Think Equity Cleantech Newsletter April 2010

ThinkEquity LLC
http://www.thinkequity.com/events/TTT/2010/
0
ThinkCleantech Monthly Report
[Month
April Day], 2010
2010
ThinkCleantech Banking Notes from ThinkEquity Solar & Efficiency Research Analyst, Colin Rusch
We see power management and power delivery as critical areas for improvement as
Joe Dews (415) 249-6392 renewable energy technologies gain share in the electrical infrastructure world-wide.
Managing Director, Head of Cleantech
jdews@thinkequity.com As energy needs from data centers increase, and as machines increase in complexity,
requiring varied voltage levels for the performance of their operations, power conversion
Warren Jones (415) 249-6923 devices need to be able to channel needed power to all the elements of a circuit board
Director, Cleantech efficiently (largely by managing the voltage of the power flow).
wjones@thinkequity.com
We believe solar industry growth is based on global subsidies. We expect the solar industry
Bryan Dow (415) 249-6921 to undergo lumpy growth over the next several years as major subsidy programs are revised,
Vice President, Cleantech
notably in Italy and Germany.
bdow@thinkequity.com
We believe that the solar industry has a limited amount of low-cost, vertically integrated
crystalline-silicon manufacturing capacity available. Taking into account capacity expansion
announcements since August 2009, we believe this capacity amounts to 6-6.5GW in
aggregate. We believe these manufacturers and their suppliers will continue to expand
ThinkCleantech M&A capacity throughout 2011 in an attempt to gain market share.
Robin Graham (415) 249-6391

Managing Director, Co-Head of M&A Notes from ThinkEquity Green Industrial & Environmental Analyst, Shawn Severson
rgraham@thinkequity.com
With industrial applications accounting for nearly 60% of water use in high-income countries,
we believe it is easy to see that growing industrial activity around the world will push demand
for water. As developing nations modernize, it is fair to say that industrial activity will follow
and pressure resources further.
ThinkCleantech Research
Although some water resources might be saved via awareness, we believe it would only
Colin Rusch (212) 468-7015 make a small dent in the overall increase in demand and a real solution requires access to
Solar & Grid Modernization Analyst new sources such as SWRO and a concerted global effort to implement available
crusch@thinkequity.com conservation technologies.
Shawn Severson (415) 249-1986 Along with the overall population growth, the portion of the global community emerging into
Green Industrial & the middle class will increase considerably and so will its water consumption on a per-capita
Environmental Analyst basis, in our view.
sseverson@thinkequity.com
Cleantech Industry Performance
400
ThinkCleantech Indices
350
Monthly Performance: 300

Advanced Lighting 8.8%
Biofuels (2.4%) 250
Carbon & Envi. Mkts. (0.2%)
Clean Carbon 8.2% 200
Efficiency 2.4%
Powertech 4.8% 150
Solar 9.2%
Storage 2.9% 100
Water 3.0%
Wind 10.3% 50
NASDAQ 5.8%
Please contact Bryan Dow for 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 04/10
changes to the distribution list: Adv. Lighting Biofuels Carbon Mkts. Clean Carbon
bdow@thinkequity.com Efficiency Powertech Solar Storage
Water Wind NASDAQ Wilderhill Clean
Source: FactSet, Capital IQ, ThinkEquity; as of April 1, 2010
1
ThinkCleantech Research Recap
March 1 – March 31, 2010
Colin
Colin Rusch,
Rusch, ThinkEquity
ThinkEquity Solar
Solar &
& Grid
Grid Modernization
Modernization Research
Research Analyst
Analyst
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)
Shawn
Shawn Severson,
Severson, ThinkEquity
ThinkEquity Green
Green Industrial
Industrial &
& Environmental
Environmental Research
Research Analyst
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)
Summary Valuations
Enterprise
Enterprise Value
Value // Revenue
Revenue
Median Index Revenue Multiples
Adv. Light. Biofuels Carb Mkts Carbon Efficiency Pow ertech Solar Storage Water Wind
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
Enterprise
Enterprise Value
Value // EBITDA
EBITDA
Median Index EBITDA Multiples
2010E 10.3x 6.9x 14.4x 6.5x 12.7x 13.5x 9.8x 7.4x 9.8x 9.1x
2011E 7.8x 7.0x 7.8x 8.7x 10.5x 9.9x 7.1x 9.2x 8.5x 6.9x
Price
Price // Earnings
Earnings
Median Index Price-to-Earnings Multiples
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
Source: Capital IQ, Company filings; as of April 1, 2010. Note: All multiples shown are for calendar years.
3
Advanced Lighting
Trading 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 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.6x
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 0.7x
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 0.6x
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 1.1x
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 1.4x
Hubbell 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 1.2x
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 0.5x
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 1.3x
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 2.6x
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 0.2x
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 NA
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 0.7x
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 1.4x
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 0.2x
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 0.9x
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 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 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 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 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 NM
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 1.4x
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 NM
Tyntek Corporation $0.89 83.2% $303.4 $341.4 NA 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 NA
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 NA
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 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 NA
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 NA
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 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 0.9x NA NM 9.2x NA NM 35.4x 18.4x 25.0% NM 1.4x 0.7x
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 0.8x
Energy Focus, Inc. $1.20 79.7% $25.5 $25.1 NA 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 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 1.0x
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 0.9x
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 $11,148.0
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 $27,515.6
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 $6,115.4
Cooper Industries plc CBE 31.3% 14.2% 8.7% $5,108.2 $5,183.0 $5,569.7 $719.6 $813.6 $909.4 $2.46 $2.98 $3.38 $381.6 $934.4
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 $0.0
Hubbell Inc. HUB.B 30.8% 15.3% 7.6% $2,356.1 $2,417.5 $2,596.6 $359.6 $389.3 $429.3 $3.15 $3.23 $3.69 $258.5 $497.2
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 $0.0
Stanley Electric Co. Ltd. 2301 19.1% 15.7% 2.3% $2,731.0 $2,759.3 $2,971.1 $368.9 $548.9 $596.5 $0.31 $1.09 $1.26 $648.7 $179.9
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 $871.5
Citizen Holdings Co., Ltd. 7762 30.5% 5.3% (8.0%) $2,617.7 $2,824.0 $3,004.1 $138.1 $298.0 $372.6 ($0.64) $0.25 $0.37 $912.9 $1,106.2
Seoul Semiconductor Co., Ltd. A046890 18.0% (2.7%) (4.3%) $340.0 $540.0 NA $50.0 $80.0 NA $0.55 $0.61 NA $8.8 $2.7
LG Innotek Co., Ltd. SE:A01107 13.3% 7.2% 4.2% $2,515.6 $3,122.9 $3,635.9 $245.7 $410.3 $511.0 $5.09 $6.06 $9.19 $193.3 $511.5
Acuity Brands, Inc. A011070 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 $229.3
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 $192.9
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 $101.2
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 $147.7
Zumtobel AG WBAG:ZAG 35.7% 8.8% (0.4%) $1,539.7 $1,481.6 $1,521.9 $143.7 $146.6 $164.3 $0.74 $1.18 $1.60 $147.9 $360.3
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 $42.7
Unity Opto Technology Co. Ltd. 2499 13.3% 12.2% 11.6% NA NA NA NA NA NA NA NA NA $61.6 $55.8
Formosa Epitaxy Inc. 3061 17.1% 29.3% (1.0%) NA NA $182.8 NA NA $82.6 NA NA $0.11 $83.9 $29.3
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 $0.0
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 $0.0
Tyntek Corporation SEC:2426 5.1% 0.7% (6.8%) NA NA NA NA NA NA NA NA NA $27.3 $51.2
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 $46.0
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 $7.6
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 $1.1
Arima Optoelectronics Corporation SEC:6289 (42.3%) (28.7%) (90.2%) $55.4 $58.2 NA NA NA NA ($0.03) ($0.03) NA $16.9 $52.9
Ledtech Electronics Corp. SEC:6164 36.8% 17.6% 8.3% $21.9 $64.3 NA NA NA NA $0.03 $0.06 NA $11.1 $5.9
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 $0.0
Lighting Science Group Corporation LSCG (2.1%) (130.5%) NM NA NA NA NA NA NA NA NA NA $0.4 $51.9
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 $4.0
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 $3.3
Energy Focus, Inc. EFOI 14.2% (67.1%) (103.2%) NA NA NA NA NA NA NA NA NA $1.8 $1.4
Enfis Group Plc AIM: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 $0.1
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 $1,478.4
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 $51.5
4
Biofuels

