the third annual clean technology and renewables conference · rentech, inc. semileds corporation...

The Third Annual

Clean Technology andRenewables Conference

February 20, 2008

New York City

Since 1895. Member SIPC and FINRA.© 2008 Piper Jaffray & Co. piperjaffray.com 2/08 CM-07-1141

The plastic cover of this book is made from 100% postconsumer resin, and the inside cover is printed using acid-free, archival and elemental chlorine free (ECF) paper. The back cover is made from 30% postconsumer waste. The non-tabulated text pages of this book are printed on Green Seal® certified Earth Saver® 100% recycled postconsumer fiber. This book has been designed to minimize waste and reduce energy consumption through efficient use of standard sheet sizes and double-sided printing.

Clean Technology and Renewables ConferenceFebruary 20, 2008

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the new york palace – SeconD Floor

Villard Ballroom

ReidSalon

VillardBallroom

ReidSalon

Registration

Track One

Track Two

Track Three

Track Four

Track Five

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Breakout One

Breakout Two

Breakout Three

Breakout Four

Registration

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the new york palace – Fourth Floor

Holmes I

Holmes II

Roswell

Adams

Kennedy I Kennedy II

Louis

Rutherford

Stanford

Courtyard

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Tab 1

Participants

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ADA-ES, Inc.

Advanced Energy Industries, Inc.

Akeena Solar, Inc.

Altair Nanotechnologies, Inc.

altPOWER, Inc.

American Superconductor Corporation

Andersons, Inc. (The)

Applied Materials, Inc.

Ausra, Inc.

Blue Source, LLC

Canadian Solar Inc.

Ceres, Inc.

China Wind Systems, Inc.

Comverge, Inc.

Cree, Inc.

Day4 Energy, Inc.

Echelon Corporation

Econergy International plc

EcoSynthetix, Inc.

EMCORE Corporation

Energy Conversion Devices, Inc.

EnergySolutions, Inc.

Environmental Power Corp.

ersol Solar Energy AG

Evergreen Solar, Inc.

First Solar, Inc.

FuelCell Energy, Inc.

Global Solar Energy, Inc.

Gushan Environmental Energy Limited

Hoku Scientific, Inc.

HydroGen Corporation

Intellon Corporation

JA Solar Holdings Co., Ltd.

Konarka Technologies, Inc.

LSB Industries, Inc.

MBA Polymers, Inc.

Medis Technologies Ltd.

MEMC Electronic Materials, Inc.

Mendel Biotechnology, Inc.

Metabolix, Inc.

Moser Baer Photovoltaic Limited,

a subsidiary of Moser Baer India Limited

NanoGram Corporation

Nanosolar, Inc.

Nova Biosource Fuels, Inc.

Novozymes A/S

Oerlikon Solar Management AG

Open Energy Corporation

Ormat Technologies, Inc.

Performance Plants, Inc.

Phoenix Solar AG

Plasco Energy Group

PowerGenix, Inc.

Power-One, Inc.

Powerspan Corp.

Raser Technologies, Inc.

Renewable Energy Corporation ASA

Rentech, Inc.

SemiLEDS Corporation

Sharp Solar Energy Solutions Group,

a subsidiary of Sharp Electronics Corporation

SmartSynch, Inc.

Solarfun Power Holdings Co., Ltd.

Solaria Corporation (The)

Solaria Energía y Medio Ambiente, S.A.

SolarWorld AG

SOLON AG für Solartechnik

Spire Corporation

SunPower Corporation

Suntech Power Holdings Co., Ltd.

Tesla Motors, Inc.

Ultralife Batteries, Inc.

Venture Vehicles, Inc.

Verenium Corporation

Verisae

Xantrex Technology Inc.

Yingli Green Energy Holding Company

Limited

participatinG coMpanieS (as of February 11, 2008)

Tab 2

InvestmentResearch

Team

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Charles J. Fishman, CFASenior Research Analyst314 963-9�[email protected]

Charles Fishman is a vice president and senior research analyst at Piper Jaffray in the clean technology and renewables group. His primary areas of focus are biofuels and alternative power technologies. Fishman has more than 20 years experience in management or as an analyst in the power industry.

Prior to joining Piper Jaffray in 200�, Fishman spent nine years as an electric utility analyst for A.G. Edwards & Sons. Prior to this, Fishman spent 13 years in the alternative power industry including serving as president of subsidiaries of United Thermal Corporation and Trigen Energy Corporation. These NYSE-listed companies were early entrants in the alternative power sector.

Fishman holds engineering degrees from Purdue University and the University of California at Berkeley and a Master of Business Administration degree from the University of Chicago. Fishman is a Chartered Financial Analyst.

BioFuelS anD alternatiVe power technoloGieS

AnalystsElaine S. Kwei415 2��[email protected]

Brian A. Millberg612 303-615�[email protected]

CompaniesAgria CorporationAndersons, Inc. (The)Gushan Environmental Energy LimitedMetabolix, Inc.US BioEnergy CorporationVeraSun Energy Corporation


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Torben S. SommerSenior Research Analyst011 +44 203 142 881�[email protected]

Torben Sommer is a principal and senior research analyst focused on renewable energy companies.

Sommer joined Piper Jaffray in 200� from Standard & Poor’s Equity Research. Prior to Standard & Poor’s, he worked as a research analyst for Nordea Bank and has been a lecturer in the areas of Private Equity, Entrepreneurship and Corporate Finance for BA and MBA students in Paris. Sommer has more than 20 years international experience in equity research, private equity, and academia from Copenhagen, London, Madrid and Paris.

Sommer holds a master’s degree in law from the University of Aarhus, Denmark, specializing incompany law, and a Master of Business Administration degree in governance and control from the University of Paris, Dauphine.

renewaBle enerGy

AnalystsSean D. McLoughlin011 +44 203 142 [email protected]

CompaniesRenewable Energy Corp ASA

Jesse W. PichelSenior Research Analyst212 [email protected]

Jesse Pichel is a principal and senior research analyst covering technology growth companies with a focus on solar power and clean technology.

Pichel covered growth technology companies for seven years as a research analyst with Needham & Company and C.E. Unterberg, Towbin before joining Piper Jaffray.Pichel holds a bachelor’s degree from Cornell University and a Master of Business Administration degree from Fordham University.

Solar power anD clean technoloGy

AnalystsPreetesh U. Munshi212 [email protected]

Judith C. Tzeng011 +86 65 0838 [email protected]

CompaniesApplied Materials, Inc.ATMI, Inc.Canadian Solar Inc.Energy Conversion Devices, Inc.Entegris, Inc.Evergreen Solar, Inc.First Solar, Inc.FormFactor, Inc.Hoku Scientific, Inc.Intellon CorporationIntevac, Inc.JA Solar Holdings Co., Ltd.LDK Solar Co., Ltd.MEMC Electronic Materials, Inc.Rudolph Technologies, Inc.SunPower CorporationTessera Technologies, Inc.Ultra Clean Holdings, Inc.Yingli Green Energy Holding Company Limited


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Tab 3

CompanyFact

Sheets

Joel R. Denney, CFAHead of Investment Research612 [email protected]

Joel Denney is a managing director and head of Investment Research at Piper Jaffray. Before being named head of Investment Research, Denney was the head of Fixed Income Research and covered aircraft finance with a focus on enhanced equipment trust certificates. Prior to joining the company in 198�, Denney was a portfolio manager for Minnesota Power in Duluth, Minn.

Denney earned his bachelor’s degree in business administration with concentrations in finance and economics from the University of Minnesota - Duluth and holds the Chartered Financial Analyst designation. He is a member of the CFA Institute and the CFA Society of Minnesota.

heaD oF inVeStMent reSearch

George S. Dahlman, CFACo-Head of Investment Research612 [email protected]

George Dahlman is a managing director and co-head of Investment Research at Piper Jaffray. Dahlman joined the firm in 1982 as a senior research analyst, specializing in food and agribusiness. In 2002 Dahlman was named research manager, administration.

