76 66.8% $1,893.3 $2,438.2 2.3x 1.7x 1.5x 20.1x 7.9x 6.7x NM 15.2x 11.9x 26.3% NM 0.6x 0.5x

SunPower Corporation $19.01 55.9% $1,851.6 $2,021.0 1.3x 1.0x 0.7x 12.3x 7.6x 5.3x 53.3x 1 3.1x 9.5x 33.4% 1.6x 0.4x 0.3x

SolarWorld AG $14.94 44.6% $1,669.3 $2,009.6 1.4x 1.2x 1.0x 5.8x 6.8x 5.7x 11.8x 17.6x 14.8x 11.8% 1.0x 1.5x 1.3x

Q-Cells SE $9.99 32.8% $1,174.0 $1,895.3 1.5x 1.2x 1.1x NM 12.3x 8.0x NM NM 27.7x 3.7% NM NM 7.6x

Canadian Solar Inc. $24.06 71.4% $1,027.7 $1,255.0 1.9x 1.1x 1.0x 24.1x 10.1x 9.3x 17.1x 12.4x 11.6x 17.5% 1.0x 0.7x 0.7x

ReneSola Ltd. $3.04 81.6% $525.0 $986.1 1.9x 1.2x 1.0x NM 10.1x 7.3x NM 11.4x 9.4x 28.0% NM 0.4x 0.3x

JA Solar Holdings Co., Ltd. $5.62 80.9% $907.2 $906.4 1.6x 1.0x 0.9x 34.4x 6.6x 5.7x NM 12.5x 11.3x 19.0% NM 0.7x 0.6x

Conergy AG $1.07 41.5% $425.1 $861.6 1.1x 0.9x 0.7x NM 20.7x 10.5x NM NM 31.5x NA NM NM NM

Centrotherm photovoltaics AG $43.50 66.2% $920.7 $680.1 0.9x 0.9x 0.8x 6.9x 6.7x 5.7x 19.3x 16.2x 13.7x 16.0% 1.2x 1.0x 0.9x

Solon SE $7.37 38.9% $92.4 $650.7 1.2x 1.0x 0.8x NM 22.3x 11.4x NM NM NM (2.6%) NM NM NM

Solarfun Power Holdings Co. Ltd. $7.73 71.7% $416.8 $573.1 1.0x 0.7x 0.7x 14.4x 7.2x 5.9x NM 10.9x 10.4x 12.5% NM 0.9x 0.8x

GT Solar International, Inc. $5.21 57.6% $748.6 $553.9 1.1x 0.9x 1.0x 4.8x 4.5x 4.7x 11.5x 8.2x 9.4x 33.3% 0.3x 0.2x 0.3x

Evergreen Solar Inc. $1.13 38.2% $234.9 $480.0 1.8x 1.4x 1.1x NM 37.6x 6.6x NM NM NM 18.3% NM NM NM

E-Ton Solar Tech. Co., Ltd. $1.99 67.8% $435.7 $458.6 1.2x 1.0x 1.0x NM 11.4x 9.7x NM 13.9x 13.1x (9.3%) NM NM NM

Energy Conversion Devices, Inc. $7.68 35.7% $351.3 $435.5 2.0x 1.5x 1.2x NM NM NM NM NM NM 26.3% NM NM NM

Roth & Rau AG $33.88 73.6% $514.3 $421.4 1.5x 1.2x 0.9x 12.7x 9.5x 6.9x 26.9x 21.9x 15.9x (0.7%) NM NM NM

Manz Automation AG $81.72 84.1% $366.1 $319.0 2.7x 1.7x 1.2x NM 15.6x 9.1x NM 4 4.1x 20.2x (14.3%) NM NM NM

Phoenix Solar Aktiengesellschaft $43.40 70.8% $290.8 $234.2 0.4x 0.3x 0.2x 13.4x 6.1x 4.9x 26.3x 11.6x 9.1x (4.6%) NM NM NM

PV Crystalox Solar plc $0.73 38.4% $305.7 $205.2 0.6x 0.7x 0.6x 2.5x 4.5x 3.4x 7.1x 1 3.2x 8.9x NA NM NM NMSunways AG $5.35 65.8% $62.0 $93.3 0.4x 0.3x NA 13.3x 3.2x NA 23.3x 11.9x NA NA NM NM NA

Premier Power Renewable Energy, Inc. $2.20 48.9% $64.0 $62.4 2.0x NA NA NM NA NA 19.3x NA NA NA NM NA NA

Real Goods Solar, Inc. $3.36 76.4% $61.5 $50.9 0.8x 0.6x 0.4x NM 20.0x 8.5x NM NM 2 1.4x 30.0% NM NM 0.7x

Ascent Solar Technologies, Inc. $3.84 43.5% $102.4 $49.2 33.6x 2.0x 0.8x NM NM 11.0x NM NM NM NA NM NM NM

Amtech Systems Inc. $9.79 74.8% $88.3 $46.1 0.9x 0.4x NA NM 4.4x NA NM 17.6x NA NA NM NM NA

BTU International Inc. $5.97 71.9% $55.2 $38.8 0.9x 0.5x 0.4x NM 18.5x 5.7x NM NM 14.7x NA NM NM NM

Akeena Solar, Inc. $1.06 53.5% $39.0 $33.8 1.2x 0.9x 0.5x NM NM NM NM NM NM NA NM NM NM

Spire Corp. $4.21 46.8% $35.1 $32.7 0.5x 0.4x NA NA 15.6x NA NM NM NA NA NM NM NA

Adept Technology Inc. $4.64 93.2% $39.1 $31.2 0.8x 0.6x 0.5x NM NA NA NM NM 42.2x NA NM NM NM

DayStar Technologies Inc. $0.29 17.7% $9.9 $11.5 NA 1.1x 0.1x NM NA NA NM NM NA NA NM NM NA






First Solar, Inc. FSLR 50.6% 40.3% 31.0% $2,066.2 $2 ,741.3 $3,398.8 $831.7 $779.6 $931.4 $7.53 $6.28 $7.45 $784.7 $17

Renewable Energy Corporation ASA REC 65.2% 19.0% (25 .6%) $1,579.4 $1,918.9 $2,554.3 $300.1 $394.8 $725.0 ($0 .66) ($0.06) $0.24 $291.2 $2,06

MEMC Electronic Materials Inc. WFR 11.0% 5.3% (5 .9%) $1,163.6 $1,800 .8 $2,066.7 $61.1 $370.0 $498.2 ($0.31) $0.70 $1.23 $720.6 $41Suntech Power Holdings Co. Ltd. STP 20.0% 12.7% 5 .4% $1,693.3 $2 ,198.4 $2 ,587.7 $215.6 $318.0 $385.0 $0.53 $0.75 $0.97 $1,034.0 $1 ,45

LDK Solar Co.Ltd. LDK (4 .3%) (8 .2%) (34 .8%) $1,096.7 $1,364.9 $1,509.4 ($135.7) $205.7 $301.9 ($1 .79) $0.27 $0.66 $67.8 $1,81

Yingli Green Energy Holding Co. Ltd. YGE 23.6% 11.4% (6 .3%) $1,062.5 $1 ,442.0 $1,669.8 $121.2 $309.2 $363.2 ($0 .48) $0.84 $1.07 $507.2 $82

SunPower Corporation SPWR.A 18.6% 10.8% 2 .2% $1,524.3 $2 ,078.9 $2,812.7 $164.6 $267.2 $380.4 $0.36 $1.45 $2.00 $616.1 $78

SolarWorld AG SWV 43.3% 22.6% 10.6% $1,437.4 $1 ,644.2 $1,954.5 $344.4 $294.9 $351.6 $1.26 $0.85 $1.01 $666.9 $1,00

Q-Cells SE QCE 16.4% (20.0%) (104.7%) $1,269.2 $1,520.8 $1,785.2 ($135.5) $154.3 $235.8 ($11.65) ($0.20) $0.36 $494.4 $1,18

Canadian Solar Inc. CSIQ 14.8% 7.8% 8.0% $663.8 $1,158 .4 $1,252.3 $52.0 $124.3 $134.4 $1.41 $1.94 $2.08 $160.1 $ 38

ReneSola Ltd. SOLA (7.3%) (11.3% ) ( 12 .5%) $510.4 $846 .8 $968.9 ($57.8) $97.7 $135.0 ($0.43) $0.27 $0.32 $119.3 $ 58