Biofuels Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.0x
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 0.9x
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
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 $7,865.0
Green Plains Renewable Energy, Inc. GPRE 6.7% 5.5% 1.5% $1,304.2 $1,692.4 $1,857.7 $71.5 $121.4 $130.7 $0.79 $1.37 $1.48 $0.0 $457.0
Pacific Ethanol, Inc. PEIX (13.5%) (11.0%) (25.0%) NA NA NA NA NA NA NA NA NA $11.5 $315.3
BioFuel Energy Corp. BIOF (2.6%) 0.9% (7.1%) $512.3 $580.0 NA NA NA NA NA NA NA $8.2 $261.1
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 $105.8
FutureFuel Corp. FTFL 17.5% 16.4% 8.6% $196.7 NA NA $32.4 NA NA $0.58 NA NA $72.3 $0.0
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 $66.4
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 $1,295.8
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 $261.1
5
Carbon and Environmental Markets
Enterprise Value / Enterprise Value / LT PEG

Carbon Markets Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 $0.0
Trading Emissions Plc AIM:TRE NM NM NM $45.5 $7.6 NA ($46.7) ($4.6) NA $0.29 $0.10 NA $304.3 $0.5
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 $0.0
Camco International Ltd AIM: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 $0.3
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 $0.2
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 $0.2
6
Clean Carbon

Clean Carbon Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 0.5x
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 1.0x
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 8.9x
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

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 $2,575.8
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 $2,455.2
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 $491.0
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 $78.3
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 $2.9
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 $0.0
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 $0.0
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 $4.4
Mean 41.0% 12.2% (8.5%) $5,561.3 $5,928.2 $7,077.7 $718.3 $950.8 $1,254.5 ($0.34) $1.12 $1.60 $864.8 $701.0
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 $41.3
7
Energy Efficiency & Smart Grid

Energy Efficiency & Smart Grid Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.4x
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 0.8x
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 2.6x
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 0.7x
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 0.5x
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 1.1x
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 0.6x
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 0.7x
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 0.8x
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 1.0x

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 $0.0
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 $796.9
Lite-On Technology Corp. TSEC: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 $871.5
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 $518.8
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 $170.4
Neo-Neon Holding Ltd. SEHK: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 $42.7
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 $0.1
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 $25.4
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 $12.8
Ambient Corporation ABTG 21.9% (76.5%) (179.0%) NA NA NA NA NA NA NA NA NA $3.8 $9.8
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 $5.3
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 $0.0
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 $0.8
Lighting Science Group Corporation LSCG (2.1%) (130.5%) NM NA NA NA NA NA NA NA NA NA $0.4 $51.9
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 $4.0
Sustainable Energy Technologies Ltd. TSXV:STG NM NM NM $0.5 NA NA ($10.0) NA NA ($0.07) NA NA $5.5 $4.6
Beacon Power Corporation BCON (2.4%) NM NM $1.0 NA NA ($16.9) NA NA ($0.16) NA NA $22.6 $4.3
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 $3.3
Energy Focus, Inc. EFOI 14.2% (67.1%) (103.2%) NA NA NA NA NA NA NA NA NA $1.8 $1.4
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 $132.8
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 $5.3
8
Powertech & Advanced Transportation
ore4
PowerTech & Advanced Trans. Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.2x
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 1.5x
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 0.6x
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 0.8x
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 0.6x
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

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 $634.0
Clean 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 $12.2
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 $15.8
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 $19.4
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 $7.6
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 $0.0
Azure Dynamics Corp. TSX: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 $2.2
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 $5.3
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 $0.0
Magnetek Inc. MAG 31.6% 28.0% (3.1%) $82.2 $89.1 NA $1.3 NA NA ($0.01) NA NA $16.5 $0.0
Distributed Energy Systems Corp. DESC (12.4%) 28.0% (161.4%) NA NA NA NA NA NA NA NA NA $3.6 $12.4
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 $64.5
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 $7.6
9
Solar

Solar Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 13.1x 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 44.1x 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 13.2x 8.9x NA NM NM NM
Sunways 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 21.4x 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 $176.0
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 $2,066.0
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 $417.8
Suntech 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 $1,455.3
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 $1,818.4
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 $826.9
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 $785.5
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 $1,007.1
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 $1,189.0
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 $387.1
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 $580.4
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 $272.6
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 $498.8
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 $0.4
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 $617.6
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 $252.0
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 $0.0
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 $357.4
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 $379.3
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 $289.3
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 $8.1
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 $18.3
Phoenix 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 $0.1
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 $43.4
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 $44.6
Premier Power Renewable Energy, Inc. CBB:PPRW 14.5% (12.5%) 11.6% $30.8 NA NA ($3.8) NA NA $0.11 NA NA $3.8 $2.2
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 $1.6
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 $7.3
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 $0.3
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 $9.0
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 $0.6
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 $2.5
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 $0.1
DayStar Technologies Inc. DSTI NA NA NA $0.0 $10.0 $100.0 ($20.8) NA NA ($0.75) ($0.47) NA $0.0 $1.6
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 $397.5
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 $214.0
10
Batteries & Energy Storage

Batteries & Energy Storage Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.3x
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 0.9x
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 1.3x
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 0.2x
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 NA
Millennium 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

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 $803.4
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 $371.5
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 $669.0
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 $22.5
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 $33.3
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 $220.8
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 $16.7
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 $7.3
FuelCell Energy Inc. FCEL (32.2%) (65.3%) (78.3%) $80.9 $115.5 $197.7 ($52.9) ($24.6) $15.5 ($0.87) ($0.55) ($0.13) $50.6 $4.8
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 $2.2
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 $54.7
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 $2.1
Quantum Fuel Systems Technologies Wo QTWW (38.6%) (135.2%) NM $13.5 $31.1 NA ($18.2) NA NA ($0.38) ($0.07) NA $4.1 $20.7
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 $10.8
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 $32.0
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 $19.3
Beacon Power Corporation BCON (2.4%) NM NM $1.0 NA NA ($16.9) NA NA ($0.16) NA NA $22.6 $4.3
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 $2.6
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 $60.9
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 $0.0
Mechanical Technology Inc. MKTY 13.0% (50.5%) (63.1%) NA NA NA NA NA NA NA NA NA $1.2 $2.9
Medis Technologies Ltd. MDTL NA NA NA NA NA NA NA NA NA NA NA NA $0.8 $0.7
Millennium Cell Inc. MCEL.Q 0.8% NM NM NA NA NA NA NA NA NA NA NA $3.5 $5.1
Verbicom SA VRB NA NA NA NA NA NA NA NA NA NA NA NA $0.0 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 $102.9
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 $16.7
11
Water Resources

Water Resources Price Week High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 1.2x
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 2.1x
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 1.9x
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 1.3x
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 0.8x
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 1.5x
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 1.6x
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 1.3x
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 1.5x
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

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 $822.0
Aqua 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 $1,473.6
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 $99.6
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 $368.5
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 $0.0
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 $41.2
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 $8.0
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 $26.7
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 $1.1
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 $10.0
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 $13.3
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 $260.4
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 $26.7
12
Wind
% of Enterprise Value / Enterprise Value / LT

04/01/10 52 Week Equity Enterprise Revenue EBITDA Price / Earnings Proj. EPS P/E/G Ratio
(1) (2)
Wind Price High Value Value 2009A 2010E 2011E 2009A 2010E 2011E 2009A 2010E 2011E Growth 2009A 2010E 2011E
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 0.8x
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 0.5x
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 1.2x
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 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 1.6x
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 1.8x
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 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 1.9x
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 NM
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 1.4x