Before he joined the Investment Research department of Piper Jaffray, he was a product line manager for International Harvester. From 19�0 to 1980 he worked for the agricultural marketing research group of the Miller Publishing Company. Dahlman holds bachelor’s degrees in mathematics and psychology from Augsburg College. In 2001 he was recognized as a Distinguished Alumnus of that college. Dahlman holds the Chartered Financial Analyst designation and has been named a Wall Street Journal All-Star Analyst five times.

co-heaD oF inVeStMent reSearch

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Clean Technology and Renewables ConferenceCompany Fact Sheet

Headquarters8100 SouthPark WayLittleton, CO 80120303 �34-1�2�www.adaes.com

ManagementCEO: Michael D. DurhamCFO: Mark H. McKinnies

ADA-ES, Inc. ADES

Company DescriptionADA-ES Inc. provides air pollution control systems, specialty chemicals and consulting services to utility and industrial customers. The air pollution control business focuses on mercury emissions control for coal-fired boilers while the specialty chemicals segment addresses flue gas conditioning, problems with coal switching and fluxing additives. The company offers consulting services to improve baghouse and electrostatic precipitator performance. The mercury controls business accounts for roughly 90% of revenues with flue gas conditioning and other activities contributing to the balance.

Source: Company reports, Piper Jaffray

Third Annual Clean Technology and Renewables Conference February 20, 2008

ADA-ES, Inc. ADES

Company Description ADA-ES Inc. provides air pollution control systems, specialty chemicals, and consulting services to utility and industrial customers. The air pollution control business focuses on mercury emissions control for coal-fired boilers while the specialty chemicals segment addresses flue gas conditioning, problems with coal switching, and fluxing additives. The company offers consulting services to improve baghouse and electrostatic precipitator performance. The mercury controls business accounts for roughly 90% of revenues with flue gas conditioning and other activities contributing to the balance.


Analysts Charles J. Fishman Senior Research Analyst 314 963-9702 [email protected]

Elaine S. Kwei Research Analyst 415 277-1511 [email protected]

Headquarters 8100 SouthPark Way Littleton, CO 80120 303 734-1727 www.adaes.com

Management CEO: Michael D. Durham CFO: Mark H. McKinnies

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Closing Price in U.S. Dollar02-Feb-2007 - 04-Feb-2008

ADA-ES Inc.

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Headquarters16005 Los Gatos Blvd.Los Gatos, CA 95032888 253-3628www.akeena.net

ManagementCEO: Barry CinnamonCFO: David “Lad” Wallace

Akeena Solar, Inc. AkNS

Company DescriptionAkeena Solar is a leader in the design and integration of solar power systems for residential and commercial customers in Calif., N.Y., N.J. and Conn. Akeena is one of the largest national integrators of residential and small commercial solar power systems in the United States, with more than 500 solar power installations. Akeena has announced its expansion to Palm Springs, Calif., and now has seven locations serving Calif. and one in the Northeast. Earlier this year, Akeena acquired Alternative Energy Inc., a solar company in California’s Wine Country. In addition, in the past six months the company has opened new offices in Orange County, Bakersfield and Manteca.

Source: Akeena Solar, Inc., Piper Jaffray

Headquarters1625 Sharp Point DriveFort Collins, CO 805259�0 221-46�0www.advanced-energy.com

ManagementCEO: Dr. Hans-Georg BetzCFO: Lawrence D. Firestone

Advanced Energy Industries, Inc. AEIS

Company DescriptionAdvanced Energy, founded in 1981, designs, manufactures and supports power and control technologies for high-growth, thin-film manufacturing and solar power generation. AE targets semiconductors, solar cells, flat panel displays, data storage products, architectural glass, solar grid-tie inverters and other advanced product applications.

The company’s product portfolio includes flexible power systems, gas and liquid flow-management systems, thermal instruments, and global support services. AE also creates solutions aimed at maximizing process impact, improving productivity and lowering cost of ownership for its customers, including original equipment manufacturers (OEMs) and end users around the world.

Source: Advanced Energy Industries, Inc., Piper Jaffray


Advanced Energy Industries, Inc. AEIS

Company Description Advanced Energy, founded in 1981, designs, manufactures and supports power and control technologies for high-growth, thin-film manufacturing and solar power generation. AE targets semiconductors, solar cells, flat panel displays, data storage products, architectural glass, solar grid-tie inverters, and other advanced product applications.

The company’s product portfolio includes flexible power systems, gas and liquid flow-management systems, thermal instruments, and global support services. AE also creates solutions aimed at maximizing process impact, improving productivity, and lowering cost of ownership for its customers, including original equipment manufacturers (OEMs) and end users around the world.

Source: Advanced Energy Industries, Inc, Piper Jaffray

Analysts Jesse W. Pichel Senior Research Analyst 212 284-9301 [email protected]

Preetesh Munshi Research Analyst [email protected]

Torben S. Sommer Senior Resaerch Analyst +44 (0)203 142 8817, [email protected]

Headquarters 1625 Sharp Point Drive Fort Collins, CO 80525 970 221-4670 www.advanced-energy.com

Management CEO: Dr. Hans-Georg Betz CFO: Lawrence D. Firestone


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Advanced Energy Industries Inc.


Akeena Solar, Inc. AKNS

Company Description Akeena Solar is a leader in the design and integration of solar power systems for residential and commercial customers in California, New York, New Jersey, and Connecticut. Akeena is one of the largest national integrators of residential and small commercial solar power systems in the United States, with more than 500 solar power installations. Akeena has announced its expansion to Palm Springs, California, and now has seven locations serving California and one in the Northeast. Earlier this year, Akeena acquired Alternative Energy Inc., a solar company in California's Wine Country. In addition, in the past six months the company has opened new offices in Orange County, Bakersfield and Manteca.

Source: Akeena Solar, Inc., Piper Jaffray




Headquarters 16005 Los Gatos Blvd. Los Gatos, CA 95032 888 253-3628 www.akeena.net

Management CEO: Barry Cinnamon CFO: David "Lad" Wallace


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Akeena Solar Inc.

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Headquarters125 Maiden Lane, Suite 30�New York, NY 10038212 206-0022www.altpower.com

ManagementPresident: Anthony Pereira

altPOWER, Inc.

Company DescriptionaltPOWER is a New York-based solar service firm specializing in renewable energy system development, design, and installation. The company is currently the top solar-electric installer in New York City and offers completely customized system installations. Customers of altPOWER include businesses, governments, developers, contractors and homeowners.

Source: Company Web site

Headquarters204 Edison WayReno, NV 89502��5 856-2500www.altairnano.com

ManagementCEO: Alan GotcherCFO: Ed Dickenson

Altair Nanotechnologies, Inc. AlTI

Company DescriptionAltair Nanotechnologies has perfected the production of titanium dioxide nanoparticles that can be used in a wide variety of industries. The company has three divisions:

Power and Energy Systems – Produces a unique lithium-ion battery with a titanate anode that allows very fast discharge/recharge times, high energy volumes, and no danger of overheating and burning of standard Lithium graphite batteries.Materials – Nano-based coatings for thermal barriers, high abrasion coatings, and a unique process for producing TiO2 pigment for standard coatings.Life Science – Lanthanum-based microparticle drug candidates for binding phosphate to stave off end stage renal disease in humans and animals.

Source: Piper Jaffray

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Altair Nanotechnologies Inc. ALTI

Company Description Altair Nanotechnologies has perfected the production of titanium dioxide nanoparticles that can be used in a wide variety of industries. The company has three divisions:

Power and Energy Systems - Produces a unique lithium-ion battery with a titanate anode that allows very fast discharge/recharge times, high energy volumes, and no danger of overheating and burning of standard Lithium graphite batteries. Materials - nano-based coatings for thermal barriers, high abrasion coatings, and a unique process for producing TiO

2 pigment for standard coatings.

Life Science - lanthanum-based microparticle drug candidates for binding phosphate to stave off end stage renal disease in humans and animals.