JA Solar Holdings Co., Ltd. JASO 12.7% 4.8% (3 .4%) $553.5 $883 .8 $1,034.8 $26.3 $136.8 $158.3 ($0.12) $0.45 $0.50 $273.5 $ 27

Conergy AG CGY 18.2% (27.9% ) (43 .9%) $805.9 $1,001 .4 $1,203.6 ($29.9) $41.6 $82.1 ($0.26) ($0.04) $0.03 $60.8 $ 49

Centrotherm photovoltaics AG CTN 36.7% 14.1% 6.8% $749.6 $760.3 $857.7 $98.4 $102.0 $118.5 $2.26 $2.68 $3.18 $241.6 $

Solon SE SOO1 8.4% (12.3%) (35.1%) $541.1 $660.2 $804.7 ($104.2) $29.1 $56.9 ($12.78) ($1.77) ($0.02) $59.3 $61

Solarfun Power Holdings Co. Ltd. SOLF 11.5% 7.2% (3.8%) $553.4 $771.2 $854.8 $39.7 $79.2 $97.3 ($0.39) $0.71 $0.74 $95.6 $25

GT Solar International, Inc. SOLR 38.0% 23.8% 13.5% $488.1 $618 .9 $538.1 $116.4 $123.4 $117.9 $0. 45 $0.63 $0.56 $194.7 $

Evergreen Solar Inc. ESLR 6.8% 3.7% (97.6%) $271.8 $346.3 $440.0 $10.0 $12.8 $72.5 ($1.41) ($0.28) ($0.06) $112.4 $35

E-Ton Solar Tech. Co., Ltd. 3452.00 (1.4%) (3.9%) (5.3%) $384.2 $438.7 $437.3 $3.3 $40.1 $47.5 ($0.06) $0.14 $0.15 $20.9 $37

Energy Conversion Devices, Inc. ENER 15.4% (0.2%) (29.6%) $213.3 $294.5 $357.6 ($0.5) ($34.2) ($4.0) ($1.49) ($2.12) ($1.23) $205.0 $28

Roth & Rau AG R8R 36.5% 10.4% 6.5% $274.3 $351.9 $447.8 $33.1 $44.4 $61.4 $1.26 $1.54 $2.14 $104.1 $

Manz Automation AG M5Z 49.5% 0.3% (3.3%) $116.8 $192.6 $257.1 ($7.9) $20.5 $35.2 ($2.67) $1.85 $4.05 $78.7 $1Phoenix Solar Aktiengesellschaft PS4 8.2% (0.5%) (0.6%) $652.4 $819.6 $943.4 $17.4 $38.1 $47.6 $1.65 $3.75 $4.77 $56.8 $

PV Crystalox Solar plc PVCS 34.5% 24.1% 12.5% $340.1 $283.7 $321.5 $81.9 $45.3 $61.1 $0.10 $0.06 $0.08 $143.9 $4

Sunways AG SWW 11.7% (1.7%) (2.1%) $240.2 $349.6 NA $7.0 $29.1 NA $0.23 $0.45 NA $13.3 $4

Premier Power Renewable Energy, Inc. CBB:PPR 14.5% (12.5%) 11.6% $30.8 NA NA ($3.8) NA NA $0.11 NA NA $3.8 $

Real Goods Solar, Inc. PPRW 24.8% (3.4%) (2.5%) $64.3 $87.8 $114.0 ($2.2) $2.6 $6.0 ($0.09) $0.04 $0.16 $12.2 $

Ascent Solar Technologies, Inc. ASTI 100.0% NM NM $1.5 $25.2 $65.5 ($19.2) ($19.3) $4.5 ($0.93) ($0.78) ($0.47) $60.5 $

Amtech Systems Inc. ASYS 26.8% 0.2% (4.7%) $50.6 $108.1 NA $0.1 $10.4 NA ($0.26) $0.56 NA $42.5 $

BTU International Inc. BTUI 34.2% (18.5%) (32.3%) $45.1 $73.3 $91.0 ($8.3) $2.1 $6.8 ($1.58) ($0.02) $0.41 $25.4 $

Akeena Solar, Inc. AKNS 23.3% (44.8%) (56.2%) $28.2 $39.4 $65.3 ($12.6) ($6.1) ($2.9) ($0.48) ($0.37) ($0.23) $5.8 $

Spire Corp. SPIR 15.6% (11.0%) (6.2%) $67.0 $77.2 NA NA $2.1 NA ($1.41) ($0.80) NA $4.9 $

Adept Technology Inc. ADEP 40.4% (16.8%) (23.3%) $37.2 $49.7 $57.0 ($6.3) NA NA ($1.04) ($0.01) $0.11 $8.0 $

DayStar Technologies Inc. DSTI NA NA NA $0.0 $10.0 $100.0 ($20.8) NA NA ($0.75) ($0.47) NA $0.0 $

Mean 24.8% 0.8% ( 13.5%) $605.2 $816.9 $1,051.7 $60.0 $129.5 $193.2 ($0.70) $0.58 $1.11 $214.3 $39

Median 18.6% 0.3% (4.3%) $499.3 $660.2 $856.2 $7.0 $45.3 $107.6 ($0.28) $0.27 $0.50 $99.9 $21


12/23

11

Batteries & Energy StorageTrading Multiples / Operating Statistics





Batteries & Energy Storage Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011

Polypore International Inc. $18.53 98.6% $823.3 $1,511.7 2.9x 2.9x 2.7x 10.3x 9.9x 9.2x NM 26.0x 20.5x 15.7% NM 1.7x 1.3

EnerSys $25.25 99.9% $1,218.8 $1,383.7 0.9x 0.8x 0.7x 8.4x 6.8x 6.2x 24.7x 13.3x 11.2x 12.8% 1.9x 1.0x 0.9

Exide Technologies $5.75 64.8% $434.6 $1,016.6 0.4x 0.4x NA 5.9x 6.0x NA NM 19.8x NA NA NM NM NA

A123 Systems, Inc. $13.67 48.5% $1,419.0 $984.4 10.8x 7.1x 3.3x NM NM NM NM NM NM 40.0% NM NM NM

Ener1, Inc. $4.40 55.7% $551.9 $572.7 16.5x 5.9x 2.5x NM NM NM NM NM NM 100.0% NM NM NM

China BAK Battery, Inc. $2.42 46.4% $153.9 $356.4 1.8x 1.4x NA NM 11.5x NA NM 26.9x NA NA NM NM NA

Maxwell Technologies Inc. $12.39 56.8% $327.3 $314.4 3.1x 2.6x 2.0x NM 29.9x 15.6x NM NM 28.2x 22.5% NM NM 1.3

Advanced Battery Technologies, Inc. $3.77 74.8% $258.6 $232.1 3.7x 2.4x NA 11.9x 7.7x NA 9.9x 8.8x NA NA NM NM NA

FuelCell Energy Inc. $2.87 52.5% $242.4 $212.1 2.6x 1.8x 1.1x NM NM 13.7x NM NM NM NA NM NM NM

Ceramic Fuel Cells $0.21 65.2% $213.4 $194.0 NM 26.4x 5.3x NM NM NM NM NA NA NA NM NA NA

Valence Technology Inc. $0.87 36.4% $112.3 $164.3 9.8x 5.0x NA NM NA NA NM NM NA NA NM NM NA

Ballard Power Systems Inc. $2.74 84.3% $230.1 $149.9 3.2x 2.4x 1.7x NM NM NM NM NM NM NA NM NM NM

Quantum Fuel Systems $0.67 37.6% $97.7 $114.3 8.5x 3.7x NA NM NA NA NM NM NA NA NM NM NA

China Ritar Power Corp. $4.20 62.8% $91.8 $92.8 0.9x 0.7x 0.5x 7.7x 5.4x NA 11.1x 8.0x 6.2x 30.0% 0.4x 0.3x 0.2

Idatech Plc $1.09 78.5% $55.8 $87.0 13.3x 8.6x 2.3x NM NM NM NM NM NM NA NM NM NM

Ultralife Corp. $4.05 47.8% $69.0 $82.4 0.5x 0.5x 0.4x NM 7.2x 5.2x NM 24.5x 11.3x NA NM NM NM

Beacon Power Corporation $0.45 41.3% $79.5 $61.2 NM NA NA NM NA NA NM NA NA 40.0% NM NA NA

Active Power Inc. $0.81 54.0% $64.6 $59.6 1.5x 1.2x 1.0x NM NA NA NM NM NM NA NM NM NM