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 $503.0
Gamesa Corporation GAM 28.6% 8.5% 3.5% $4,647.0 $4,387.7 $5,228.1 $395.9 $541.3 $685.1 $0.69 $0.76 $1.13 $0.0 $1,554.2
Suzlon Energy Limited SUZ 29.6% 6.4% (2.0%) $4,103.9 $5,501.4 $6,467.2 $324.7 $489.6 $656.5 ($0.07) $0.05 $0.13 $0.0 0.0
REPower Systems AG RPW 23.2% 7.6% 4.5% $1,822.6 $1,793.0 $2,428.7 $138.7 $162.2 $195.9 $7.85 $10.49 $11.34 $200.8 $45.8
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 $0.0
Nordex SE NDX1 22.8% 5.1% 2.6% $1,587.8 $1,788.3 $2,213.1 $78.3 $104.9 $153.9 $0.49 $0.66 $1.08 $222.5 $109.4
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 $40.2
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 $12.2
Clipper Windpower Plc CWP (19.7%) (25.0%) (23.7%) $813.0 $721.8 $890.1 ($172.3) $10.5 $52.5 ($1.10) $0.01 $0.17 $105.8 $20.5
Mean 18.5% 4.4% (6.9%) $2,607.7 $2,689.9 $3,254.9 $260.2 $301.1 $446.0 $1.23 $1.74 $2.20 $149.5 $285.7
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 $43.0
13
Equity Activity at a Glance
Select
Select Initial
Initial Public
Public Offerings
Offerings
($ in millions, except per share data)
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 Current
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% 126.0%
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% 1.3%
04/26/07 07/23/08 GT Solar International Inc SOLR Cleantech $16.50 454 0.0% $500.0 $2,349.4 21.3% 100.0% (11.6%) (16.0%) (68.4%)
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% (27.5%)
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%) (66.4%)
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% (63.5%)
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%) (2.5%)
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%) (72.3%)
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% 16.0%
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% (75.7%)
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% 90.2%
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% 14.7%
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% (62.9%)
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% (37.5%)
01/16/07 02/06/07 JA Solar Holdings Co Ltd - JASO JASO Cleantech $15.00 21 11.1% $258.8 $691.4 37.4% 0.0% 18.7% 32.0% 12.4%
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%) (38.2%)
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%) 32.2%
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% NA
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% 506.5%
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% (11.6%)
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%) 60.4%
01/23/06 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%) (30.2%)
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 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% (99.9%)
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% (99.9%)
11/01/05 12/13/05 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% (5.3%)
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% 5.6%
High 454 54.3% $500.0 $2,716.1 56.7% 100.0% 64.7% 126.8% 506.5%
Mean 115 6.8% $220.1 $887.1 28.8% 15.8% 14.5% 18.8% 4.1%
Median 91 7.1% $140.0 $530.3 28.1% 0.0% 13.3% 15.7% (11.6%)
Low 8 (38.2%) $16.5 $29.1 14.8% 0.0% (45.2%) (46.5%) (99.9%)
Select
Select IPOs
IPOs in
in Registration*
Registration*

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 -
Source: Capital IQ, Company filings, and Dealogic; as of April 1, 2010.