Brian A. Millberg Research Analyst 612 303-6157 [email protected]

Headquarters 204 Edison Way Reno, NV 89502-2306 775 856-2500 www.altairnano.com

Management CEO: Alan Gotcher CFO: Ed Dickenson

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HeadquartersTwo Technology DriveWestborough, MA 01581508 621-41��www.amsuper.com

ManagementCEO: Dr. Gregory J. YurekCFO: David Henry

American Superconductor Corporation AMSC

Company DescriptionAMSC, founded in 198�, provides solutions based on its programmable power electronic converters and high temperature superconductor (HTS) wires technologies. AMSC provides grid interconnection solutions as well as licensed wind energy designs and electrical systems. Also, the company is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, Secure Super Grids Technology, motors, generators, and advanced transportation and defense systems. Recently, AMSC announced that it has received more than $5 million in orders for its turbine core electrical components and systems from two AMSC Windtec customers: China’s CSR Zhuzhou Electric Locomotive Research Institute (“CSR-Zelri”) and Canada’s AAER, Inc.

Source: American Superconductor Corporation, Piper Jaffray


American Superconductor Corporation AMSC

Company Description AMSC, founded in 1987, provides solutions based on its programmable power electronic converters and high temperature superconductor (HTS) wires technologies. AMSC provides grid interconnection solutions as well as licensed wind energy designs and electrical systems. Also, the company is enabling a new generation of compact, high-power electrical products, including power cables, grid-level surge protectors, Secure Super Grids Technology, motors, generators, and advanced transportation and defense systems. Recently, AMSC announced that it has received more than $5 million in orders for its turbine core electrical components and systems from two AMSC Windtec customers: China's CSR Zhuzhou Electric Locomotive Research Institute ("CSR-Zelri") and Canada's AAER, Inc.

Source: American Superconductor, Piper Jaffray




Headquarters Two Technology Drive Westborough, MA 01581-4164 508 621-4177 www.amsuper.com

Management CEO: Dr. Gregory J. Yurek CFO: David Henry


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American Superconductor Corp.

AnalystsCharles J. FishmanSenior Research Analyst314 963-9�[email protected]

Brian A. MillbergResearch Analyst612 303-615�[email protected]

Headquarters480 W. Dussel DriveMaumee, Ohio 4353�419 893-5050www.andersonsinc.com

ManagementCEO: Michael AndersonCFO: Gary Smith

The Andersons, Inc. ANDE

Company DescriptionThe Andersons, Inc. has more than 60 years of experience in the storage, shipment and trading of grain. In addition to handling over 1�0 million bushels of grain per year, The Andersons has an equity stake in three ethanol plants totaling 2�5 million gallons/year production. Related businesses include:

Rail car leasing and maintenance division with over 20,000 carsPlant nutrient division selling almost two million tons of agricultural fertilizer per yearCommercial fertilizer division for lawns and golf courses and industrial de-icing productsRetail division with six stores that are a combination home center/hardware/garden center and specialty food purveyor


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Andersons, Inc. (The) ANDE

Company Description The Andersons, Inc. has over 60 years of experience in the storage, shipment, and trading of grain. In addition to handling over 170 million bushels of grain a year, The Andersons has an equity stake in 3 ethanol plants totaling 275 million gallons/yr production. Related businesses include:

a rail car leasing and maintenance division with over 20,000 cars. a plant nutrient division selling almost 2 million tons of agricultural fertilizer per year. a commercial fertilizer division for lawns and golf courses and industrial de-icing products. a retail division with 6 stores that are a combination home center/hardware/garden center and specialty food purveyor.




Headquarters 480 W. Dussel Drive Maumee, Ohio 43537 419 893-5050 www.andersonsinc.com

Management CEO: Michael Anderson CFO: Gary Smith


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Andersons Inc.

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Headquarters2585 East Bayshore Rd.Palo Alto, CA 94303650 424-9300www.ausra.com

ManagementFounder/Chairman: Dr. David MillsCEO: Robert FishmanVP of Finance: Eric Lundberg

Ausra, Inc.

Company DescriptionAusra, Inc. designs, manufactures and markets utility-scale solar thermal power technology. The company offers solar collectors and steam generation systems. Ausra’s process involvement includes work in R&D, engineering, manufacturing and project management. Ausra, Inc. was founded in 2006 and is headquartered in Palo Alto, Calif.


AnalystsJesse W. PichelSenior Research Analyst212 [email protected]

Preetesh U. MunshiResearch Analyst212 [email protected]

Torben S. SommerSenior Research Analyst+44 (0)203 142 881�[email protected]

Headquarters3050 Bowers AvenueP.O Box 58039Santa Clara, CA 95054408 �2�-5555www.appliedmaterials.com

ManagementCEO: Michael R. SplinterCFO: George S. Davis

Applied Materials, Inc. AMAT

Company DescriptionApplied Materials is the largest provider of manufacturing equipment technologies and services to the semiconductor industry. AMAT is gaining traction in the thin film solar industry with its SunFab thin film lines. Its current customers include T-Solar Global S.A., Green Energy Technologies Ltd, Signet Solar, XinAo, and Moser Baer. The company also indicated it was in talks with up to four (pending acquisition of Baccini) GW scale customers. AMAT has hundreds of c-Si customers thanks to the acquisition of HCT and Baccini (which it completed recently).

Source: Applied Materials, Inc., Piper Jaffray


Applied Materials AMAT

Company Description Applied Materials is the largest provider of manufacturing equipment technologies and services to the semiconductor industry. AMAT is gaining traction in the thin film solar industry with its SunFab thin film lines. Its current customers include T-Solar Global S.A, Green Energy Technology Ltd, Signet Solar, XinAo, and Moser Baer. The company also indicated it was in talks with up to four (pending acquisition of Baccini) GW scale customers. AMAT has hundreds of c-Si customers thanks to the acquisition of HCT and Baccini (which it completed recently).

Source: Applied Materials, Piper Jaffray


Preetesh Munshi Research Analyst 212 284-9315 [email protected]


Headquarters 3050 Bowers Avenue P.O Box 58039 Santa Clara, CA 95054 408 727-5555 www.appliedmaterials.com

Management CEO: Michael R. Splinter CFO: George S. Davis

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Applied Materials Inc.

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Headquarters3165 East Millrock RoadSuite 340Holladay, UT 84121801 322-4�50www.ghgworks.com

ManagementCEO: Bill TownsendPresident: Greg Spencer

Blue Source, llC

Company DescriptionBlue Source is the leader in North American–vintage GHG offsets, and works with businesses to identify, create, acquire and market in a portfolio the GHG emission reduction benefits. Blue Source sells GHG offsets to retail and wholesale buyers and to financial markets leading in the development of new products that manage emissions. Blue Source has secured under long-term sourcing agreements hundreds of millions of tons of GHG emission reduction offsets through the year 2022. Additionally, Blue Source and its management team are leaders in the development of CCS projects in North America having developed, owned or operated five such systems in the last 20 years.

Source: Company materials




Headquarters6�5 Cochrane DriveMarkham, Ontario L3R0B8905 530-2334www.csisolar.com

ManagementCEO: Shawn QuCFO: Bing Zhu

Canadian Solar Inc. CSIq

Company DescriptionCanadian Solar Inc. (CSI), headquartered in Canada, designs, manufactures and sells solar cells and modules. CSI’s products are sold primarily under its own brand name and also produced on an original equipment manufacturing basis for its customers. CSIQ signed a contract in November 200� with German City Solar Group to deliver 60MW of modules for solar power projects. The company also entered into various purchase agreements with China Sunergy (CSUN) for a total volume of 25MW in 2008. It also signed a supply contract with Gintech Energy for shipments between 1�-22MW with fixed pricing and delivery schedules in 2008.

Source: Canadian Solar Inc., Piper Jaffray


Canadian Solar Inc. CSIQ

Company Description Canadian Solar Inc. (CSI), headquartered in Canada, designs, manufactures and sells solar cells and modules. CSI’s products are sold primarily under its own brand name and also produced on an original equipment manufacturing basis for its customers. CSIQ signed a contract in November '07 with German City Solar Group to deliver 60MW of modules for solar power projects. The company also entered into various purchase agreements with China Sunergy (CSUN) for a total volume of 25MW in 2008. It also signed a supply contract with Gintech Energy for shipments between 17-22MW with fixed pricing and delivery schedules in 2008.