Plug Power Inc. $0.66 48.9% $85.5 $30.5 2.5x 1.0x 0.6x NM NM NM NM NM NM NA NM NM NM

Hydrogenics Corp. $4.80 25.7% $20.2 $11.0 0.6x 0.3x NA NM NM NA NM NM NA NA NM NM NA

Mechanical Technology Inc. $0.66 34.7% $3.1 $4.8 NA NA NA NA NA NA NA NA NA NA NA NA NA

Medis Technologies Ltd. $0.07 6.0% $3.2 $2.9 NA NA NA NA NA NA NA NA NA NA NA NA NAMillennium Cell Inc. $0.01 50.0% $0.8 $2.3 NA NA NA NA NA NA NA NA NA NA NA NA NA

Verbicom SA $0.23 48.5% $2.0 $2.0 NA NA NA NA NA NA NA NA NA NA NA NA NA

Mean 55.0% $273.3 $318.5 4.6x 3.9x 1.9x 8.9x 10.5x 10.0x 15.2x 18.2x 15.5x 37.3% 1.2x 1.0x 0.9x





Polypore International Inc. PPO 37.9% 28.4% (22.7%) $516.9 $529.8 $564.9 $146.8 $152.7 $165.1 ($2.64) $0.71 $0.90 $115.0 $80

EnerSys ENS 23.3% 10.8% 3.3% $1,522.0 $1,811.3 $1,891.0 $164.1 $204.5 $224.0 $1.02 $1.90 $2.26 $211.0 $37

Exide Technologies XIDE 19.7% 6.5% (4.4%) $2,625.4 $2,717.1 NA $172.0 $169.6 NA ($1.54) $0.29 NA $103.5 $66

A123 Systems, Inc. AONE (3.0%) (79.3%) (94.2%) $91.0 $138.9 $300.8 ($72.2) ($70.8) ($17.4) ($2.55) ($0.89) ($0.48) $457.3 $2

Ener1, Inc. HEV 11.7% (120.0%) (146.6%) $34.8 $96.8 $229.9 ($41.8) ($43.8) ($12.8) ($0.45) ($0.36) ($0.18) $14 .3 $3

China BAK Battery, Inc. CBAK 13.3% 1.4% ( 8.1%) $193.3 $260.2 NA $2.7 $31.1 NA ($0.27) $0.09 NA $18.3 $22

Maxwell Technologies Inc. MXWL 34.8% (7.6%) (22 .6%) $101.3 $122.7 $153.4 ($7.7) $10 .5 $20.2 ($0.94) $0.15 $0.44 $29.6 $1

Advanced Battery Technologies, Inc. ABAT 45.6% 33.0% 37.1% $63.2 $95.7 NA $19.4 $30.3 NA $0.38 $0.43 NA $33.8 $

FuelCell Energy Inc. FCEL (32.2%) (6 5.3%) (78.3%) $80.9 $115.5 $197.7 ($52.9) ($24.6) $15.5 ($0.87) ($0.55) ($0.13) $50.6 $

Ceramic Fuel Cells CFU 100.0% NM NM $2.1 $7.4 $36.4 ($14.3) ($14.6) ($3.9) ($0.02) NA NA $21.6 $

Quantum Fuel Systems VLNC 17.6% (86.0%) (132.3%) $16.8 $33.1 NA ($14.5) NA NA ($0.18) ($0.13) NA $2.7 $5

Ballard Power Systems Inc. BLDP 12.7% (76.6%) (7.0%) $46.7 $63.3 $88.7 ($35.8) ($20.8) ($6.0) ($0.04) ($0.33) ($0.18) $82.2 $

Quantum Fuel Systems Technologies W QTWW (38.6%) (135.2%) NM $13.5 $31.1 NA ($18.2) NA NA ($0.38) ($0.07) NA $4.1 $2

China Ritar Power Corp. CRTP 17.7% 9.0% 5.7% $101.0 $139.6 $169.3 $12.0 $17.0 NA $0 .38 $0. 53 $0.68 $9.8 $1

Idatech Plc AIM:IDA (76.1%) NM NM $6.6 $10.2 $38.4 ($26.2) ($20.0) ($12.8) ($0.63) ($0.51) ($0.44) $0.8 $3

Ultralife Corp. ULBI 21.4% (1 .1%) (5.4%) $172.1 $181.2 $197.9 ($1.8) $11 .5 $15.9 ($0.54) $0.17 $0.36 $6.1 $1

Beacon Power Corporation BCON (2.4%) NM NM $1.0 NA NA ($16.9) NA NA ($0.16) NA NA $22.6 $

Active Power Inc. ACPW 22.9% (22.4%) (27.4%) $40.3 $50.8 $57.5 ($9.0) NA NA ($0.17) ($0.11) ($0.08) $7.5 $

Plug Power Inc. PLUG (60.1%) (284.4%) NM $12.3 $31.6 $54.4 ($35.0) ($32.6) ($21.1) ($0.32) ($0.29) ($0.26) $115.9 $6

Hydrogenics Corp. HYGS 19.8% (74.3%) (49.8%) $18.8 $37.0 NA ($14.0) ($13.8) NA ($2.54) ($4.00) NA $9.2 $

Mechanical Technology Inc. MKTY 13.0% (50.5%) (63.1%) NA NA NA NA NA NA NA NA NA $1.2 $

Medis Technologies Ltd. MDTL NA NA NA NA NA NA NA NA NA NA NA NA $0.8 $

Millennium Cell Inc. MCEL.Q 0.8% NM NM NA NA NA NA NA NA NA NA NA $3.5 $

Verbicom SA VRB NA NA NA NA NA NA NA NA NA NA NA NA $0.0

Mean 9.1% ( 50.8%) ( 38.5%) $283.0 $340.7 $306.2 $7.8 $24.1 $33.3 ($0.62) ($0.17) $0.24 $55.1 $10

Median 15.4% (36.4%) (22.7%) $55.0 $96.8 $169.3 ($14.1) ($1.7) ($3.9) ($0.35) ($0.09) ($0.11) $16.3 $1


13/23

12

Water ResourcesTrading Multiples / Operating Statistics





Water Resources Price Week High Value Value 2009A 2 010E 2 011E 2009A 2 010E 2 011E 2009A 2 010E 2 011E Growth 2009A 2 010E 2 011

Pentair, Inc. $36.08 99.1% $3,559.2 $4,462.0 1.7x 1.6x 1.5x 12.8x 10.8x 9.7x 30.8x 19.1x 15.9x 12.8% 2.4x 1.5x 1.2

Aqua America Inc. $17.63 86.5% $2,409.7 $3,883.8 5.8x 5.3x 4.9x 11.0x 9.8x 9.0x 23.0x 20.1x 18.4x 8.6% 2.7x 2.3x 2.1

Kurita Water Industries Ltd. $28.02 79.2% $3,605.1 $3,324.0 1.7x 1.6x 1.5x 7.1x 7.1x 6.4x 17.2x 19.7x 17.6x 9.1% 1.9x 2.2x 1.9

Watts Water Technologies, Inc. $31.10 94.4% $1,144.6 $1,248.4 1.0x 1.0x 1.0x 7.8x 8.1x 7.1x 28.1x 18.6x 16.1x 12.5% 2.3x 1.5x 1.3

Calgon Carbon Corporation $17.09 88.5% $959.8 $921.7 2.2x 1.9x 1.7x 12.7x 9.8x 8.1x 24.7x 21.5x 17.8x 21.0% 1.2x 1.0x 0.8

PICO Holdings Inc. $37.34 99.3% $843.7 $727.5 NM 29.0x NA NM NA NA NM NM NM 15.0% NM NM NM

Badger Meter Inc. $38.95 86.7% $583.3 $578.0 2.3x 2.2x 2.0x 11.5x 12.0x 10.2x 21.7x 22.6x 19.6x 13.0% 1.7x 1.7x 1.5

Layne Christensen Co. $25.21 71.7% $490.0 $439.2 0.5x 0.5x 0.5x 5.6x 5.3x 4.4x 30.8x 26.2x 17.5x 11.0% 2.8x 2.4x 1.6

Energy Recovery, Inc. $6.16 70.1% $315.6 $257.5 5.5x 3.6x 2.9x 35.4x 16.1x 10.9x NM 49.3x 27.7x 21.0% NM 2.3x 1.3

Flow International Corp. $3.06 75.0% $143.5 $146.8 0.9x 0.8x NA NM 17.9x NA NM NM 34.0x 22.5% NM NM 1.5