Bolded transaction 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 written
prospectus go to www.sec.gov/edgar.shtml.
14
Select
Select Follow-On
Follow-On Offerings
Offerings
Pricing Date and Company Name Offering Information Price Information
Filing Pricing Offer Days Filing % ∆ Filing Discount Amount Market Cap. % of Market % % Change from Offer Price
Date Date Company Ticker Industry Price to Pricing to Pricing to Last Trade Offered at Offering Cap Offered Secondary 1-Day 30-Days Current
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 20.8%
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 7.4%
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 14.1%
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%) (21.2%)
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% (6.4%)
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% 33.3%
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% 56.2%
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% 72.1%
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% 3.7%
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% 52.8%
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%) (1.1%)
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% 88.0%
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%) (42.8%)
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% (17.8%)
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% 98.9%
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% (41.1%)
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% 26.3%
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% 10.5%
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%) (14.9%)
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% 174.9%
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%) 77.6%
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% 59.5%
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%) (1.8%)
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% 84.6%
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% 52.7%
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% (37.2%)
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% (13.6%)
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%) (84.3%)
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% 36.7%
07/14/08 07/16/08 Canadian Solar Inc CSIQ Cleantech $34.00 2 (11.4%) (4.6%) $119.0 $1,270.2 9.4% 0.0% (7.7%) (15.6%) (29.2%)
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%) (89.3%)
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%) (56.4%)
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% (22.8%)
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% (12.9%)
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%) (72.6%)
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% (41.4%)
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% (11.7%)
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%) (88.1%)
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% (31.3%)
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% (58.8%)
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% (61.2%)
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%) (69.0%)
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% (30.6%)
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% (70.0%)
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%) (93.2%)
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% (38.1%)
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% (59.9%)
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%) (53.7%)
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% (74.9%)
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% 27.7%
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%) (70.5%)
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% 38.0%
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%) (45.6%)
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% (86.3%)
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%) (62.3%)
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%) (61.7%)
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% (60.0%)
High 83 15.8% 0.0% $698.3 $7,941.9 52.2% 100.0% 112.4% 81.8% 174.9%
Mean 11 (10.6%) (8.2%) $124.5 $1,263.6 12.7% 24.2% 3.8% 4.5% (11.5%)
Median 2 (7.6%) (5.8%) $108.7 $847.2 12.7% 0.0% 2.1% 4.2% (17.8%)
Low 0 (67.4%) (67.4%) $0.0 $47.5 0.0% 0.0% (52.7%) (55.9%) (93.2%)
Source: Capital IQ, Placement Tracker, Dealogic, Company filings; as of April 1, 2010.
Bolded transaction indicates where ThinkEquity acted as a placement agent.
15
Select
Select PIPEs
PIPEs
PIPEs – Common Stock
($ in millions)
Performance Since Offering
Proceeds Premium/ Warrant
Announce Gross Mkt. Cap at as % of (Discount) Warrant Premium/
Company Name Ticker Date Proceeds Close Mkt. Cap Announce Coverage (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%) (27.2%)
Ener1, 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%) (48.9%)
Enova 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% 61.0%
Solar 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% 0.9%
U.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 CBB:ZHY 04/27/09 $5.7 $50.2 11.3% 64.3% 0.0% NA NA NA NA
Raser 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%) (5.5%)
Pure 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%) (31.8%)
Green 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% (83.0%)
Ascent 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%) (61.2%)
Lightscape 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% 64.5%
China 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%) (72.7%)
UQM 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% (71.4%)
Arrowhead 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% (18.6%)
Ascent 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% (35.6%)
Median $11.8 $106.4 12.5% (11.8%) 0.0% 4.5% (1.6%) (2.0%) (39.5%)
Low $5.2 $24.1 0.5% (89.9%) 0.0% (61.7%) (33.3%) (54.5%) (90.9%)
PIPEs – Convertibles
($ in millions)
Proceeds Conversion Warrant
Announce Gross Mkt. Cap at as % of Premium/ Warrant Premium/
Company Name Ticker Industry Date Proceeds Close Mkt. Cap (Discount) Coverage (Discount) Interest Rate 1 Day 30-Days Current
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%) (52.9%)
Advanced 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% (1.3%)
Advanced 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%) (66.3%)
ADA-ES, Inc. ADES Cleantech 10/01/08 $16.9 $52.0 32.5% 21.7% 0.0% NA 4.0% (4.5%) (35.5%) (8.2%)
GreenHunter 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% (89.2%)
Pacific 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%) (71.7%)
Raser Technologies, Inc. RZ Cleantech 03/11/08 $55.0 $412.0 13.3% 25.6% 0.0% NA 8.0% (5.2%) 7.2% (88.7%)
Verenium 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% (86.2%)
Headwaters 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 $28.4 2.5% (51.3%) 0.0% 15.4% 2.5% (13.3%) (58.5%) (91.6%)
16
Select
Select Registered
Registered Direct
Direct Offerings
Offerings
Registered Directs
($ in millions)
Proceeds Premium/ Premium/ Warrant
Announce Gross Mkt. Cap at as % of (Discount) (Discount) Warrant Premium/
Company Name Ticker Date Proceeds Close Mkt. Cap Announce Closing Coverage (Discount) 1 Day 30-Days Current
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%) (16.3%)
China 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%) (48.8%)
ZBB 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%) (45.3%)
Converted 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 $96.9 6.6% 0.0% 0.0% NA NA (1.7%) (13.8%) 77.6%
Superconductor Technologies Inc. SCON 06/23/09 $11.3 $75.2 15.0% (9.9%) (25.4%) 0.0% NA (6.0%) 1.5% (12.9%)
SatCon Technology Corporation SATC 06/09/09 $20.2 $115.0 17.6% (38.4%) (41.7%) 0.0% NA (22.3%) (19.9%) 13.7%
PICO Holdings, Inc. PICO 06/05/09 $101.3 $564.5 17.9% (9.9%) (9.9%) 0.0% NA (2.5%) (5.3%) 24.6%
Converted Organics Inc. COIN 05/20/09 $2.1 $25.3 8.3% (15.2%) (15.2%) 100.0% (15.2%) (16.4%) (19.4%) (47.9%)
Capstone Turbine Corporation CPST 05/04/09 $12.5 $126.3 9.9% 0.0% 19.1% 75.0% 30.9% (16.3%) (19.5%) 48.3%
Beacon Power Corporation BCON 12/22/08 $4.5 $60.5 7.4% (25.4%) (19.4%) 100.0% 19.4% (23.9%) (37.3%) (32.8%)
Clean Energy Fuels Corporation CLNE 10/29/08 $35.0 $421.4 8.3% (12.0%) (16.7%) 100.7% 4.1% (20.6%) (46.1%) 153.6%
Capstone Turbine Corporation CPST 09/18/08 $32.0 $205.1 15.6% (14.9%) 10.4% 30.0% 42.2% (13.1%) (20.6%) (26.3%)
China BAK Battery, Inc. CBAK 08/22/08 $16.0 $211.5 7.6% (14.5%) (1.3%) 0.0% NA (11.4%) (16.4%) (46.9%)
Quantum Fuel Systems Technologies Worldwide, Inc. QTWW 08/20/08 $19.1 $153.6 12.4% 9.3% 7.6% 150.0% 103.0% (6.7%) (36.1%) (65.7%)
Harris & Harris Group, Inc. TINY 06/17/08 $15.7 $176.7 8.9% (18.9%) (18.9%) 0.0% NA (14.2%) (25.7%) (38.0%)
Pacific Ethanol, Inc. PEIX 05/23/08 $28.5 $158.4 18.0% (8.3%) 32.3% 50.0% 97.8% (19.3%) (56.8%) (73.0%)
Beacon Power Corporation BCON 10/26/07 $25.0 $142.3 17.6% 5.5% 5.5% 95.0% 49.2% 0.5% (16.1%) (77.4%)
Beacon Power Corporation BCON 09/05/07 $10.0 $118.4 8.4% 8.3% 18.4% 120.0% 20.2% (5.5%) 8.3% (75.1%)
Nanophase Technologies Corporation NANX 07/02/07 $11.2 $116.2 9.7% (2.8%) (2.8%) 0.0% NA 0.5% 9.9% (69.6%)
Harris & Harris Group, Inc. TINY 06/15/07 $14.0 $236.7 5.9% (2.7%) (2.7%) 0.0% NA 7.8% (0.8%) (57.6%)
Rentech, Inc. RTK 04/20/07 $54.9 $388.6 14.1% 0.0% 0.0% 20.0% 20.1% (3.3%) (18.3%) (62.3%)
High $115.0 $700.5 33.6% 9.3% 32.3% 150.0% 103.0% 1937.2% 1017.0% 921.3%
Mean $22.8 $167.7 13.4% (10.5%) (4.0%) 41.2% 29.2% 40.2% 8.5% 2.8%