Source: Canadian Solar, Piper Jaffray




Headquarters 675 Cochrane Drive Markham, Ontario L3R0B8 905-530-2334www.csisolar.com

Management CEO: Shawn Qu CFO: Bing Zhu


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Canadian Solar Inc.

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Headquarters1535 Rancho Conejo Blvd.Thousand Oaks, CA 91320805 3�6-6500www.ceres.net

ManagementCEO: Richard HamiltonCSO: Richard Flavell, FRS, CBE

Ceres, Inc.

Company DescriptionCeres, Inc., a plant biotechnology company, develops plants and plant-based products to deliver sustainable solutions in energy production, agriculture, and human health and nutrition. It develops energy crops, such as switchgrass, miscanthus, energycane, and poplar for biofuels. Ceres also develops transformation systems for switchgrass that allows testing the selected genes that enhance the phenotype of rice, as well as genes that are predicted to affect the composition of tissues to aid bioprocessing. The company offers a high-throughput screening system to identify those genes that confer valuable traits ranging from growth and development to nitrogen utilization, nutritional enhancement, enhanced photobiology, seed yield, a range of stress tolerances, levels of acromolecules, and metabolites in harvested plants. Ceres was founded in 199� and is headquartered in Thousand Oaks, Calif.

Source: Capital IQ

Headquarters6959 Arapaho Suite 122Dallas, TX �52489�2 386-890�

ManagementCEO: Jianhua WuCFO: Judy Ye

China Wind Systems, Inc. CWSI

Company DescriptionChina Wind Systems is based in Wuxi, Jiangsu Province, China. The company manufactures and supplies high precision rolled rings to companies in the wind power energy industry.

Formerly Malex, Inc., the company received a $4 million placement in November 200� and reported $23m in revenues and $10.4m net income for FY0�. In addition, China Wind Systems projects that in the 2008 fiscal year it may achieve an estimated $40 million in revenues and $� million in net income. The company appointed a new CFO in February 2008.



Headquarters 6959 Arapaho Suite 122 Dallas, TX 75248 972 386-8907

Management CEO: Jianhua Wu CFO: Judy Ye

China Wind Systems Inc. CWSI

China Wind Systems is based in Wuxi, Jiangsu Province, China. The company manufactures and supplies high precision rolled rings to companies in the wind power energy industry.

Formerly Malex, Inc., the company received a $4 million placement in November 2007 and reported $23m in revenues and $10.4m net income for FY07. In addition, China Wind Systems projects that in the 2008 fiscal year it may achieve an estimated $40 million in revenues and $7 million in net income. The company appointed a new CFO in February 2008.

Source: Piper Jaffray research


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China Wind Systems Inc.

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Headquarters120 Eagle Rock AvenueSuite 190East Hanover, NJ 0�9369�3 884-59�0www.comverge.com

ManagementCEO: Robert M. ChisteCFO: Michael D. Picchi

Comverge, Inc. COMv

Company DescriptionComverge, Inc. is a demand response provider to electric utilities, grid operators and electricity markets. The company aggregates electricity capacity from residential and commercial utility customers and resells the available megawatts to utilities under long term contracts. The company has three segments: the Smart Grid Solutions Group which sells hardware, software and installation services to utilities who choose to implement their own demand response programs; the Alternative Energy Resources group which sells electric capacity to utilities; and the Enerwise Group which provides energy management and demand response to commercial and industrial customers.



Comverge, Inc. COMV

Company Description Comverge Inc. is a demand response provider to electric utilities, grid operators, and electricity markets. The company aggregates electricity capacity from residential and commercial utility customers and resells the available megawatts to utilities under long term contracts. The company has three segments: the Smart Grid Solutions Group which sells hardware, software, and installation services to utilities who choose to implement their own demand response programs; the Alternative Energy Resources group which sells electric capacity to utilities; and the Enerwise Group which provides energy management and demand response to commercial and industrial customers.




Headquarters 120 Eagle Rock Avenue, Suite 190 East Hanover, NJ 07936 973 884-5970 www.comverge.com

Management CEO: Robert M. Chiste CFO: Michael D. Picchi


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Comverge Inc.

AnalystsAmit KapurSenior Research Analyst212 [email protected]

Headquarters4600 Silicon DriveDurham, NC 2��03919 313-5300www.cree.com

ManagementCEO: Chuck SwobodaCFO: John Kurtzweil

Cree, Inc. CREE

Company DescriptionCree is a leading designer and manufacturer of semiconductor solutions for solid-state lighting applications. With the introduction of its XLamp line of products, Cree aims to capture growing value-share of the LED lighting market. Further, with integration of recently acquired COTCO, Cree aims to expand its footprint in the fast-growing China market. The company has noted growing demand for its products in general lighting applications due to increasing environmental concerns of traditional lighting solutions.



Cree, Inc. CREE

Company Description Cree is a leading designer and manufacturer of semiconductor solutions for solid-state lighting applications. With the introduction of its XLamp line of products, Cree aims to capture growing value-share of the LED lighting market. Further, with integration of recently acquired COTCO, Cree aims to expand its footprint in the fast-growing China market. The company has noted growing demand for its products in general lighting applications due to increasing environmental concerns of traditional lighting solutions.


Analyst Amit Kapur Senior Research Analyst 212 284-9303 [email protected]

Headquarters 4600 Silicon Drive Durham, NC 27703 919 313-5300 www.cree.com

Management CEO: Chuck Swoboda CFO: John Kurtzweil


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Cree Inc.

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Headquarters#101 – 5898 Trapp AvenueBurnaby, BC V3N 5G4 Canada604 �59-3294www.day4energy.com

ManagementCEO: John S. MacDonaldCOO: George L. Rubin

Day4 Energy, Inc. DFE.TO

Company DescriptionDay4 Energy uses a proprietary process to design and manufacture PV modules. The proprietary process is based on a unique technique to contact and interconnect solar cells. This technique promises elimination of standard soldered interconnections. Day4 closed on its initial public offering of 13.8 million shares for gross proceeds of approximately $100 million in December 200�.The company recently announced plans for expansion of its current 12MW facility to 40MW using equipment from German supplier, ACI-ecotec. The expansion is targeted to be completed by the end of 2008. Also, the company announced completion of the first two months of operation of a 1MW solar project with German energy supplier, EnBW.

Source: Day4 Energy, Inc., Piper Jaffray


Day4 Energy Inc. DFE TO

Company Description Day4 Energy uses a proprietary process to design and manufacture PV modules. The proprietary process is based on a unique technique to contact and interconnect solar cells. This technique promises elimination of standard soldered interconnections. Day4 closed on its initial public offering of 13.8 million shares for gross proceeds of ~$100M in December 2007.The company recently announced plans for expansion of its current 12MW facility to 40MW using equipment from German supplier, ACI-ecotec. The expansion is targeted to be completed by the end of 2008. Also, the company announced completion of the first two months of operation of a 1MW solar project with German energy supplier, EnBW.

Source: Day4 Energy, Piper Jaffray




Headquarters #101 – 5898 Trapp Avenue Burnaby, BC V3N 5G4 Canada 604 759-3294 www.day4energy.com

Management CEO: John S. MacDonald COO: George L. Rubin

Closing price in CAD 6 Feb 2007-6 Feb 2008 Day4 Energy

Headquarters550 Meridian AvenueSan Jose, CA 95126408 938-5200www.echelon.com

ManagementCEO: Kenneth OshmanCFO: Chris Stanfield

Echelon Corporation EMkR

Company DescriptionEchelon Corporation develops and markets networked controls products and smart metering infrastructure products. The controls infrastructure business sells devices to OEMs that are embedded into their products, providing control intelligence and networking capability. The products are sold into building, industrial and transportation markets. The Networked Energy Services (NES) business leverages the products of the controls business to provide smart metering and smart grid capabilities to utilities and end users for energy measurement and management.