Amiad Filtration Systems Ltd. $3.31 96.3% $64.5 $70.4 1.1x 1.0x NA 8.0x 7.3x NA 11.7x 10.5x NA NA NM NM NA





Ticker Gross E BITDA Net 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Equivs. D

Pentair, Inc. PNR 29 .2% 13.0% 4.3% $2,692 .5 $2,860.2 $3,061.6 $349.9 $413.2 $458.5 $1.17 $1.89 $2.26 $33.4 $82Aqua America Inc. WTR 59.7% 52.6% 15.6% $670.5 $732.3 $786.7 $352.4 $394.5 $432.9 $0.77 $0.88 $0.96 $0.0 $1,47

Kurita Water Industries Ltd. 6370 33 .9% 23.7% 10.6% $1,982 .8 $2,024.8 $2,190.0 $469.5 $469.4 $516.0 $1.63 $1.42 $1.59 $394.9 $9

Watts Water Technologies, Inc. WTS 35 .6% 13.1% 1.4% $1,225 .9 $1,233.8 $1,297.6 $160.1 $154.1 $176.2 $1.11 $1.67 $1.94 $264.7 $36

Calgon Carbon Corporation CCC 35.3% 17.6% 9.5% $411.9 $477.7 $534.4 $72.6 $94.3 $113.5 $0.69 $0.80 $0.96 $38.0 $

PICO Holdings Inc. PICO 90.0% 94.9% 55.4% $16.0 $25.1 NA (25.66) NA NA ($0.86) $0.06 $0.15 $154.5 $4

Badger Meter Inc. BMI 38.8% 20.1% 13.6% $250.3 $261.3 $283.5 $50.4 $48.1 $56.7 $1.79 $1.72 $1.99 $13.3 $

Layne Christensen Co. LAYN 23.6% 9.3% (1.4%) $854.0 $903.3 $975.0 $78.4 $83.1 $99.6 $0.82 $0.96 $1.44 $77.5 $2

Energy Recovery, Inc. ERII 62.6% 15.5% 7.8% $47.0 $70.9 $89.5 $7.3 $16.0 $23.7 $0.07 $0.13 $0.22 $59.1 $

Flow International Corp. FLOW 39.2% 0.8% (7.7%) $168.9 $178.2 NA $1.4 $8.2 NA ($0.29) ($0.01) $0.09 $6.6 $1

Amiad Filtration Systems Ltd. AFS 45.4% 11.8% 7.1% $66.3 $71.7 NA $8.8 $9.6 NA $0.28 $0.31 NA $7.6 $1

Mean 44.8% 24.8% 10.6% $762.4 $803.6 $1,152.3 $138.6 $169.1 $234.6 $0.65 $0.89 $1.16 $95.4 $26

Median 38.8% 15.5% 7.8% $411.9 $477.7 $880.8 $72.6 $88.7 $144.9 $0.77 $0.88 $1.20 $38.0 $2


14/23

13

WindTrading Multiples / Operating Statistics




Ticker Gross EBITDA Net 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E E quivs. Debt

Vestas Wind Systems A/S VWS 21.7% 16.1% 8 .7% $9,895.6 $9 ,271.9 $11,037.7 $1,529.2 $1,303.0 $1,659.4 $4.21 $3.19 $4.29 $699.4 $50

Gamesa Corporation GAM 28.6% 8 .5% 3.5% $ 4,6 47.0 $4,387.7 $5,2 28.1 $395 .9 $541.3 $685 .1 $0.69 $0 .76 $1.13 $0.0 $1,5 5

Suzlon Energy Limited SUZ 29.6% 6 .4% (2 .0%) $4,1 03.9 $5,501.4 $6, 467.2 $324 .7 $489.6 $65 6.5 ($0. 07) $0 .05 $0.13 $0.0

REPower Systems AG RPW 23.2% 7 .6% 4.5% $ 1,8 22.6 $1,793.0 $2,4 28.7 $138 .7 $162.2 $195 .9 $7.85 $10 .49 $ 11.34 $2 00.8 $ 4

American Superconductor AMSC 35.2% 14.3% 4.4% $261.9 $ 386.1 $497.4 $41.4 $66.8 $103.3 $0.28 $0.63 $1.07 $91.3 $

Nordex SE NDX1 22.8% 5 .1% 2.6% $1,5 87.8 $1,788.3 $2,2 13.1 $78 .3 $104.9 $153 .9 $0.49 $0 .66 $1.08 $2 22.5 $1 0

Broadwind Energy, Inc. BWEN 6.0% (3.9%) (55.7%) $208.2 $221.0 $358.8 ($7.7) $17.1 $61.3 ($1.14) ($0.12) $0.27 $4.8 $4

Zoltek Companies Inc. ZOLT 18.9% 10.7% (4.0%) $129.0 $138.2 $173.3 $13.8 $14.5 NA ($0.15) ($0.03) $0.30 $21.2 $1

Clipper Windpower Plc CWP (19 .7% ) (2 5.0%) (23.7 %) $813 .0 $7 21.8 $89 0.1 ($172.3 ) $10.5 $52 .5 ($1.1 0) $0 .01 $ 0.17 $1 05.8 $ 2

Me an 18.5% 4.4% (6.9%) $2,60 7.7 $2,689.9 $3,2 54.9 $260 .2 $301.1 $44 6.0 $1.23 $1 .74 $2.20 $ 149.5 $ 28

Median 22.8% 7.6% 2.6% $1,587.8 $1,788.3 $2,213.1 $78.3 $104.9 $174.9 $0.28 $0.63 $1.07 $91.3 $4


% of Enterprise Value / Enterprise Value / LT

04/01/10 52 Week Equi ty Enterpr ise Revenue EBITDA Price / Earnings Pro j. EPS P /E /G Ratio

Wind Price High Value(1)

Value(2) 2009A 2010E 2011E 2009A 20 10E 2 011E 2009A 2010E 2011E Grow th 2009A 2010E 20

Vestas Wind Systems A/S $54.51 69.7% $11,063.4 $10,867.0 1.1x 1.2x 1.0x 7.1x 8.3x 6.5x 12.9x 17.1x 12.7x 16.2% 0.8x 1.1x

Gamesa Corporation $13.98 60.2% $3,362.1 $4,923.6 1.1x 1.1x 0.9x 12.4x 9.1x 7.2x 20.3x 18.3x 12.4x 24.1% 0.8x 0.8x

Suzlon Energy Limited $1.62 49.8% $2,527.1 $2,527.1 0.6x 0.5x 0.4x 7.8x 5.2x 3.8x NM 29.5x 12.9x 10.3% NM 2.9x

REPower Systems AG $173.27 85.5% $1,634.4 $1,482.4 0.8x 0.8x 0.6x 10.7x 9.1x 7.6x 22.1x 16.5x 15.3x NA NM NM

American Superconductor $29.27 66.6% $1,311.0 $1,219.7 4.7x 3.2x 2.5x 29.5x 18.3x 11.8x NM 46.2x 27.4x 17.5% NM 2.6x

Nordex SE $11.69 58.5% $781.7 $671.7 0.4x 0.4x 0.3x 8.6x 6.4x 4.4x 24.1x 17.6x 10.9x 6.1% 3.9x 2.9x

Broadwind Energy, Inc. $4.53 36.3% $483.4 $518.7 2.5x 2.3x 1.4x NM 30.4x 8.5x NM NM 16.6x NA NM NM

Zoltek Companies Inc. $9.72 77.0% $334.6 $325.5 2.5x 2.4x 0.0x 23.6x 22.5x NA NM NM 32.5x 17.3% NM NM

Clipper Windpower Plc $1.50 53.8% $321.4 $236.1 0.3x 0.3x 0.3x NM 22.6x 4.5x NM NM 8.8x NA NM NM

Mean 61.9% $2,424.3 $2,530.2 1.6x 1.3x 0.8x 14.2x 14.7x 6.8x 19.8x 24.2x 16.6x 15.2% 1.9x 2.0x

Median 60.2% $1,311.0 $1,219.7 1.1x 1.1x 0.6x 10.7x 9.1x 6.9x 21.2x 18.0x 12.9x 16.8% 0.8x 2.6x


15/23

14

Select Initial Public OfferingsSelect Initial Public Offerings

Source: Capital IQ, Company filings, and Dealogic; as of April 1, 2010.Boldedtransaction indicates where ThinkEquity acted as an underwriter.* A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. For a writtenprospectus go to www.sec.gov/edgar.shtml.