Median $14.8 $122.4 11.9% (9.9%) (2.0%) 29.8% 20.2% (11.4%) (18.2%) (34.6%)
Low $1.5 $12.7 5.0% (38.4%) (41.7%) 0.0% (15.2%) (24.2%) (56.8%) (77.4%)
17
Select
Select Private
Private Placement
Placement Transactions
Transactions
($ in millions)
Date Company Amount Industry Stage Investor(s)
2010 1st Qtr Ze-gen $37.6 Waste to Energy Follow-On Flagship Ventures, Omar Zawawi Establishment, VantagePoint Venture Partners
2010 1st Qtr Power Assure $5.5 Monitoring, Metering & Control First Round Draper Fisher Jurvetson, Undisclosed Investors
2010 1st Qtr CFX Battery Inc. $14.2 Other Technologies Follow-On CMEA Capital, Harris & Harris Group, Schlumberger, US Venture Partners
2010 1st Qtr Achates Power, Inc. $20.6 Vehicle Components/Engines Follow-On Interwest Partners, Madrone Capital Partners, RockPort Capital Partners, Sequoia Capital, Triangle Peak Partners
2010 1st Qtr Verdezyne $9.0 Biodiesel Follow-On Undisclosed Investors
2010 1st Qtr Amonix, Inc. $104.4 Concentrated PV Follow-On Lazard Freres & Co LLC, Undisclosed Investors
2010 1st Qtr Coastal Projects $55.0 Power Protection Private Equity Baring Private Equity Partners, Sequoia Capital, Fidelity, Deutsche Bank
Chrysalix Energy, DCM, El Dorado Ventures, Harris & Harris Group, VantagePoint Venture Partners,
2010 1st Qtr BridgeLux, Inc. (FKA eLite Optoelectronics) $62.0 Solid State Lighting Follow-On
VentureTech Alliance
2010 1st Qtr Verdiem Corp. $4.7 Monitoring, Metering & Control Follow-On Undisclosed Investors
2010 1st Qtr Himadri Chemicals & Industries Ltd $124.0 Lithium-Ion Private Equity Bain Capital
2010 1st Qtr Simbol Mining Corp. $1.4 Metals Follow-On MDV - Mohr Davidow Ventures, Firelake Capital Management, LLC
2010 1st Qtr Agile Energy LLC $2.0 Renewable Energy Providers First Round Good Energies Inc., Undisclosed Investors
2010 1st Qtr SpectraWatt, Inc. $41.4 Cells & Modules Follow-On Cogentrix Energy, LLC, Intel Capital, PCG Asset Management - PCG Clean Energy and Technology Fund
2010 1st Qtr HelioFocus $12.8 Concentrated Solar Thermal Follow-On Zhejiang Sanhua, IC Green Energy
2010 1st Qtr Coda Automotive $30.0 Electric & Hybrids Follow-On Aeris Capital
2010 1st Qtr Quench $13.0 Purification Follow-On Element Partners, Virgin Green Fund, Doug Brown
2010 1st Qtr HaloSource, Inc. $10.0 Purification Follow-On Prime Partners Corporate Finance Pte Ltd, Undisclosed Investors
2010 1st Qtr Clean Power Finance $6.9 Systems First Round Claremont Creek Ventures, Clean Pacific Ventures, Sand Hill Angels, Private - Gary Kremen
2010 1st Qtr Precusor Energetics Inc. $2.0 Appliances Follow-On Undisclosed Investors
2010 1st Qtr Konarka Technologies, Inc. $23.8 Thin Films Follow-On 3i, Draper Fisher Jurvetson, Good Energies AG, Undisclosed Investors
2010 1st Qtr GroundedPower $0.9 Building Automation Follow-On Undisclosed Investors
2010 1st Qtr Bioprocess Control NA Biogas Follow-On DSM Venturing
2010 1st Qtr Azure Power $10.0 Systems Follow-On Foundation Capital, Helion Advisors Pvt.ltd, IFC
2010 1st Qtr Intellitect Water $3.3 Contaminate Detection Follow-On Catapult Venture Managers, Ltd., Credit Suisse, Pemberstone Group
2010 1st Qtr Ijenko $2.9 Home Automation First Round Direct Energie SA, I-Source Gestion, Bouygues Telecom Initiatives
2010 1st Qtr Lavasa Corporation Limited $55.0 Construction/Fabrication Private Equity Undisclosed
2010 1st Qtr EcoSynthetix, Inc. $10.1 Coatings Follow-On Canaccord Financial
2010 1st Qtr WindTronics $3.3 Turbines Follow-On Undisclosed Investors
2010 1st Qtr Zymetis $0.8 Biomass Follow-On Undisclosed Investors
2010 1st Qtr Synchrony, Inc. $10.0 Efficient Motors Follow-On Third Point, LLC
2010 1st Qtr Nordic Windpower, LLC $12.0 Turbines Follow-On Undisclosed Investors
2010 1st Qtr D-LED Illumination Technologies $0.9 Solid State Lighting Follow-On TechnoPlus Ventures Ltd.
2010 1st Qtr Zhejiang Zhongtai Vehicle Manufacture Co. $9.0 Electric & Hybrids Follow-On Cybernaut (China) Investment
2010 1st Qtr Fisker Automotive, Inc. $140.3 Electric & Hybrids Follow-On A123 Systems, Inc., KPCB, Undisclosed Investors
2010 1st Qtr Energy Inc. $2.0 Power Monitoring & Metering Follow-On 3M New Ventures
2010 1st Qtr Dantherm Power $7.5 Other Technologies Other Ballard Power Systems Inc., Danfoss Ventures
2010 1st Qtr Magnum D'Or Resources $3.5 Plastic/Rubber Follow-On Undisclosed Investors
2010 1st Qtr ABSMaterials $0.3 Purification Seed JumpStart Inc.
2010 1st Qtr AD Hydro Power $15.0 Renewable Energy Providers Private Equity IFC
2010 1st Qtr Nexamp $6.5 ESCOs First Round Good Energies AG, Point Judith Capital
2010 1st Qtr Tantalus Systems Corp. $14.0 Power Conservation Follow-On Redpoint Ventures, Undisclosed Investors
2010 1st Qtr Ember Corp. $5.0 Sensors & Controls Follow-On Wellington Financial Fund
2010 1st Qtr Project FROG Inc. $5.2 Building Envelope & Insulation Follow-On Greener Capital Partners, Undisclosed Investors
2010 1st Qtr QuelleEnergie.fr $0.7 Consulting/Facility Management First Round Alven Capital, Undisclosed Investors
2010 1st Qtr VYCON $13.7 Flywheels Follow-On Bank Invest, Calnetix, Cooper Capital Partners, Dynamics Venture Management GmbH, Sumitomo Corporation
2010 1st Qtr Greenko Group Plc $120.0 Renewable Energy Providers Private Equity Arden Partners, Mirabaud, TPG Growth
2010 1st Qtr ecobee $6.7 Home Automation Follow-On JLA Ventures, Tech Capital Partners Inc., Ontario Emerging Technologies Fund
2010 1st Qtr Lucid Design Group $1.5 Building Automation First Round Dry Creek Ventures, Undisclosed Investors
2010 1st Qtr Clean Filtration Technologies $3.5 Purification Follow-On Undisclosed Investors, Dow Venture Capital
2010 1st Qtr Better Place $350.0 Fueling Infrastructure Follow-On HSBC, Morgan Stanley, VantagePoint Venture Partners, Lazard Asset Management
2010 1st Qtr Seajacks International $207.0 Turbines Private Equity Riverstone Holdings LLC
Bekaert, Cedar Point Capital, Dow Chemical, Helmet Business Mentors, Ignite Group, Intel Capital, Perseus,
2010 1st Qtr Cymbet Corporation $31.0 Thin Film Follow-On
Texas Instruments
2010 1st Qtr QD Vision, Inc. $3.0 Smart Lighting Systems Follow-On DTE Energy Ventures, Inc.
2010 1st Qtr Harvest Power NA Waste to Energy Follow-On KPCB, Munich Venture Partners, Waste Management
2010 1st Qtr CTC Technical Fabrics NA Turbines First Round WI Harper Group, Shenzhen Capital Group Co., Changzhou Hongtu Venture Capital
2010 1st Qtr SolarCity Corporation $24.0 Systems Follow-On Undisclosed Investors
2010 1st Qtr e2e Materials, LLC $3.0 Biodegradeable Products Follow-On Undisclosed Investors
2010 1st Qtr Solesta NA Systems First Round Start Green Venture Capital
2010 1st Qtr Ciris Energy, Inc. NA Renewable Energy Providers Seed GE, Braemar Energy Ventures, Rho Ventures
2010 1st Qtr NanoGram Corp. $4.0 Other Follow-On Undisclosed Investors
2010 1st Qtr agri.capital $3.0 Biogas Follow-On Frog Capital
2010 1st Qtr Coulomb Technologies Inc. $14.0 Fueling Infrastructure Follow-On Voyager Capital, Rho Ventures, Siemens Venture Capital GmbH, Hartford Ventures
2010 1st Qtr Sterecycle Ltd. $10.0 Mixed Wastes Follow-On Undisclosed Investors
2010 1st Qtr Semprius $8.2 Concentrated PV Follow-On Undisclosed Investors
2010 1st Qtr Vulcan Power Co. $108.0 Generation Follow-On Denham Capital Management
2010 1st Qtr 1366 Technologies $5.2 Concentrated PV Follow-On North Bridge Venture Partners, Polaris Venture Partners
2010 1st Qtr 4Home $4.3 Home Automation Follow-On Undisclosed Investors
2010 1st Qtr Eden Park Illumination $2.0 Solid State Lighting First Round Undisclosed Investors
2010 1st Qtr Green Plug, Inc. NA Charging & Management Follow-On Herald Investment Management Ltd, Killik & Co, Peninsula Equity Partners
2010 1st Qtr GeoPure Hydro Technologies NA Other First Round Stockyard Capital Management, Private
2010 1st Qtr XL Hybrids $0.9 Electric & Hybrids First Round Undisclosed Investors
2010 1st Qtr Solum, Inc $2.1 Precision Agriculture First Round Khosla Ventures
2010 1st Qtr Everpower Renewables Corp. NA Farms Private Equity Terra Firma
Climate Change Capital Private Equity, Capricorn Venture Partners NV, Black River Asset Management,
2010 1st Qtr Metallkraft $24.0 Mixed Wastes Follow-On
Undisclosed Investors
2010 1st Qtr Powerhouse Dynamics $1.0 Monitoring, Metering & Control First Round CommonAngels
2010 1st Qtr Integrated PhotoVoltaics Inc. $9.9 Cells & Modules First Round Alloy Ventures, I2BF Venture Capital, Labrador Ventures, Peninsula Equity Partners
2010 1st Qtr CellEra, Inc. $2.0 Other Technologies Follow-On BrainsToVentures AG, Israel Cleantech Ventures
2010 1st Qtr Infinia Corp. $11.5 Concentrated Solar Thermal First Round Vulcan Capital, Undisclosed Investors
2010 1st Qtr AMEE UK Ltd $5.5 Consulting/Facility Management Follow-On Amadeus Capital Partners, O'Reilly AlphaTech Ventures, Union Square Ventures
2010 1st Qtr Avalanche Technology $7.5 Appliances Follow-On Bessemer Venture Partners, Sequoia Capital
Source: Capital IQ, Cleantech Group, Company filings; as of April 1, 2010.
18
Select
Select Private
Private Placement
Transactions (cont.)
(cont.)
($ in millions)
Entrepreneurs Fund Management LLP, Oxford Capital Partners, WHEB Ventures Limited, Hygea VCT, MTI
2010 1st Qtr Exosect, Ltd. $3.5 Biological Control Follow-On
Partners
Craton Equity Partners, Espirito Santo Ventures, Element Partners, Blue Run Ventures, OnPoint Technologies,
2010 1st Qtr Petra Solar, Inc. $40.0 Systems Follow-On
NTEC Kuwait
2010 1st Qtr Aero Farm Systems $0.5 Precision Agriculture Seed Quercus Trust, 21Ventures, LLC