Echelon Corporation ELON

Company Description Echelon Corp. develops and markets networked controls products and smart metering infrastructure products. The controls infrastructure business sells devices to OEMs that are embedded into their products, providing control intelligence and networking capability. The products are sold into building, industrial, and transportation markets. The Networked Energy Services (NES) business leverages the products of the controls business to provide smart metering and smart grid capabilities to utilities and end users for energy measurement and management.




Headquarters 550 Meridian Avenue San Jose, CA 95126 408 938-5200 www.echelon.com

Management CEO: Kenneth Oshman CFO: Chris Stanfield


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Echelon Corp.

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Headquarters1181 9th Street, Suite 300Boulder, CO 80302303 4�3-9060www.econergy.com

ManagementCEO: Thomas StonerCFO: Lee Atkins

Econergy International plc ECG lN

Company DescriptionAIM-listed Econergy is an Independent Power Producer and developer of clean power projects in the Americas. Econergy raises revenues from a portfolio of wind and hydro projects through the following:

BOOT (build, own, operate and transfer) contracts and PPAs (power purchase agreements) with utilitiesTrade of carbon credits generated from renewable energy and carbon capture projectsConsultancy services

Econergy owns and manages 266MW of projects with up to 260MW additional projects under consideration. In 2008 and 2009 Econergy forecasts 52% growth to 156MW in its net equity of equivalent installed capacity and to �29GWh in energy generation.

Source: Econergy, Piper Jaffray

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Headquarters 1181 9th Street, Suite 300 Boulder, CO 80302, USA 303 473-9060 www.econergy.com

Management CEO: Thomas Stoner CFO: Lee Atkins

Econergy International plc ECG LN

AIM-listed Econergy is an Independent Power Producer and developer of clean power projects in the Americas. Econergy raises revenues from a portfolio of wind and hydro projects through the following:

• BOOT (build, own, operate and transfer) contracts and PPAs (power purchase agreements) with utilities • Trade of carbon credits generated from renewable energy and carbon capture projects • Consultancy services

Econergy owns and manages 266MW of projects with up to 260MW additional projects under consideration. In 2008 and 2009 Econergy forecasts 52% growth to 156MW in its net equity of equivalent installed capacity and to 729GWh in energy generation.

Source: Econergy, Piper Jaffray research

Closing price in EUR 12 Feb 2007-12 Feb 2008 Econergy International plc

Headquarters3900 Collins RoadLansing, MI 48910866 326-�849www.ecosynthetix.com

ManagementCEO: John van LeeuwenFounder and EVP Technology:Steven Bloembergen

EcoSynthetix, Inc.

Company DescriptionEcoSynthetix, established in 1996, is a clean technology company, positioned to replace petroleum-based industrial products with nanobiomaterials. The company specializes in the research and development of biobased technologies, providing replacements for synthetic petroleum-based adhesives (PVA latex, PVOH etc), paper coating binders (SBR & PVA latexes), inks and other related product categories that are used in everyday products.


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Headquarters10420 Research Road SEAlbuquerque, NM 8�123505 332-5000www.emcore.com

ManagementCEO: Reuben F. Richards Jr.CFO: Adam Gushard

EMCORE Corporation EMkR

Company DescriptionEMCORE Corporation operates in 2 segments: Fiber Optics and Photovoltaics. Last year, the company received an order for 105MW from Green and Gold Energy (GGE). It was also awarded a $2 million contract from NASA’s Jet Propulsion Laboratory Center. In December 200�, the company entered into an agreement to supply and install 60MW of terrestrial power systems in Ontario, Canada. The company also signed an agreement to supply b/w 200-�00MW of concentrator systems for deployment in utility scale projects in SW U.S. Also the company received a purchase order to supply 5.�MW of its concentrator systems for energy projects in South Korea.

Source: EMCORE Corporation, Piper Jaffary


Emcore Corporation EMKRAnalysts


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EMCORE Corp.

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] EMCORE operates in 2 segments: Fiber Optics and Photovoltaics.

Last year, the company received an order for 105MW from Green and Gold Energy (GGE). It was also awarded a $2M contract from NASA's Jet Propulsion Laboratory Center. In December ‘07 the company entered into an agreement to supply and install 60MW of terrestrial power systems in Ontario, Canada. The company also signed an agreement to supply b/w 200-700MW of concentrator systems for deployment in utility scale projects in SW U.S. Also the company received a purchase order to supply 5.7MW of its concentrator systems for energy projects in South Korea.



Headquarters 10420 Research Road, SE

Source: Emcore, Piper Jaffary Albuquerque, NM 87123 505 332-5000www.emcore.com

Management CEO: Reuben F. Richards Jr. CFO: Adam Gushard




Headquarters2956 Waterview DriveRochester Hills, MI 48309248 293-0440www.ovonic.com

ManagementCEO: Mark D. MorelliCFO: Sanjeev Kumar

Energy Conversion Devices, Inc. ENER

Company DescriptionEnergy Conversion Devices develops and commercializes a-Si thin film solar modules using a proprietary technology. ENER expects to have 148MW nameplate capacity by the end of June 2008 and a nameplate capacity of 300MW in FY10. The company’s customers include Airtec for 25MW and Enfinity Management BVBA for 21.1MW for its PV laminates. ENER also won the largest solar roofing (BIPV) contract in France through its partially owned subsidiary Solar Integrated Technologies. Its other contracts are with SunEdison and an Italian solar project developer.

Source: Energy Conversion Devices, Inc., Piper Jaffray


Energy Conversion Devices, Inc. ENER

Company Description Energy conversion Devices develops and commercializes a-Si thin film solar modules using a proprietary technology. ENER expects to have 148MW nameplate capacity by the end of June ’08 and a nameplate capacity of 300MW in FY10. The company’s customers include Airtec for 25MW and Enfinity Management BVBA for 21.1MW for its PV laminates. ENER also won the largest solar roofing (BIPV) contract in France through its partially owned subsidiary Solar Integrated Technologies. Its other contracts are with SunEdison and an Italian solar project developer.

Source: Energy Conversion Devices, Inc., Piper Jaffray




Headquarters 2956 Waterview Drive Rochester Hills, MI 48309 248 29-30440 www.ovonic.com

Management CEO: Mark D. Morelli CFO: Sanjeev Kumar


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Energy Conversion Devices Inc.

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Headquarters423 West 300, Suite 200Salt Lake City, UT 84101801 649-2000www.energysolutions.com

ManagementCEO: Steve CreamerCFO: J.I. Everest

EnergySolutions, Inc. ES

Company DescriptionEnergySolutions, Inc. provides nuclear services to commercial and government customers that include engineering, operation of nuclear reactors, in-plant support services, nuclear fuel management, decontamination and decommissioning, and logistics, processing, and disposal (LP&D). The company owns and operates two of the three commercial low level radioactive waste (LLRW) disposal facilities in the United States. ES has significant international operations providing decommissioning services in the United Kingdom through its subsidiary Reactor Sites Management Company (RSMC). Services are provided through four segments: Federal, Commercial, LP&D and International.



EnergySolutions, Inc. ES

Company Description Energy Solutions, Inc. provides nuclear services to commercial and government customers that include engineering, operation of nuclear reactors, in-plant support services, nuclear fuel management, decontamination and decommissioning, and logistics, processing, and disposal (LP&D). The company owns and operates two of the three commercial low level radioactive waste (LLRW) disposal facilities in the United States. ES has significant international operations providing decommissioning services in the United Kingdom through its subsidiary Reactor Sites Management Company (RSMC). Services are provided through four segments: Federal, Commercial, LP&D, and International.




Headquarters 423 West 300 Suite 200 Salt Lake City, UT 84101 801 649-2000 www.energysolutions.com

Management CEO: Steve Creamer CFO: J.I. Everest


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EnergySolutions Inc.