Select IPOs in Registration*Select IPOs in Registration*

($ in millions, except per share data)

Filing Date and Company Information Offering Information

Filing Initial Filling Range Amount Market Cap

Date Company Low High Filed at Offering

02/16/10 China Intelligent Lighting & Electronics Inc $3.00 $4.00 $8.8 $78.0

01/29/10 Tesla Motors Inc - - $100.0 -

01/20/10 JinkoSolar Holding Co Ltd - - $100.0 -

12/18/09 Solyndra Inc - - $300.0 -


Pricing Date and Company Information Offering Information Price Information

Filing Pricing Offer Days Filing % from Amount Market Cap % of Market % % from Offer Price

Date Date Company Ticker Sector Price to Pricing Filing to Offer Offered at Offering Cap Offered Secondary 1-Day 30-Days Curren

10/07/09 11/06/09 STR Holdings Inc STRI Cleantech $10.00 30 (28.6%) $140.0 $423.5 33.0% 73.2% 31.0% 34.0% 126

08/08/08 09/23/09 A123 Systems Inc AONE Cleantech $13.50 411 54.3% $437.5 $1,382.5 31.6% 2.4% 50.3% 65.8% 1

04/26/07 0 7/23/08 GT Solar International Inc SOLR Cleantech $16.50 454 0.0% $500.0 $2,349.4 21.3% 100.0% (11.6%) (16.0%) (68.

04/01/08 07/01/08 Energy Recovery Inc ERII Cleantech $8.50 91 6.3% $136.9 $425.1 32.2% 42.3% 15.6% 30.0% (27.

02/07/08 05/08/08 Real Goods Solar Inc RSOL Cleantech $10.00 91 (9.1%) $55.0 $155.0 35.5% 0.0% (11.6%) (36.0%) (66.

08/20/07 12/18/07 Orion Energy Systems Inc OESX Cleantech $13.00 120 0.0% $100.0 $330.2 30.3% 26.0% 64.7% 35.5% (63.

03/14/07 06/27/07 Polypore International Inc PPO Cleantech $19.00 105 (9.5%) $285.0 $765.8 37.2% 0.0% (5.1%) (5.8%) (2.

12/08/06 06/13/07 Biofuel Energy Corp BIOF Cleantech $10.50 187 (38.2%) $63.4 $341.3 18.6% 0.0% 0.1% (0.6%) (72.

05/11/07 06/07/07 Yingli Green Energy Holding Co Ltd YGE Cleantech $11.00 27 (8.3%) $324.5 $1,688.2 19.2% 8.4% (4.5%) 40.9% 16

05/11/07 05/31/07 LDK Solar Co Ltd LDK Cleantech $27.00 20 3.8% $486.0 $2,716.1 17.9% 23.0% 0.7% 15.9% (75.

09/06/06 05/24/07 Clean Energy Fuels Corp CLNE Cleantech $12.00 260 (20.0%) $138.0 $530.3 26.0% 0.0% 0.3% 4.7% 90

02/12/07 05/17/07 EnerNOC Inc ENOC Cleantech $26.00 94 18.2% $112.1 $452.6 24.8% 6.0% 19.7% 62.7% 14

04/25/07 05/16/07 China Sunergy Co Ltd CSUN Cleantech $11.00 21 22.2% $107.5 $435.1 24.7% 0.0% 50.5% 14.6% (62.

10/05/06 04/12/07 Comverge Inc COMV Cleantech $18.00 189 12.5% $109.7 $315.3 34.8% 0.0% 23.9% 22.9% (37.

01/16/07 02/06/07 JA Solar Holdings Co Ltd - JASO JASO C leantech $15.00 21 11.1% $258.8 $691.4 37.4% 0.0% 18.7% 32.0% 12

12/11/06 12/19/06 Solarfun Power Holdings Co Ltd SOLF Cleantech $12.50 8 0.0% $150.0 $600.0 25.0% 0.0% (20.3%) (5.6%) (38.

12/06/06 12/18/06 Trina Solar Ltd TSL Cleantech $18.50 12 27.6% $107.5 $401.9 26.7% 0.0% (45.2%) (46.5%) 32

08/03/06 12/14/06 US BioEnergy Corp USBE Cleantech $14.00 133 (12.5%) $161.0 $927.3 17.4% 0.0% 7.9% 10.5%

06/30/06 11/16/06 First Solar Inc FSLR Cleantech $20.00 139 11.1% $458.9 $1,387.7 33.1% 33.8% 23.7% 45.3% 506

07/14/06 11/09/06 Metabolix Inc MBLX Cleantech $14.00 118 7.7% $109.5 $271.5 40.3% 0.0% 10.9% 33.9% (11.

10/23/06 11/08/06 Canadian Solar Inc CSIQ Cleantech $15.00 16 7.1% $115.5 $409.1 28.2% 18.2% 4.2% (27.1%) 6001/23/06 07/11/06 Ascent Solar Technologies Inc ASTIU Cleantech $5.50 169 0.0% $16.5 $29.1 56.7% 0.0% 0.0% (39.6%) (30.

03/30/06 06/28/06 Aventine Renewable Energy Holdings Inc AVR Cleantech $43.00 90 10.3% $389.5 $1,798.4 21.7% 29.2% NA NA

03/30/06 06/13/06 VeraSun Energy Corp VSE Cleantech $23.00 75 21.1% $482.7 $1,719.0 28.1% 39.7% 30.4% 5.2% (99.

02/13/06 05/11/06 Basin Water Inc BWTR Cleantech $12.00 87 33.3% $82.8 $212.1 39.0% 0.0% 38.8% 15.5% (99.

11/01/05 1 2/13/05 Suntech Power Holdings Co Ltd STP Cleantech $15.00 42 25.0% $455.1 $2,116.6 21.5% 24.2% 41.3% 126.8% (5.

08/25/05 11/16/05 SunPower Corp SPWR Cleantech $18.00 83 38.5% $159.4 $1,076.6 14.8% 0.0% 41.4% 71.0% 5

High 454 54.3% $500.0 $2,716.1 56.7% 100.0% 64.7% 126.8% 506

Mean 115 6.8% $220.1 $887.1 28.8% 15.8% 14.5% 18.8% 4

Median 91 7.1% $140.0 $530.3 28.1% 0.0% 13.3% 15.7% (11.

Low 8 (38.2%) $16.5 $29.1 14.8% 0.0% (45.2%) (46.5%) (99.

Equity Activity at a Glance


16/23

15

Select Follow-On OfferingsSelect Follow-On Offerings


Source: Capital IQ, Placement Tracker, Dealogic, Company filings; as of April 1, 2010.Boldedtransaction indicates where ThinkEquity acted as a placement agent.


Pricing Date and Company Name Offering Information Price Information

Filing Pricing Offer Days Filing % Fil ing Discount Amount Market Cap. % of Market % % Change f rom Offer Price

Date Date Company Ticker Industry Price to Pri cing to Pricing to Last Trade O ffered at Offering Cap Offered Secondary 1-Day 30-Days Curre

03/17/10 03/18/10 Trina Solar Ltd TSL Cleantech $20.25 1 NA (1.4%) $184.0 $1,597.2 11.5% 0.0% 5.2% NA 20

03/01/10 03/09/10 GT Solar International Inc SOLR Cleantech $4.85 8 (18.5%) (5.8%) $121.3 $740.0 16.4% 100.0% 6.8% NA 7

02/24/10 03/04/10 Green Plains Renewable Energy Inc GPRE Cleantech $13.50 8 (20.4%) (9.0%) $85.4 $451.7 18.9% 0.0% 6.1% NA 14

10/30/09 01/14/10 Broadwind Energy Inc BWEN Cleantech $5.75 76 (1.5%) (9.7%) $99.2 $679.7 14.6% 33.3% 2.1% (0.7%) (21

12/17/09 12/18/09 LDK Solar Co Ltd LDK Cleantech $7.00 1 NA (10.7%) $127.2 $1,017.5 12.5% 0.0% (2.1%) 2.9% (6.