2010 1st Qtr Viryd Technologies, Inc. $5.0 Turbines Follow-On Ningbo Shentong Auto Decorations
2010 1st Qtr Intamac Systems $3.1 Monitoring, Metering & Control First Round Seraphim Capital, Chandos Fund
2010 1st Qtr Applied Superconductor $0.9 Sensors & Controls First Round NEL Capital, NorthStar Equity Investors Ltd
2010 1st Qtr N-Dimensions Solutions Inc NA Smart Grid Follow-On BEST Funds
2010 1st Qtr Aerowatt $8.1 Farms Private Equity Credit Agricole Private Equity, Demeter Partners, OSEO, Viveris Management
2010 1st Qtr Groupe Gruau $23.0 Electric & Hybrids Follow-On NextStage Capital, L.P., OUEST CROISSANCE, Ocean Participation, Volney Developpement
2010 1st Qtr EO2 $9.0 Resource Utilization Follow-On A Plus Finance
2010 1st Qtr Claranor $3.5 Purification Follow-On Undisclosed Investors
2010 1st Qtr Propel Biofuels, LLC $20.0 Biodiesel Follow-On Craton Equity Partners, Nth Power, @Ventures
2010 1st Qtr 1 Block Off the Grid $5.0 Hydrogen Production First Round New Enterprise Associates
2010 1st Qtr NuvoSun NA Thin Films First Round Dow Chemical New Ventures, Undisclosed Investors
2010 1st Qtr nano-porous solutions Ltd. $1.2 Filtration Seed Royal Society Enterprise Fund, Private
2010 1st Qtr Bioval Environnement $2.7 Biomass Private Equity Amundi
2010 1st Qtr AWS Ocean Energy $3.1 Wave Follow-On Scottish Co-Investment Fund, Shell Technology Ventures, Inc.
2010 1st Qtr CaliSolar $22.5 Cells & Modules Follow-On Undisclosed Investors
2010 1st Qtr Allylix, Inc. $6.0 Biological Control Follow-On Midpoint Food and Ag Fund, Tate & Lyle, Avrio Ventures
2010 1st Qtr ARC Energy $5.0 Solid State Lighting Seed General Catalyst Partners
2010 1st Qtr Infinite Power Solutions, Inc. $1.6 Systems Integrators Follow-On Undisclosed Investors
2010 1st Qtr Zero Motorcycles, Inc. $8.0 Bicycles & Scooters Follow-On Undisclosed Investors
2010 1st Qtr EnerVault Corporation $3.5 Flow Batteries First Round Oceanshore Ventures, US Invest LLC
2010 1st Qtr AgroGeneration $19.2 Precision Agriculture Private Equity Undisclosed Investors
2010 1st Qtr Amyris Biotechnologies, Inc. $5.4 Cellulosic Ethanol Follow-On Stratus
2010 1st Qtr BioGasol Aps NA Cellulosic Ethanol Private Equity Fjord Capital Partners
2010 1st Qtr ecoATM NA Mixed Wastes First Round Tao Venture Capital Partners
2010 1st Qtr Solais Lighting $2.3 Solid State Lighting First Round Undisclosed Investors
2010 1st Qtr Regen $1.6 Systems Follow-On Undisclosed Investors
2010 1st Qtr Auro Mira Energy Ltd $10.0 Farms Private Equity IFC
2010 1st Qtr Historic Futures $0.9 Process Efficiency Follow-On Oxford Technology VCT
2010 1st Qtr Orthocone $0.1 Other Seed Chalmers Innovation
2010 1st Qtr GreenRoad Technologies $10.0 Transportation Efficiencies Follow-On Generation IM
2010 1st Qtr Adura Technologies, Inc. $12.0 Smart Lighting Systems Follow-On Claremont Creek Ventures, NGEN Partners, LLC, VantagePoint Venture Partners
2010 1st Qtr Entech Solar $5.0 Concentrated PV Follow-On Socius Capital Group
2010 1st Qtr UPC Renewables China Holdings Ltd $30.0 Farms Private Equity Global Environment Fund
2010 1st Qtr Foshan S.L.P. Special Materials Co., Ltd. $4.1 Polymers Mezzanine Longboard Capital Advisors LLC, Jayhawk Capital Management LLC
2010 1st Qtr Vigor Renewables $0.8 Renewable Energy Providers Seed Low Carbon Accelerator Ltd
2010 1st Qtr CivicSolar Inc $0.4 Systems Seed Undisclosed Investors
2010 1st Qtr SkyFuel Inc $3.5 Concentrated Solar Thermal Follow-On Undisclosed Investors
2010 1st Qtr Colorep $12.5 Toxin/Waste Minimization Follow-On Ardour Capital Investments
2010 1st Qtr HyperSolar $1.1 Concentrated Solar Thermal Seed Undisclosed Investors
2010 1st Qtr Carina Technology Inc $1.5 Smart Grid Follow-On Undisclosed Investors
2010 1st Qtr I-Vision $1.1 Solid State Lighting First Round Finance Wales Plc.
2010 1st Qtr Enfucell, Ltd. $0.8 Thin Film Follow-On Veraventure Ltd., Varma Mutual Pension Insurance Company
2010 1st Qtr Enerkem Inc. $51.3 Cellulosic Ethanol Follow-On Waste Management, Rho Ventures, Braemar Energy Ventures, BDR Capital, Cycle Capital
2010 1st Qtr Luminus Devices, Inc. $19.0 Solid State Lighting Follow-On Argonaut Private Equity, Braemar Energy Ventures, Paladin Capital Group, Stata Venture Partners
2010 1st Qtr General Compression, Inc. $17.0 Other Technologies Follow-On US Renewables Group, Duke Equity
2010 1st Qtr Marine Current Turbines, Ltd. $7.2 Current/Tidal Follow-On Siemens, Carbon Trust, High Tide, Undisclosed Investors
2010 1st Qtr Waterleau Global Water Technology NV $27.0 Other Follow-On Four Winds Capital Management
2010 1st Qtr Likuid Nanotech $2.7 Filtration Follow-On Orza, SPRI
2010 1st Qtr AQS $3.0 Remediation Follow-On Octopus Ventures
2010 1st Qtr Urban-Cab NA Electric & Hybrids Follow-On Eco-Mobility Partners
2010 1st Qtr 3TIER Environmental Forecast Group. $3.0 Power Quality & Testing Follow-On Undisclosed Investors
2010 1st Qtr CalStar Products, Inc. $15.0 Construction/Fabrication Follow-On Nth Power, Westly Group, Clearpoint Ventures, Foundation Capital, EnerTech Capital
2010 1st Qtr Specialized Technical Services (STS) NA Sensors & Controls Private Equity Navigation Capital Partners
2010 1st Qtr Tangerine Solar $0.1 Systems Seed Undisclosed Investors
2010 1st Qtr Tempronics $2.7 Waste Heat First Round Nth Power
2010 1st Qtr Euro Environmental Group (EEG) $29.9 EHS & ERM Private Equity Sovereign Capital
2010 1st Qtr Prudent Energy $22.0 Flow Batteries Follow-On Northern Light Venture Capital, Sequoia Capital China, Draper Fisher Jurvetson, DT Capital
2010 1st Qtr CloudBlue Technologies Inc. NA Consulting/Facility Management Private Equity Riverwood Capital
2010 1st Qtr TenKsolar $5.6 Cells & Modules First Round Undisclosed Investors
2010 1st Qtr Svaya Nanotechnologies, Inc. $3.2 Lubricants/Films First Round Undisclosed Investors
2010 1st Qtr Prism Microwave, Inc. $1.0 Automation First Round Undisclosed Investors
2010 1st Qtr Jose Pessoa NA Grain Ethanol Private Equity Marambaia Energia Renovavel
2010 1st Qtr Hudson Valley Waste Holding, Inc $35.3 Mixed Wastes Private Equity Clairvest Group, Inc.
2010 1st Qtr E-Clips Energy Technologies, Inc $0.2 Appliances Seed Undisclosed Investors
2010 1st Qtr Green Earth Technologies $1.0 ESCOs First Round Undisclosed Investors
2010 1st Qtr Comarth Engineering NA Electric & Hybrids Follow-On Demeter Partners
2010 1st Qtr Southern Solar NA Systems Follow-On Undisclosed Investors
2010 1st Qtr Amyris Brasil SA $80.0 Biodiesel Private Equity Stratus Group
2010 1st Qtr SPC Tech Ltd. NA Sensors & Controls Seed Kinrot Ventures
2010 1st Qtr Wadis Ltd. NA Purification Seed Kinrot Ventures
2010 1st Qtr SP3H $3.4 Efficient Motors Follow-On Truffle Capital
2010 1st Qtr Wazee Wind NA Turbines Private Equity Socius Capital Group
2010 1st Qtr Global Hydro Energy NA Current/Tidal Private Equity EK Fin
2010 1st Qtr Upwind Solutions $28.8 Farms Follow-On Kleiner Perkins Caufield & Byers, MissionPoint Capital Partners
2010 1st Qtr CETH NA Hydrogen Production Follow-On Marsot Developpement SAS
2010 1st Qtr ET Water Systems Inc. $1.0 Recycling & Management Follow-On Undisclosed Investors
2010 1st Qtr AeroThermal Group NA Waste to Energy First Round Bridges Ventures, Carbon Trust, Undisclosed Investors
19
Select
Select Private
Private Placement
Transactions (cont.)
(cont.)
($ in millions)
2010 1st Qtr Lemnis Lighting Inc. $37.5 Solid State Lighting Follow-On Undisclosed Investors
2010 1st Qtr Testar Electronics Corp. NA Solid State Lighting First Round WI Harper Group
2010 1st Qtr Oxsensis Ltd. $4.5 Sensors Follow-On Carbon Trust
2010 1st Qtr Purfresh, Inc. (FKA Novazone) $10.0 Antimicrobial Follow-On Foundation Capital, Undisclosed Investors
2010 1st Qtr Advanced BioNutrition Corporation $0.9 Health & Yield Follow-On Undisclosed Investors
2010 1st Qtr Tri Global Energy, LLC $1.4 Renewable Energy Providers First Round Undisclosed Investors
2010 1st Qtr dilitronics GmbH $2.8 Solid State Lighting Seed Undisclosed Investors
2010 1st Qtr Aurora BioFuels, Inc. $15.0 Algae Biodiesel Follow-On Gabriel Venture Partners, Noventi, Oak Investment Partners
Morgan Stanley, General Atlantic, Goldman Sachs, Norwest Venture Partners, Everstone Capital, PTC India
2010 1st Qtr Asian Genco $425.0 Renewable Energy Providers Private Equity
Financial Services
2010 1st Qtr MaxIC Technology Corp NA Solid State Lighting Follow-On WI Harper Group
2010 1st Qtr SmartSynch, Inc. $11.0 Sensors & Controls Follow-On Undisclosed Investors
2010 1st Qtr Main Street Power Company, Inc. $0.9 Systems First Round Undisclosed Investors
2010 1st Qtr Smartfield, Inc. $0.2 Smart Irrigation First Round Undisclosed Investors
2010 1st Qtr Solar Junction $13.3 Concentrated PV Follow-On Undisclosed Investors
2010 1st Qtr Delaware Power Systems $4.0 Charging & Management First Round Undisclosed Investors, Morningside Technology Venture
2010 1st Qtr Light-Based Technologies $2.0 Solid State Lighting First Round Chrysalix Energy Venture Capital, GreenAngel, Undisclosed Investors
2010 1st Qtr Energy Micro $13.0 Monitoring, Metering & Control Follow-On Northzone Ventures, Investinor AS
2010 1st Qtr Matrix $15.0 Consulting/Facility Management Private Equity Lloyds TSB Development Capital
2010 1st Qtr Jiangsu Joyrun Heavy Industry Machinery Co., L $14.7 Gearboxes & Components First Round Dojane Capital
2010 1st Qtr Qingdao Wuxiao Group NA Gearboxes & Components First Round Spring Capital Asia, Limited
Wuhan Kehua Insight Venturing Investment Co., Ltd, Wuhan Good Insight Venture Investment Management Co.,