HeadquartersOne Cate Street, Fourth FloorPortsmouth, NH 03801603 431-1�80www.environmentalpower.com

ManagementCEO: Richard E. KesselCFO: Michael E. Thomas

Environmental Power Corp. EPG

Company DescriptionEnvironmental Power Corp. develops, owns and operates renewable energy production facilities. The company’s subsidiary Microgy Inc. constructs, owns and operates facilities that convert animal and agricultural wastes into pipeline-grade biogas. Microgy has three facilities providing �50kw to 850kw of electricity generation in Wisconsin and a renewable natural gas facility in Huckabay Ridge, Texas with 635,000 mmbtu/year of production targeted.



Environmental Power Corp. EPG

Company Description Environmental Power Corp. develops, owns, and operates renewable energy production facilities. The Company’s subsidiary Microgy Inc. constructs, owns, and operates facilities that convert animal and agricultural wastes into pipeline-grade biogas. Microgy has three facilities providing 750kw to 850kw of electricity generation in Wisconsin and a renewable natural gas facility in Huckabay Ridge, Texas with 635,000 mmbtu/year of production targeted.




Headquarters One Cate Street Fourth Floor Portsmouth, NH 03801 603 431-1780 www.environmentalpower.com

Management CEO: Richard E. Kessel CFO: Michael E. Thomas


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Environmental Power Corp.

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HeadquartersWilhelm-Wolff-Strasse 23Erfurt, 99099 Germany49 361 219-5100www.ersol.de

ManagementCEO: Claus BenekingCFO: Ekhard Von Dewitz

ersol Solar Energy AG ES6.GR

Company Descriptionersol Solar Energy AG is headquartered in Erfurt, Germany. It produces and markets high quality mono and multicrystalline silicon solar cells. It is a quality leader in the industry covering a substantial portion of the value chain from recycling silicon to the production of ingots, wafers, solar cells and modules. The company is also developing a thin film line using Oerlikon equipment; ersol will be the first micromorph structure (a-Si plus crystalline silicon). A new plant has been commissioned in Arnstadt which is expected to have a nominal capacity of 120MWp by the end of 2008. Solar Semiconductor signed a contract with ersol at the solar power conference last year. ersol’s other customers include asola Advanced and Automotive Solar Systems GmbH and Quantum Technologies (which is acquiring a 24.9% interest in asola) and Yocasol Inc.in Japan. ersol Thin Film GmbH recently signed a contract with K+C Schmidt GbR for the supply of about 500kWp modules.

Source: ersol Solar Energy AG, Piper Jaffray


ErSol Solar Energy AG ES6 GR

Company Description ErSol Solar Energy AG is headquartered in Erfurt, Germany. It produces and markets high quality mono and multicrystalline silicon solar cells. It is a quality leader in the industry covering a substantial portion of the value chain from recycling silicon to the production of ingots, wafers, solar cells, and modules. The company is also developing a thin film line using Oerlikon equipment; ErSol will be the first micromorph structure (a-Si plus crystalline silicon). A new plant has been commissioned in Arnstadt which is expected to have a nominal capacity of 120MWp by the end of 2008. Solar Semiconductor signed a contract with Ersol at the Solar Power conference last year. Ersol’s other customers include asola Advanced and Automotive Solar Systems GmbH and Quantum Technologies (which is acquiring a 24.9% interest in Asola) and Yocasol Inc.in Japan. Ersol Thin Film GmbH recently signed a contract with K+C Schmidt GbR for the supply of about 500kWp modules.

Source: ErSol Solar Energy, Piper Jaffray




Headquarters Wilhelm-Wolff-Strasse 23Erfurt, 99099 49-361-219-5100 www.ersol.de

Management CEO: Claus Beneking CFO: Ekhard Von Dewitz

Closing price in EUR 6 Feb 2007-6 Feb 2008 ErSol Solar Energy




Headquarters138 Bartlett StreetMarlboro, MA 01�52508 35�-2221www.evergreensolar.com

ManagementCEO: Richard M. FeldtCFO: Michael El-Hillow

Evergreen Solar, Inc. ESlR

Company DescriptionEvergreen Solar, Inc. manufactures and markets solar wafers, cells and modules using a proprietary low-cost manufacturing technology. ESLR recently broke ground on its new 80MW Devens facility and expects to ramp another 80MW Phase 2 expansion in early 2009. Its contracts for polysilicon include DC Chemical, Nitol, Wacker and Silpro. The company also announced completion of its development work on the Quad ribbon technology. ESLR opened the 2nd EverQ 60MW facility and has begun work on its third 80MW factory to be completed in early 2009.

Source: Evergreen Solar, Inc., Piper Jaffray


Evergreen Solar, Inc. ESLR

Company Description Evergreen Solar manufactures and markets solar wafers, cells and modules using a proprietary low-cost manufacturing technology. ESLR recently broke ground on its new 80MW Devens facility and expects to ramp another 80MW Phase 2 expansion in early 2009. Its contracts for polysilicon include DC Chemical, Nitol, Wacker and Silpro. The company also announced completion of its development work on the Quad ribbon technology. ESLR opened the 2nd EverQ 60MW facility and has begun work on its third 80MW factory to be completed in early ’09.

Source: Evergreen Solar, Piper Jaffray




Headquarters 138 Bartlett Street Marlboro, MA 01752 508 357-2221www.evergreensolar.com

Management CEO: Richard M. Feldt CFO: Michael El-Hillow


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Evergreen Solar Inc.

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Headquarters4050 East Cotton Center Blvd.Building 6, Suite 68Phoenix, AZ 85040602 414-9300www.firstsolar.com

ManagementCEO: Michael J. AhearnCFO: Jens Meyerhoff

First Solar, Inc. FSlR

Company DescriptionFirst Solar, Inc. with manufacturing facilities in Ohio, is the largest Cadmium Telluride thin film solar manufacturer; its manufacturing process is thus far the industry’s lowest cost. It recently announced the intention to sell its modules to the utility market. In November 200�, it announced the acquisition of Turner Renewable Energy LLC. It also has long term module supply agreements with Babcock & Brown and Ecostream Switzerland GmbH. The agreements expand contracted module volume by a total of 55�MW allowing for additional sales of approximately $1 billion from 2008 to 2012. FSLR also announced a fourth manufacturing plant in Malaysia bringing the total to 16 lines for the Malaysian manufacturing center.

Source: First Solar, Inc., Piper Jaffray


First Solar, Inc. FSLR

Company Description First Solar, with manufacturing facilities in Ohio, is the largest Cadmium Telluride thin film solar manufacturer; its manufacturing process is thus far the industry’s lowest cost. It recently announced the intention to sell its modules to the utility market. In Nov. ’07 it announced the acquisition of Turner Renewable Energy LLC. It also has long term module supply agreements with Babcock & Brown and Ecostream Switzerland GmbH. The agreements expand contracted module volume by a total of 557MW allowing for additional sales of ~$1B from 2008 to 2012. FSLR also announced a 4th manufacturing plant in Malaysia bringing the total to 16 lines for the Malaysian manufacturing center.

Source: First Solar, Piper Jaffray




Headquarters 4050 East Cotton Center Boulevard Building 6, Suite 68 Phoenix, AZ 85040 602 4149300 www.firstsolar.com

Management CEO: Michael J. Ahearn CFO: Jens Meyerhoff


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First Solar Inc.

Headquarters3 Great Pasture RoadDanbury, CT 06813203 825-6000www.fce.com

ManagementCEO: Daniel BrdarCFO: Joseph G. Mahler

FuelCell Energy, Inc. FCEl

Company DescriptionFuelCell Energy, Inc. develops and manufactures stationary fuel cells for commercial, industrial and utility customers. The company’s Direct FuelCell (DFC) products run on biofuels such as waste gases as well as natural gas, coal gas and propane, and provide 24/� uninterrupted baseload power with higher efficiency and lower emissions. The company’s next generation carbonate fuel cell products generate electricity electrochemically without combustion. FCEL currently has 18MW of installed products and a backlog of 25MW serving markets in the U.S., Japan, Korea and Europe. The company has a 50MW manufacturing facility in Torrington, Conn.