10/29/09 12/15/09 Nexxus Lighting Inc NEXS Cleantech $3.00 47 (41.7%) (13.0%) $17.3 $47.5 36.3% 0.0% 23.0% 2.7% 33

12/08/09 12/09/09 Westport Innovations Inc WPRT Cleantech $10.50 1 NA (10.4%) $57.4 $440.2 13.0% 0.0% 1.1% 30.0% 56

10/23/09 11/12/09 Centrosolar AG C3O Cleantech $3.45 20 (16.9%) (16.9%) $20.4 $120.3 17.0% 0.0% 72.6% 58.7% 72

10/02/09 10/27/09 Telvent GIT SA TLVT Cleantech $27.25 25 (4.1%) (1.2%) $114.2 $930.1 12.3% 100.0% 1.0% 13.9% 3

10/14/09 10/15/09 Canadian Solar Inc CSIQ Cleantech $15.75 1 NA (3.1%) $108.7 $679.9 16.0% 0.0% 3.6% 17.1% 52

10/05/09 10/06/09 Harris & Harris Group Inc TINY Cleantech $4.75 1 NA (14.4%) $23.2 $171.2 13.6% 0.0% 7.6% (8.2%) (1

09/23/09 09/29/09 ReneSola Ltd SOL Cleantech $4.75 6 (18.9%) (10.7%) $73.6 $459.2 16.0% 0.0% 112.4% 81.8% 88

09/23/09 09/23/09 Rentech Inc RTK Cleantech $1.80 0 NA (10.4%) $0.0 $410.1 0.0% 0.0% (5.6%) (10.0%) (42

08/12/09 09/21/09 Lime Energy Co LIME Cleantech $5.50 40 (15.4%) (21.4%) $31.6 $159.1 19.9% 0.0% 2.5% 23.3% (17

09/08/09 09/10/09 Cree Inc CREE Cleantech $35.50 2 (7.6%) (3.3%) $449.1 $3,732.4 12.0% 0.0% (1.9%) 10.1% 98

08/20/09 08/20/09 Rentech Inc RTK Cleantech $1.75 0 NA (23.6%) $0.0 $461.4 0.0% 0.0% 23.4% 15.4% (41.

08/19/09 08/19/09 EnerSys ENS Cleantech $20.00 0 NA (8.7%) $64.0 $1,053.2 6.1% 100.0% 4.6% 12.6% 26

08/03/09 08/05/09 EnerNOC Inc ENOC Cleantech $27.00 2 (10.0%) (4.4%) $107.0 $665.2 16.1% 20.0% (4.0%) 4.2% 10

07/27/09 07/28/09 Trina Solar Ltd TSL Cleantech $28.75 1 NA (3.9%) $148.8 $885.4 16.8% 0.0% (51.4%) (55.9%) (14.

06/22/09 06/25/09 Clean Energy Fuels Corp CLNE Cleantech $8.30 3 (6.3%) (7.8%) $78.3 $525.9 14.9% 0.0% 7.8% 5.2% 174

06/24/09 06/24/09 Rentech Inc RTK Cleantech $0.58 0 NA 0.0% $0.0 $103.2 0.0% 0.0% (1.7%) (6.9%) 77

06/23/09 06/23/09 Fuel Systems Solutions Inc FSYS Cleantech $20.00 0 NA (10.8%) $0.0 $393.8 0.0% 0.0% 4.3% 1.0% 59

06/15/09 06/16/09 Yingli Green Energy Holding Co Ltd YGE Cleantech $13.00 1 NA (2.5%) $278.1 $1,941.0 14.3% 16.0% (1.9%) (14.8%) (1.

06/09/09 06/10/09 Satcon Technology Corp SATC Cleantech $1.30 1 NA (38.4%) $23.3 $141.7 16.4% 0.0% 33.8% 35.4% 84

05/27/09 05/27/09 Telvent GIT SA TLVT Cleantech $18.50 0 NA (8.0%) $66.2 $685.6 9.6% 100.0% 1.1% 6.0% 52

05/20/09 05/21/09 Evergreen Solar Inc ESLR Cleantech $1.80 1 NA (19.3%) $76.6 $450.4 17.0% 0.0% (2.2%) 28.3% (37.

04/27/09 04/28/09 SunPower Corp SPWR.A Cleantech $22.00 1 NA (2.7%) $227.7 $2,148.1 10.6% 0.0% 13.9% 28.0% (13

09/19/08 09/19/08 LDK Solar Co Ltd LDK Cleantech $41.75 0 NA (4.5%) $200.4 $4,867.4 4.1% 0.0% (0.7%) (51.9%) (84

07/22/08 08/14/08 Westport Innovations Inc WPRT Cleantech $12.00 23 (28.1%) (9.4%) $54.0 $424.1 12.7% 0.0% 1.2% 4.2% 36

07/14/08 07/16/08 Canadian Solar I nc CSIQ Cleantech $34.00 2 (11.4%) (4.6%) $119.0 $1,270.2 9.4% 0.0% (7.7%) (15.6%) (29.

06/12/08 06/18/08 Energy Conversion Devices Inc ENER Cleantech $72.00 6 8.5% (3.0%) $105.2 $3,098.9 3.4% 73.1% 8.3% (5.6%) (89.

05/30/08 06/17/08 ReneSola Ltd SOL Cleantech $20.50 18 (18.3%) (1.3%) $212.2 $1,408.6 15.1% 4.7% (43.9%) (53.7%) (56.

05/08/08 05/22/08 Polypore International Inc PPO Cleantech $24.00 14 11.7% (2.2%) $192.7 $1,085.6 17.8% 50.0% (2.0%) 5.6% (22.

05/19/08 05/21/08 EnerSys ENS Cleantech $29.00 2 (1.7%) (3.9%) $107.0 $1,469.4 7.3% 100.0% 2.2% 28.1% (12.

03/14/08 05/15/08 Ascent Solar Technologies Inc ASTI Cleantech $14.00 62 15.8% (11.9%) $61.2 $274.9 22.3% 0.0% 5.1% (21.9%) (72.

05/09/08 05/09/08 Ormat Technologies Inc ORA Cleantech $49.44 0 NA (7.5%) $153.3 $2,422.1 6.3% 0.0% 0.6% 6.2% (41.

04/17/08 04/23/08 Clean Harbors Inc CLH Cleantech $63.75 6 (1.4%) (1.6%) $183.3 $1,483.8 12.4% 0.0% 0.1% 5.6% (11.


02/04/08 02/11/08 Evergreen Solar Inc ESLR Cleantech $9.50 7 (22.2%) (5.2%) $174.8 $1,184.9 14.8% 0.0% 6.4% (8.0%) (88.

01/09/08 01/28/08 ReneSola Ltd SOL Cleantech $13.00 19 (23.0%) (9.8%) $130.0 $841.9 15.4% 7.9% 6.8% 22.9% (31.

11/07/07 12/11/07 Yingli Green Energy Holding Co Ltd YGE Cleantech $31.00 34 (7.7%) (7.7%) $199.6 $4,264.6 4.7% 100.0% 2.2% 6.5% (58.

11/06/07 12/06/07 Comverge Inc COMV Cleantech $29.00 30 (0.6%) (0.6%) $133.4 $597.3 22.3% 80.0% 3.0% 6.2% (61.

12/03/07 12/03/07 SunOpta Inc STKL Cleantech $13.40 0 NA (6.0%) $68.1 $912.4 7.5% 100.0% (1.1%) (0.4%) (69


10/29/07 11/13/07 EnerNOC Inc ENOC Cleantech $43.00 15 (1.7%) (1.7%) $107.5 $847.2 12.7% 75.0% 0.0% 5.5% (30.

11/09/07 11/09/07 Ultralife Batteries Inc ULBI Cleantech $13.50 0 NA (2.7%) $0.0 $225.8 0.0% 0.0% 2.8% 3.4% (70.

08/03/07 10/25/07 DayStar Technologies Inc DSTI Cleantech $4.25 83 (8.6%) (8.6%) $73.3 $140.4 52.2% 0.0% 12.7% (5.4%) (93.

10/22/07 10/22/07 Ormat Technologies Inc ORA Cleantech $46.80 0 NA (8.2%) $140.4 $2,153.8 6.5% 0.0% 2.6% 2.1% (38.09/20/07 10/10/07 JA Solar Holdings Co Ltd - JASO JASO Cleantech $42.00 20 (67.4%) (67.4%) $305.7 $2,050.3 14.9% 36.8% 8.0% 65.6% (59.

09/20/07 10/09/07 Layne Christensen Co LAYN Cleantech $54.50 19 (4.0%) (4.0%) $169.2 $1,061.8 15.9% 0.0% (0.4%) (0.3%) (53.

08/06/07 08/14/07 Zoltek Companies Inc ZOLT Cleantech $38.76 8 0.0% 0.0% $155.0 $1,301.7 11.9% 0.0% (1.7%) 3.5% (74.