2010 1st Qtr Hubei Wewin Battery Technology Co., Ltd NA Lithium-Ion First Round
Ltd
2010 1st Qtr Wuhan HC SemiTek Co., Ltd $22.0 Solid State Lighting First Round CXC Capital, IDGVA Partners
2010 1st Qtr Zhuhai State-kai New Polymer Materials Inc NA Polymers First Round Shenzhen Capital Group Co.
2010 1st Qtr Danfoss IXA A/S $2.0 Measurement & Testing Follow-On Undisclosed Investors
2010 1st Qtr People Power $1.2 Monitoring, Metering & Control Follow-On Undisclosed Investors
2010 1st Qtr TerraLUX INC $5.6 Solid State Lighting First Round Emerald Technology Ventures, Access Venture Partners
2010 1st Qtr Voltaix, LLC $10.0 Thin Films Follow-On MissionPoint Capital Partners
2010 1st Qtr ICQ Holding $22.6 Renewable Energy Providers Private Equity Ambienta SGR S.p.A.
2010 1st Qtr Sovello (FKA EverQ GmbH) NA Cells & Modules Private Equity Ventizz Capital Partners AG
2010 1st Qtr KLG Systel $23.0 Smart Grid Follow-On Intel Capital India
2010 1st Qtr Genomatica $15.0 Advanced Processes Follow-On Alloy Ventures, TPG Ventures, Mohr Davidow, Draper Fisher Jurvetson
2010 1st Qtr Mainstream Renewable Power $40.1 Farms Follow-On Private
2010 1st Qtr Home Comfort Zones, Inc. $0.3 Home Automation Follow-On Undisclosed Investors
2010 1st Qtr GMR Energy $356.6 Renewable Energy Providers Private Equity Temasek Holdings, Undisclosed Investors
2010 1st Qtr Barraquand SAS NA On-Site Systems Seed ONF Participations
2010 1st Qtr Daintree Networks, Inc. $8.0 Smart Lighting Systems Follow-On Lend Lease Ventures
2010 1st Qtr Carbon Energy NA Clean Coal Private Equity Pacific Road Capital Management Pty Limited
2010 1st Qtr HM3 Energy $0.2 Clean Coal Follow-On Undisclosed Investors
2010 1st Qtr Scientific Conservation $5.0 Building Automation Follow-On Draper Fisher Jurvetson
2010 1st Qtr Hanalei Renouvelables $8.0 Renewable Energy Providers First Round Alto Invest
2010 1st Qtr Glacier Bay, Inc. $15.0 Efficient Motors Follow-On City Light Capital, Westly Group, New Enterprise Associates
2010 1st Qtr Cibus Global $0.2 Crop Yield Follow-On Undisclosed Investors
2010 1st Qtr Punch Powertrain $32.5 Vehicle Components/Engines Follow-On GIMV, Capricorn Venture Partners NV
2010 1st Qtr Intrinergy NA Biomass Follow-On Riverstone Holdings LLC
20
Recent M&A Activity
Select
Select Cleantech
Cleantech M&A
M&A
($ in millions)
Announced Closed Target Market Ent. EV / LTM EV / NTM
Date Date Target Business Description Acquiror Value Value Revenue EBITDA Revenue EBITDA Sector
3/26/10 Pending Dantherm Filtration AB Manufactures and supplies industrial air filtration Nederman Holding AB $50.1 $50.1 0.4x 19.2x NA NA Filtration
products and solutions.
3/24/10 Pending PV Powered, Inc. Designs, manufactures, and markets photovoltaic Advanced Energy $50.0 $90.0 4.3x NA NA NA Solar
solar inverter solutions in the United States. Industries, Inc.
2/28/10 Pending Etimex Solar GmbH Provides films for embedding solar cells into solar Solutia Inc. $327.8 $240.0 NA 10.1x NA NA Solar
modules.
2/5/10 Pending OTB Solar B.V. Designs, engineers, develops, and manufactures tailor Roth & Rau AG $48.5 $82.6 3.9x NA NA NA Solar
made inline production equipment.
12/11/09 Pending Concentrix Solar GmbH Provides concentrator PV power stations for sunny Soitec SA $80.3 $80.3 NA NA NA NA Solar
locations.
10/27/09 Pending MHH Solartechnik GmbH Manufactures and sells photovoltaic cells and BayWa Green Energy $29.5 $29.5 0.2x NA NA NA Solar
systems. GmbH
1/8/10 3/30/10 Konca Solar Cell Co., Ltd. Engages in the research, development, manufacture, Jiangsu Zhongneng Silicon $172.9 $172.9 NA NA NA NA Solar
sale, and support of solar wafers. Industry Technology
2/11/10 3/29/10 SunRay Renewable Energy Operates as a solar photovoltaics power company. SunPower Corporation $245.0 $452.0 NA NA NA NA Solar
Ltd.
2/9/10 3/16/10 Solar Systems Pty. Ltd. Designs, manufactures, and deploys concentrator Silex Systems Ltd. $1.7 $17.4 NA NA NA NA Solar
photovoltaic power station technology.
12/8/09 1/18/10 3S Industries AG Manufactures manual and automatic production Meyer Burger Technology $304.0 $268.0 2.1x 14.0x 1.9x 13.5x Solar
equipment to manufacture solar modules. AG
10/22/09 11/20/09 Sun Edison LLC Provides solar energy services. MEMC Electronic Materials $317.6 $317.6 3.0x NM NA NA Solar
Inc.
10/15/09 11/10/09 Solel Solar Systems Ltd. Designs, manufactures, and installs solar fields for Siemens International $418.0 $418.0 NA NA NA NA Solar
power generation. Holding B.V.
8/17/09 11/9/09 Energy Efficiency Solar, Inc. Engages in the installation of commercial and Acro Energy Technologies $1.6 $1.6 NA NA NA NA Solar
residential solar systems. Corp.
10/10/09 10/10/09 Sadashiva Sugars Ltd. Offers sugarcane processing services. E.I.D Parry (India) Limited $14.2 $14.2 NA NA NA NA Biofuels
3/27/09 7/23/09 ErSol Thin Film Produces and markets silicon-based photovoltaic Robert Bosch GmbH $1,462.9 $1,642.1 3.8x 12.8x NA NA Solar
products.
6/4/09 6/8/09 Schneider Electric Conzerv Offers energy management solutions for industrial Schneider Electric S.A. NA NA NA NA NA NA Efficiency
India Pvt. Ltd. applications.
6/1/09 6/1/09 LTi REEnergy GmbH Develops and manufactures electric rotor blade Moog Inc. $50.8 $50.8 NA NA NA NA Wind
adjustment systems for wind turbines.
12/5/08 3/17/09 Te Rere Hau Wind Farm Operates a wind farm. NZWL-TRH Limited $21.0 $21.0 NA NA NA NA Wind
6/11/08 2/16/09 Central Nacional de Energia Operates as a wind farm company. EDP - Energias do Brasil $31.1 $40.8 NA NA NA NA Wind
Eolica S.A. S.A.; EDP Renováveis
11/26/08 1/7/09 Fine Silicon Co. Ltd. Produces solar-grade polysilicon. Yingli Green Energy $77.6 $77.6 NA NA NA NA Solar
Holding Co. Ltd.
10/4/08 12/17/08 Wanzek Construction, Inc. Provides construction services in the United States. MasTec North America Inc. $156.7 $171.7 NA NA NA NA Wind
6/13/08 11/30/08 Econergy International Engages in the development, ownership, and Suez Energy South $76.3 $117.5 4.3x NM NA NA Other
Corporation operation of clean energy projects. America Participações Ltda.
11/25/08 11/25/08 Commodity Hedgers Inc. Provides products to forecast agricultural production. WeatherPredict Consulting NA NA NA NA NA NA Environment
Inc. Markets
9/24/08 11/21/08 Cherokee International Offer efficient power supplies for original equipment Lineage Power Corporation $62.3 $103.5 0.7x 14.2x 0.6x 8.5x Efficiency
Corp. manufacturers.
9/17/08 10/31/08 Eclipse Energy UK PLC Develops, owns, and operates wind energy projects. Vattenfall AB $92.3 $92.3 NA NA NA NA Wind
10/14/08 10/14/08 REgrid Power, Inc. Designs and builds solar power systems for homes Real Goods Solar, Inc. $8.3 $16.3 1.1x NA NA NA Solar
and businesses.
7/27/08 9/29/08 Xantrex Technology Inc. Offers advanced power electronic products and Schneider Electric S.A. $446.7 $484.7 1.7x 18.6x 1.6x 17.4x Efficiency
systems for the renewable power markets.
5/6/08 9/23/08 Jugenergopromtrans, Ltd. Produces peat pellets for sale and generation of the Alter Energy Group AG $32.9 $32.9 NA NA NA NA Biofuels
synthetic gas.
6/25/07 9/16/08 Energy East Corp. Operates as an energy services and delivery Iberdrola SA $4,509.6 $8,112.9 1.5x 7.3x 1.6x 8.4x Other
company.
7/14/08 9/15/08 Biomass North America Manufactures fuel ethanol. Cleantech Biofuels, Inc. $5.4 $5.4 NA NA NA NA Biofuels
Licensing, Inc.
6/25/08 9/15/08 Catamount Energy Develops and operates wind energy projects. Duke Energy Corporation $320.0 $320.0 NA NA NA NA Wind
Corporation
9/8/08 9/8/08 Current Resources Ltd. Comprises of tidal current energy origination and Atlantis Resources NA NA NA NA NA NA Water
project development businesses. Corporation Pte Limited
5/28/08 8/3/08 Somont GmbH Offers high-speed soldering systems for solar cells. 3S Swiss Solar Systems $109.4 $109.4 NA NA NA NA Solar
AG
8/1/08 8/1/08 Independent Energy Operates as a solar energy systems contractor. Real Goods Solar, Inc. $3.6 $3.6 NA NA NA NA Solar
Systems, Inc.
2/11/08 7/25/08 AECOM Technical Offers services to the water, transportation, AECOM Technology $455.0 $510.0 0.4x 10.9x NA NA Other
Services, Inc. environmental, and facilities markets. Corporation
7/23/08 7/23/08 Solar Sales Pty Ltd. Offers solar electric power systems. SunPower Corporation NA NA NA NA NA NA Solar
7/22/08 7/22/08 Cirrus Technologies Inc. Operates turbines for the wind energy industry. Marquiss Wind Power, Inc. NA NA NA NA NA NA Wind
7/8/08 7/8/08 Chesapeake Solar LLC Provides solar energy solutions in North America. groSolar NA NA NA NA NA NA Solar
7/3/08 7/3/08 Itasca Systems Inc. Offers water purification systems. H2O Innovation Inc. $17.4 $18.7 1.4x 6.4x NA NA Water
7/16/07 7/2/08 Beijing Hi-Standard Water Operates as an environmental protection company. Epure International Ltd $27.5 $27.5 NA NA NA NA Water
Treatment Equipment Co.,
6/3/08 6/30/08 U.S. Biodiesel Group Engages in the production and distribution of Renewable Energy Group, $80.0 $80.0 NA NA NA NA Biofuels
biodiesel. Inc.
4/3/08 6/25/08 Virotec International plc Provides environmental services for water and solids HydroDec Group plc $63.8 $64.1 20.7x NM NA NA Water
treatment and environmental remediation.
5/27/08 6/16/08 HelioDynamics, Ltd. Manufactures concentrating solar energy products for Energymixx AG $7.2 $10.8 NA NA NA NA Solar
commercial, industrial, and public sectors.
6/12/08 6/12/08 Infinergy Limited Ddevelops onshore wind farms in the United Kingdom. Koop Duurzame Energie $15.6 $52.5 NA NA NA NA Wind
B.V.
Mean 3.3x 12.6x 1.4x 11.9x