FuelCell Energy, Inc. FCEL

Company Description FuelCell Energy, Inc. develops and manufactures stationary fuel cells for commercial, industrial, and utility customers. The company’s Direct FuelCell (DFC) products run on biofuels such as waste gases as well as natural gas, coal gas, and propane and provide 24/7 uninterrupted baseload power with higher efficiency and lower emissions. The company’s next generation carbonate fuel cell products generate electricity electrochemically without combustion. FCEL currently has 18 MW of installed products and a backlog of 25MW serving markets in the US, Japan, Korea, and Europe. The company has a 50 MW manufacturing facility in Torrington, CT.




Headquarters 3 Great Pasture Road Danbury, CT 06813 203 825-6000 www.fce.com

Management CEO: Daniel Brdar CFO: Joseph G. Mahler


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FuelCell Energy Inc.

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Headquarters55�5 S. Houghton Rd.Tucson, AZ 85�4�520 546-6313www.globalsolar.com

ManagementPresident: Michael Gering

Global Solar Energy, Inc.

Company DescriptionGlobal Solar Energy, Inc. engages in the manufacture and distribution of thin-film CIGS solar cells. It offers CIGS thin-film solar on a flexible substrate. The company’s products include portable solar chargers, solar modules, and solar cells. Global Solar Energy was founded in 1996 and is a prior subsidiary of Advanced Energy Technologies, Inc.




HeadquartersNo. 3� Golden Pond RoadGolden MountainIndustrial DistrictFujian ProvincePeople’s Republic of China +86 591 8385 9133www.gushan.com

ManagementCEO: Jianqiu YuCFO: Frank Ngai Chi Chan

Gushan Environmental Energy limited Gu

Company DescriptionGushan is China’s largest producer of biodiesel fuel. It currently has four plants capable of a total production rate of 240,000 metric tons per year of biodiesel. Gushan has an expansion plan calling for an additional three plants up and running by the end of 2008, for a total of 400,000 metric tons per year capacity.

Gushan uses waste cooking oil and vegetable offal as its feedstock, enabling the company to produce biodiesel at half the cost of a traditional biodiesel process using virgin vegetable oils. Its final product is a distilled biodiesel that meets all stringent w0rldwide specifications.

Source: Gushan Environmental Energy Limited, Piper Jaffray


Gushan Environmental Energy Ltd. GU

Company Description Gushan is China’s largest producer of biodiesel fuel. It currently has four

plants capable of a total production rate of 240,000 metric tons per year of

biodiesel. Gushan has an expansion plan calling for an additional three

plants up and running by the end of 2008, for a total of 400,000 metric

tons per year capacity.

Gushan uses waste cooking oil and vegetable offal as its feedstock,

enabling the company to produce biodiesel at half the cost of a traditional

biodiesel process using virgin vegetable oils. Its final product is a distilled

biodiesel that meets all stringent w0rldwide specifications.

Source: Gushan Environmental Energy Ltd., Piper Jaffray



Headquarters Gushan Environmental Energy Ltd. No. 37 Golden Pond Road Golden Mountain Industrial District Fujian Province People’s Republic of China 86 591 8385 9133 www.gushan.com

Management CEO: Jianqiu Yu CFO: Frank Ngai Chi Chan

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Headquarters10�5 Opakapaka StreetKapolei, HI 96�0�808 682-�800www.hokuscientific.com

ManagementCEO: Dustin M. ShindoCFO: Darryl S. Nakamoto

Hoku Scientific, Inc. HOku

Company DescriptionHoku Scientific, Inc. is a materials science company focused on developing products for fuel cells. Recently, the company formed two new businesses: Hoku Solar, for its integrated PV module business, and Hoku Materials, for its polysilicon business, which is a primary material used in the manufacture of PV modules. Recently, the company announced that it had amended its polysilicon supply contract with SANYO Electric to increase the term of the contract from seven to ten years, increasing the total amounts that may be payable to Hoku Materials from ~$3�1 million to ~$530 million.

Source: Hoku Scientific, Inc., Piper Jaffray


Hoku Scientific, Inc. HOKU

Company Description Hoku Scientific is a materials science company focused on developing products for fuel cells. Recently the company formed two new businesses: Hoku Solar, for its integrated PV module business, and Hoku Materials, for its polysilicon business, which is a primary material used in the manufacture of PV modules.Recently, the company announced that it had amended its polysilicon supply contract with SANYO Electric to increase the term of the contract from seven to ten years, increasing the total amounts that may be payable to Hoku Materials from up to ~$371M to ~$530M.

Source: Hoku Scientific, Piper Jaffray




Headquarters 1075 Opakapaka Street Kapolei, HI 96707 808 682-7800 www.hokuscientific.com

Management CEO: Dustin M. Shindo CFO: Darryl S. Nakamoto


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Hoku Scientific Inc.

Headquarters2 Juniper StreetVersailles, PA 15132412 405-1000www.hydrogenllc.net

ManagementCEO: John J. FreehCFO: Scott M. Schecter

HydroGen Corporation HyDG

Company DescriptionHydroGen Corp. designs, manufactures and markets fuel cell modules and power plant energy systems using phosphoric acid fuel cells (PAFCs). The company’s core product is a 400kw air-cooled PAFC module that is then assembled into a 2MW “Power Island” fuel cell power plant. The company is targeting the distributed generation market for utilities and commercial/industrial facilities in the 6-30MW class, fired by natural gas or other hydrocarbon fuels. HydroGen is also targeting customers that have access to economical sources of hydrogen as a fuel.



HydroGen Corporation HYDG

Company Description HydroGen Corp. designs, manufactures, and markets fuel cell modules and power plant energy systems using phosphoric acid fuel cells (PAFCs). The company’s core product is a 400kw air-cooled PAFC module that is then assembled into a 2MW “Power Island” fuel cell power plant. The company is targeting the distributed generation market for utilities and commercial/industrial facilities in the 6-30MW class, fired by natural gas or other hydrocarbon fuels. HydroGen is also targeting customers that have access to economical sources of hydrogen as a fuel.




Headquarters 2 Juniper Street Versailles, PA 15132 412 405-1000 www.hydrogenllc.net

Management CEO: John J. Freeh CFO: Scott M. Schecter


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HydroGen Corp.

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Headquarters5100 West Silver Springs Blvd.Ocala, FL 34482352 23�-�416www.intellon.com

ManagementCEO: Charles E. HarrisCFO: Brian T. McGee

Intellon Corporation ITlN

Company DescriptionIntellon designs and sells ICs for powerline communications, providing HomePlug-based and other powerline ICs for home networking, commercial and Smart Grid applications. Intellon is one of the main contributing members of the HomePlug Powerline Alliance, which has more than �5 members now and gets corporate sponsorship from leading technology companies. Intellon has strong customer relationships with more than 40 service providers, and several OEMs and ODMs incorporating the HomePlug technology in various electronic devices across different end markets such as Home Networking, Utilities and Commercial.

Source: Intellon Corporation, Piper Jaffray


Intellon Corporation ITLN

Company Description Intellon designs and sells ICs for powerline communications, providing HomePlug-based and other powerline ICs for home networking, commercial and Smart Grid applications. Intellon is one of the main contributing members of the HomePlug Powerline Alliance, which has more than 75 members now and gets corporate sponsorship from leading technology companies. Intellon has strong customer relationships with more than 40 service providers, and several OEMs and ODMs incorporating the HomePlug technology in various electronic devices across different end markets such as Home Networking, Utilities, and Commercial.

Source: Intellon, Piper Jaffray




Headquarters 5100 West Silver Springs Blvd. Ocala, FL 34482 352 237-7416 www.intellon.com

Management CEO: Charles E. Harris CFO: Brian T. McGee


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Intellon Corp.




HeadquartersJinglong Street,Jinglong GroupNingjin, 055550 China+86 319 580 0�60www.jasolar.com

ManagementCEO: Samuel YangCFO: Herman Zhao

JA Solar Holdings Co., ltd. JASO

Company DescriptionJASO is a China-based manufacturer of solar cells. The company’s China-based operations allow for lower operating costs relative to solar cell producers located in higher cost locations. JASO’s monocrystalline solar cells have achieved conversion efficiency rates in the range of 16.1% to 16.9%. Most of its current customers are in China, with some sales to customers in Europe, South Korea and the U.S. JASO purchases its wafer supplies from Jinglong, M.Setek, ReneSola and Shunda. Recently, JASO announced a sales agreement with Solaria Energía y Medio Ambiente, S.A. (“Solaria”) to provide up to 60MW of solar cells in 2008.