07/19/07 08/09/07 First Solar Inc FSLR Cleantech $95.00 21 (7.8%) (7.8%) $698.3 $7,941.9 8.8% 0.0% (0.6%) 5.2% 27

07/19/07 07/25/07 SunPower Corp SPWR.A Cleantech $64.50 6 (1.9%) (1.9%) $173.8 $5,457.0 3.2% 0.0% 4.3% (1.1%) (70

06/29/07 06/29/07 EnerSys ENS Cleantech $18.30 0 NA (4.4%) $109.8 $894.3 12.3% 100.0% 0.0% 0.4% 38

05/15/07 05/31/07 Trina Solar Ltd TSL Cleantech $45.00 16 (2.5%) (2.5%) $243.3 $1,171.1 20.8% 33.4% (52.7%) (42.8%) (45.

05/15/07 05/23/07 Evergreen Solar Inc ESLR Cleantech $8.25 8 (6.0%) (6.0%) $142.3 $809.5 17.6% 0.0% 1.6% 10.9% (86.

04/20/07 04/20/07 Rentech Inc RTK Cleantech $2.73 0 NA 0.0% $0.0 $443.6 0.0% 0.0% (3.3%) (10.6%) (62

04/03/07 04/03/07 FuelCell Energy Inc FCEL Cleantech $7.50 0 NA (6.8%) $70.2 $533.3 13.2% 0.0% (1.3%) (9.5%) (61.

01/31/07 01/31/07 SunOpta Inc STKL Cleantech $10.40 0 NA (4.2%) $53.8 $675.3 8.0% 0.0% 6.4% 2.6% (60

High 83 15.8% 0.0% $698.3 $7,941.9 52.2% 100.0% 112.4% 81.8% 174

Mean 11 (10.6%) (8.2%) $124.5 $1,263.6 12.7% 24.2% 3.8% 4.5% (11.

Median 2 (7.6%) (5.8%) $108.7 $847.2 12.7% 0.0% 2.1% 4.2% (17.

Low 0 (67.4%) (67.4%) $0.0 $47.5 0.0% 0.0% (52.7%) (55.9%) (93.


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Select PIPEsSelect PIPEs

PIPEs Common Stock

PIPEs Convertibles


($ in millions)

Performance Since Offering

Company Name Ticker

Announce

Date

Gross

Proceeds

Mkt. Cap at

Close

Proceeds

as % of

Mkt. Cap

Premium/

(Discount)

Announce

Warrant

Coverage

arrant

Premium/

(Discount) 1 Day 30-Days Current

Axion Power International AXPW 12/22/09 $26.1 $43.3 60.2% (63.9%) 0.0% NA (13.9%) (14.6%) (27.2Ener1, Inc. HEV 12/07/09 $20.0 $709.8 2.8% 2.1% 0.0% NA (2.6%) 5.8% (27.3

Apollo Solar Energy, Inc. ASOE 11/24/09 $9.0 $220.5 4.1% (79.8%) 0.0% NA 0.0% (9.1%) (23.2

Ecotality, Inc. ETLE 11/04/09 $20.5 $31.0 66.1% (16.7%) 100.0% 0.0% (5.0%) (37.8%) (48.9Enova Systems Inc. ENA 10/30/09 $10.3 $24.7 41.8% (18.7%) 0.0% NA 2.4% (8.9%) 26.8

China Technology Development Group Corp. CTDC 10/23/09 $6.0 $60.3 10.0% (22.4%) 0.0% NA (4.9%) 10.1% (20.4

GC China Turbine Corporation GCHT 10/06/09 $8.0 $129.2 6.2% 1.6% 10.0% (61.7%) (9.8%) 204.1% 61.0Solar Power, Inc. SOPW 09/23/09 $14.1 $68.3 20.6% (44.4%) 0.0% NA (33.3%) (18.3%) (48.9

PetroAlgae Inc. PALG 09/03/09 $10.4 $1,774.2 0.6% (55.6%) 100.0% (11.7%) (0.3%) 38.6% 25.0

Quantum Fuel Systems Technologies Worldwide, Inc. QTWW 08/07/09 $12.3 $73.0 16.9% (7.3%) 10.0% 14.9% 0.0% 22.7% 0.9U.S. Geothermal Inc. HTM 07/31/09 $10.0 $99.3 10.1% (21.2%) 50.0% 9.4% 3.8% (3.8%) (39.5

FuelCell Energy, Inc. FCEL 06/09/09 $25.0 $252.7 9.9% (11.6%) 0.0% NA 6.9% (12.1%) (29.3

Zhaoheng Hydropower Company Limited BB:ZH 04/27/09 $5.7 $50.2 11.3% 64.3% 0.0% NA NA NARaser Technologies, Inc. RZ 11/13/08 $10.0 $238.3 4.2% 21.1% 0.0% NA 12.9% 15.6% (72.0

Ascent Solar Technologies, Inc. ASTI 10/08/08 $15.0 $106.9 14.0% 38.3% 0.0% NA (11.6%) 17.2% (14.3

ADA-ES, Inc. ADES 08/28/08 $7.0 $47.9 14.6% (6.7%) NA NA (1.8%) (1.7%) (5.5Pure Biofuels Corporation PBOF 08/14/08 $5.5 $24.1 22.8% 12.9% NA NA 16.1% (19.4%) (74.2

Advanced Battery Technologies Inc. ABAT 08/11/08 $9.5 $234.4 4.1% (17.2%) 45.0% 23.5% (8.4%) (26.5%) (26.5

Advanced Battery Technologies Inc. ABAT 08/08/08 $12.0 $274.8 4.4% (23.1%) 45.0% (0.4%) (7.2%) (27.5%) (31.8Green Plains Renewable Energy Inc. GPRE 05/07/08 $60.0 $42.2 142.0% 10.3% 0.0% NA (0.7%) (10.0%) 69.9

Broadwind Energy, Inc. BWEN 04/25/08 $100.5 $850.3 11.8% (36.3%) 0.0% NA 4.0% 70.8% (63.8

Lighting Science Group Corporation LSCG 04/24/08 $10.0 $2,129.0 0.5% (4.0%) 0.0% NA 0.0% 40.0% (83.0Ascent Solar Technologies, Inc. ASTI 03/27/08 $28.4 $135.0 21.0% 1.4% 72.2% (8.0%) 26.8% 34.2% (67.9

Enova Systems Inc. ENA 03/26/08 $8.3 $68.5 12.2% (0.5%) NA NA 6.9% (2.0%) (60.3

Energy Focus Inc. EFOI 03/14/08 $10.2 $35.7 28.6% 4.1% 100.0% 0.0% (14.6%) (13.3%) (61.2Lightscape Technologies, Inc. LTSC 03/10/08 $7.5 $58.1 12.9% (15.8%) 0.0% NA (1.6%) 26.3% (84.2

Hoku Scientific, Inc. HOKU 02/25/08 $25.0 $156.4 16.0% (6.7%) 0.0% NA 8.1% (10.9%) (72.0

Sunovia Energy Technologies, Inc. SUNV 01/16/08 $13.1 $2,666.3 0.5% (89.9%) 0.0% NA (29.3%) (54.5%) (90.9

Green Plains Renewable Energy Inc. GPRE 11/14/07 $9.7 $56.6 17.2% (13.6%) NA NA 0.4% 10.9% 64.5China BAK Battery, Inc. CBAK 11/06/07 $13.7 $223.1 6.1% (26.4%) 0.0% NA (10.9%) (13.0%) (54.3

Akeena Solar, Inc. AKNS 11/01/07 $26.1 $198.5 13.2% (16.7%) 20.0% 20.0% (11.9%) (37.7%) (87.4

Enova Systems Inc. ENA 07/30/07 $11.7 $81.0 14.4% (7.6%) NA NA (4.3%) (23.3%) (72.7UQM Technologies, Inc. UQM 06/26/07 $5.2 $105.9 4.9% 0.0% 0.0% NA (2.1%) (5.3%) 1.9

Quantum Fuel Systems Technologies Worldwide, Inc. QTWW 06/22/07 $18.8 $136.0 13.8% (28.2%) 100.0% 0.0% (20.1%) (32.1%) (68.1

Akeena Solar, Inc. AKNS 05/31/07 $12.6 $65.9 19.1% (25.7%) 20.0% 11.3% (4.1%) 6.5% (71.4Arrowhead Research Corporation ARWR 05/18/07 $16.5 $231.1 7.1% (12.3%) 25.0% 9.0% 6.2% 1.1% (82.7