Median 1.7x 12.8x 1.6x 11.0x
Source: Capital IQ, Company filings; based on numbers on announcement date. Note: multiples over 100x considered not meaningful (NM).
21
Cleantech Trends
Trends
Trends in
in Global
Global Cleantech
Cleantech M&A
M&A
$18.0 160
$16.0 140
$14.0
Number of Transactions
120
$12.0
$ in Billions
100
$10.0
80
$8.0
60
$6.0
$4.0 40
$2.0 20
$0.0 0
Q1-05 Q3-05 Q1-06 Q3-06 Q1-07 Q3-07 Q1-08 Q3-08 Q1-09 Q3-09
Value Number of Deals
Trends
Trends in
in Global
Global Cleantech
Cleantech Private
Private Placements
Placements
$3.0 250
Number of Transactions
$2.5
200
$2.0
$ in Billions
150
$1.5
100
$1.0
50
$0.5
$0.0 0
Q1-04 Q3-04 Q1-05 Q3-05 Q1-06 Q3-06 Q1-07 Q3-07 Q1-08 Q3-08 Q1-09 Q3-09
Dollars Raised Number of Deals

Transactions noted in this newsletter have been sourced from third parties, without any review as to content by ThinkEquity LLC
(“ThinkEquity”). ThinkEquity may have received or may anticipate receiving investment banking or other fees from any of the issuers listed. Please
contact ThinkEquity at (415) 249-6921 if you would like to receive a list of transactions and issuers from whom we have received investment banking or
other fees.
Information contained herein, including but not limited to research, market valuations, calculations, estimates and other material obtained from ThinkEquity
and other sources is believed to be reliable, however ThinkEquity does not warrant its accuracy or completeness. These materials are provided for
informational purposes only and should not be used or construed as an offer to sell or a solicitation of an offer to buy any security. Opinions and estimates
constitute the judgment of ThinkEquity and are subject to change without notice. Past performance is not indicative of future results. ThinkEquity is a
member of FINRA and SIPC.
Source: Cleantech Group.
22

Think Equity Cleantech Newsletter April 2010

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Think Equity Cleantech Newsletter April 2010

Transféré par

Droits d'auteur :

Formats disponibles

ThinkEquity LLC

Robin Graham (415) 249-6391

Cleantech Industry Performance

Monthly Performance: 300

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

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

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

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

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

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

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

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

Enterprise Value / Enterprise Value / LT

0.00 Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT PEG

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

% of Enterprise Value / Enterprise Value / LT

Operating Performance Operating Financials Liquidity

LTM Operating Margins Revenues EBITDA EPS Cash and Total

($ in millions, except per share data)

Source: Capital IQ, Company filings, and Dealogic; as of April 1, 2010.

Source: Capital IQ, Cleantech Group, Company filings; as of April 1, 2010.

Source: Capital IQ, Cleantech Group, Company filings; as of April 1, 2010.

Source: Capital IQ, Cleantech Group, Company filings; as of April 1, 2010.

Mean 3.3x 12.6x 1.4x 11.9x

Dollars Raised Number of Deals

Source: Cleantech Group.

Vous aimerez peut-être aussi

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

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

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

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

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

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

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