Raser Technologies, Inc. RZ 04/02/07 $12.5 $252.5 5.0% (10.6%) 35.0% 22.7% 25.2% 16.7% (81.2

Ascent Solar Technologies, Inc. ASTI 03/13/07 $9.2 $25.0 36.9% 22.3% 0.0% NA 86.2% 108.5% (18.6Ascent Solar Technologies, Inc. ASTI 03/13/07 $6.7 $72.3 9.3% 52.5% NA NA 86.2% 108.5% (18.6

PICO Holdings, Inc. PICO 03/01/07 $104.5 $679.4 15.4% (12.1%) 0.0% NA (9.7%) 1.4% (11.3

High $104.5 $2,666.3 142.0% 64.3% 100.0% 23.5% 86.2% 204.1% 69.9

Mean $18.7 $318.3 18.3% (11.6%) 21.5% 2.1% 2.2% 9.2% (35.6Median $11.8 $106.4 12.5% (11.8%) 0.0% 4.5% (1.6%) (2.0%) (39.5Low $5.2 $24.1 0.5% (89.9%) 0.0% (61.7%) (33.3%) (54.5%) (90.9

($ in millions)Performance Since Offering

Company Name Ticker Industry

Announce

Date

Gross

Proceeds

Mkt. Cap at

Close

Proceeds

as % of

Mkt. Cap

Conversion

Premium/

(Discount)

Warrant

Coverage

Warrant

Premium/

(Discount) Interest Rate 1 Day 30-Days Curren

Pure Biofuels Corporation PBOF Cleantech 08/03/09 $34.3 $28.4 120.6% 81.8% 0.0% NA 10.0% 5.9% (35.3%) (52.9Advanced Battery Technologies Inc. ABAT Cleantech 06/15/09 $7.0 $243.4 2.9% (5.0%) 170.0% 15.6% NA (1.0%) 2.4% (1.3Advanced Battery Technologies Inc. ABAT Cleantech 05/28/09 $10.0 $220.3 4.5% (0.5%) 170.0% 25.9% NA (0.6%) 12.8% 4.7

GreenHunter Energy, Inc. GRH Cleantech 02/02/09 $5.0 $79.2 6.3% NA NA NA 9.0% 3.8% (58.5%) (66.3ADA-ES, Inc. ADES Cleantech 10/01/08 $16.9 $52.0 32.5% 21.7% 0.0% NA 4.0% (4.5%) (35.5%) (8.2GreenHunter Energy, Inc. GRH Cleantech 08/27/08 $10.6 $306.6 3.4% (51.3%) 100.0% 62.4% NA (1.6%) (7.5%) (91.6

GreenHunter Energy, Inc. GRH Cleantech 07/10/08 $20.0 $252.1 7.9% NA NA NA 8.0% (0.2%) 31.5% (89.2Pacific Ethanol, Inc. PEIX Cleantech 05/23/08 $5.8 $228.6 2.5% 25.5% 50.0% 35.1% 7.0% 0.0% (46.4%) (66.5

Pacific Ethanol, Inc. PEIX Cleantech 03/18/08 $40.0 $183.9 21.7% 43.5% 50.0% 54.5% 7.0% (12.5%) (27.1%) (71.7Raser Technologies, Inc. RZ Cleantech 03/11/08 $55.0 $412.0 13.3% 25.6% 0.0% NA 8.0% (5.2%) 7.2% (88.7Verenium Corporation VRNM Cleantech 02/25/08 $54.4 $222.1 24.5% 16.2% 46.0% 26.1% 8.0% (13.3%) 10.1% (85.9

Pure Biofuels Corporation PBOF Cleantech 09/17/07 $15.0 $32.6 46.1% 15.4% 227.8% 15.4% 10.0% 8.6% 15.5% (86.2Headwaters Inc. HW Cleantech 01/16/07 $154.8 $982.2 15.8% 27.0% 0.0% NA 2.5% (1.4%) 3.5% (79.3

High $154.8 $982.2 120.6% 81.8% 227.8% 62.4% 10.0% 8.6% 31.5% 4.7

Mean $33.0 $249.5 23.2% 18.2% 74.0% 33.6% 7.4% (1.7%) (9.8%) (60.2

Median $16.9 $222.1 13.3% 21.7% 50.0% 26.1% 8.0% ( 1.0%) 2.4% (71.7

Low $5.0 $28.4 2.5% (51.3%) 0.0% 15.4% 2.5% (13.3%) (58.5%) (91.6


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Select Registered Direct OfferingsSelect Registered Direct Offerings

Registered Directs

($ in millions)Performance Since Offering

Company Name Ticker

Announce

Date

Gross

Proceeds

Mkt. Cap at

Close

Proceeds

as % of

Mkt. Cap

Premium/

(Discount)

Announce

Premium/

(Discount)

Closing

Warrant

Coverage

Warrant

Premium/

(Discount) 1 Day 30-Days Curren

Evergreen Energy Inc. EEE 01/27/10 $8.8 $54.2 16.2% (22.3%) (25.9%) 50.0% (4.7%) (23.1%) (17.9%) (51.3

Hydrogenics Corporation HYGS 01/11/10 $5.0 $43.8 11.4% (15.6%) (15.6%) 100.0% 9.7% 1937.2% 1017.0% 921.3

New Generation Biofuels Holdings, Inc. NGBF 12/11/09 $1.5 $20.4 7.5% (5.9%) 14.3% 30.0% 28.6% (14.1%) (9.4%) (17.6

Beacon Power Corporation BCON 12/03/09 $20.7 $61.6 33.6% (15.0%) 14.5% 100.0% 47.4% (24.2%) (22.7%) (29.7

RINO International Corporation RINO 12/02/09 $100.0 $700.5 14.3% (7.5%) 11.3% 70.0% 24.9% (13.4%) (16.9%) (36.3

Comverge Inc. COMV 11/19/09 $29.0 $254.0 11.4% (7.7%) (7.7%) 0.0% NA (11.4%) (3.3%) (1.1

UQM Technologies, Inc. UQM 10/22/09 $34.5 $137.6 25.1% (21.6%) (21.6%) 0.0% NA (2.0%) (6.7%) (16.3China BAK Battery, Inc. CBAK 10/22/09 $20.6 $198.5 10.4% (17.1%) 3.2% 25.0% 13.4% (11.4%) (36.2%) (43.5

Verenium Corporation VRNM 10/05/09 $13.5 $62.2 21.7% (9.1%) (9.1%) 40.0% 15.0% (17.6%) (48.2%) (20.9

Ascent Solar Technologies, Inc. ASTI 09/30/09 $30.0 $132.2 22.7% (17.2%) 3.7% 0.0% NA (21.9%) (35.7%) (51.1

Advanced Battery Technologies Inc. ABAT 09/30/09 $19.0 $253.7 7.5% (4.7%) 0.9% 30.0% 14.6% (11.3%) (22.6%) (13.1

Rentech, Inc. RTK 09/23/09 $20.0 $387.8 5.2% (10.4%) (10.4%) 0.0% NA (15.4%) (21.9%) (48.8ZBB Energy Corporation ZBB 08/14/09 $2.5 $12.7 19.8% (4.0%) 0.0% 20.0% 10.8% (3.2%) 4.0% (38.4

Research Frontiers Inc. REFR 08/03/09 $2.9 $57.5 5.0% (5.2%) 0.0% 20.0% 64.4% (1.3%) (18.2%) (27.5

Hudson Technologies, Inc. HDSN 07/31/09 $1.7 $24.1 7.0% (9.4%) (7.3%) 0.0% NA 0.0% (7.9%) 110.1

Harbin Electric, Inc. HRBN 07/29/09 $115.0 $366.9 31.3% (5.7%) (3.6%) 0.0% NA (4.7%) (21.5%) 30.2

New Generation Biofuels Holdings, Inc. NGBF 07/23/09 $3.4 $24.6 14.0% (18.0%) 9.4% 20.0% 66.7% (21.9%) (28.1%) (45.3Converted Organics Inc. COIN 07/16/09 $2.0 $15.6 12.8% (14.3%) 0.0% 29.8% 22.5% (10.1%) 5.9% (27.7

Rentech, Inc. RTK 06/24/09 $6.4

Think Equity Cleantech Newsletter April 2010

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Transcript of Think Equity Cleantech Newsletter April 2010