Source: JA Solar Holdings Co., Ltd., Piper Jaffray


JA Solar Holdings Co., Ltd. JASO

Company Description JASO is a China-based manufacturer of solar cells. The company’s China-based operations allow for lower operating costs relative to solar cell producers located in higher cost locations. JASO’s monocrystalline solar cells have achieved conversion efficiency rates in the range of 16.1% to 16.9%. Most of its current customers are in China, with some sales to customers in Europe, South Korea, and the U.S. JASO purchases its wafer supplies from Jinglong, M.Setek, ReneSola, and Shunda. Recently, JASO announced a sales agreement with Solaria Energia y Medio Ambiente, S.A. ("Solaria") to provide up to 60MW of solar cells in 2008.

Source: JA Solar Holdings Co., Ltd., Piper Jaffray




Headquarters Jinglong Street, Jinglong Group Ningjin, 055550 CHINA Phone: 86 31 9580 0760 www.jasolar.com

Management CEO: Samuel Yang CFO: Herman Zhao


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JA Solar Holdings Co. Ltd. (ADS)

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Headquarters116 John Street, Suite 12Lowell, MA 018529�8 569-1400www.konarkatech.com

ManagementFounder/Chairman:Howard BerkeCEO: Rick Hess

konarka Technologies, Inc.

Company DescriptionKonarka Technologies, Inc. engages in the development and manufacture of polymer photovoltaic products. The company provides solar applications for commercial, industrial, government and consumer customers. The company’s photovoltaic fibers and durable plastics bring power-generating capabilities to structures, including tents, awnings, roofs, windows and window coverings.


Headquarters16 South Pennsylvania Ave.Oklahoma City, OK �310�405 235-4546www.lsb-okc.com

ManagementCEO: Jack E. GolsenCFO: Tony M. Shelby

lSB Industries, Inc. lxu

Company DescriptionLSB Industries Inc. operates in two business segments: climate control and chemicals. The climate control business manufactures a variety of HVAC products and geothermal heat pumps for both commercial and residential applications. The chemicals business markets nitric acid to industrial and agrochemical customers as well as fertilizer for corn. The company has six HVAC manufacturing and distribution facilities in Oklahoma City and chemical plants in Texas, Ark. and Ala. The chemicals, climate control and engineered products segments account for 53%, 45% and 2% of sales, respectively.



LSB Industries, Inc. LXU

Company Description LSB Industries Inc. operates in two business segments: climate control and chemicals. The climate control business manufactures a variety of HVAC products and geothermal heat pumps for both commercial and residential applications. The chemicals business markets nitric acid to industrial and agrochemical customers as well as fertilizer for corn. The Company has six HVAC manufacturing and distribution facilities in Oklahoma City and chemical plants in Texas, Arkansas, and Alabama. The chemicals, climate control, and engineered products segments account for 53%, 45%, and 2% of sales, respectively.




Headquarters 16 South Pennsylvania Oklahoma City, OK 73107 405 235-4546 www.lsb-okc.com

Management CEO: Jack E. Golsen CFO: Tony M. Shelby


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LSB Industries Inc.

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Headquarters500 West Ohio AveRichmond, CA 94804510 231-9031www.mbapolymers.com

ManagementCEO: Michael BiddleFounder: Trip Allen

MBA Polymers, Inc.

Company DescriptionMBA Polymers, Inc. engages in recycling engineering plastics from waste streams and end-of-life durable goods, such as appliances, computer and business equipment, automobiles, and sporting equipment. It has facilities in Richmond, Calif.; Guangzhou, China; and Kematen, Austria. The company was founded in 1994.

Source: Company Web site, Capital IQ

Headquarters805 Third Avenue, 15th FloorNew York, NY 10222212 935-8484www.medistechnologies.com

ManagementCEO: Robert K. LIftonCFO: Israel Fisher

Medis Technologies ltd. MDTl

Company DescriptionMedis Technologies is commercializing small direct liquid fuel cell power packs to provide additional power to small handheld electronics such as cell phones, MP3 players and game consoles. Full commercial production is expected in 2008. Future projects include higher-power fuel cells for laptop use, unmanned aerial vehicle use and other high power drain personal devices. Medis uses a borohydride oxidation reaction to produce a low temperature method of electrical storage and release that is also non-toxic and requires no exotic metal catalyst.



Medis Technologies Ltd. MDTL

Company Description Medis Technologies is commercializing small direct liquid fuel cell power packs to provide additional power to small handheld electronics such as cell phones, MP3 players, and game consoles. Full commercial production is expected in 2008. Future projects include higher-power fuel cells for laptop use, unmanned aerial vehicle use, and other high power drain personal devices. Medis uses a borohydride oxidation reaction to produce a low temperature method of electrical storage and release that is also non-toxic and requires no exotic metal catalyst.




Headquarters 805 Third Avenue, 15th Floor New York, NY 10222 212 935-8484 www.medistechnologies.com

Management CEO: Robert K. LIfton CFO: Israel Fisher


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Medis Technologies Ltd.

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Headquarters501 Pearl Drive, P.O. Box 8St. Peters, MO 633�6636 4�4-5000www.memc.com

ManagementCEO: Nabeel GareebCFO: Ken Hannah

MEMC Electronic Materials, Inc. WFR

Company DescriptionMEMC produces wafers for most of the major semiconductor device manufacturers, including memory, microprocessor and ASIC manufacturers, as well as the world’s largest foundries. MEMC provides wafers in sizes ranging from 100mm to 300mm. Also, the company sells intermediate products such as polysilicon, silane gas, partial ingots and scrap wafers to semiconductor device and equipment makers, solar customers, flat panel and other industries. In January 200�, MEMC began delivery of solar wafers as an additional type of wafer by signing multiple long-term solar wafer supply contracts.

Source: MEMC Electronic Materials, Inc.


MEMC Electronic Materials, Inc. WFR

Company Description MEMC produces wafers for most of the major semiconductor device manufacturers, including memory, microprocessor and ASIC manufacturers, as well as the world’s largest foundries. MEMC provides wafers in sizes ranging from 100mm to 300mm. Also, the company sells intermediate products such as polysilicon, silane gas, partial ingots and scrap wafers to semiconductor device and equipment makers, solar customers, flat panel and other industries. In January 2007, MEMC began delivery of solar wafers as an additional type of wafer by signing multiple long-term solar wafer supply contracts.

Source: MEMC Electronic Materials, Inc.




Headquarters 501 Pearl Drive PO Box 8 St Peters, MO 63376-0008 636 474-5000 http://www.memc.com

Management CEO: Nabeel Gareeb CFO: Ken Hannah


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MEMC Electronic Materials Inc.

Headquarters213�5 Cabot BoulevardHayward, CA 94545510 264-0280www.mendelbio.com

ManagementCEO: Neal GuttersonCFO: Murray Phimester

Mendel Biotechnology, Inc.

Company DescriptionMendel Biotechnology, Inc., a functional genomics company, engages in the discovery, development and commercialization of products based on the study of plant genes. The company offers biofuel feedstocks, flowering, yield enhancement, drought tolerance, freezing tolerance, disease resistance, nutrient use efficiency, and cold germination products. It also develops new seed products for the bioenergy market, focusing on seeds and feedstock products for cellulosic ethanol industry.


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Headquarters21 Erie StreetCambridge, MA 02139 61� 583-1�00www.metabolix.com

ManagementCEO: Jay Kouba

Metabolix, Inc. MBlx

Company DescriptionMetabolix, Inc. is a leading metabolic engineering company developing biodegradable plastics, fuels and chemicals from renewable resources through large-scale fermentation systems. Using its patented biotechnology to induce novel enzyme production in bacteria, Metabolix can create new biodegradable engineering grade plastics in-vitro. The carbon footprint of such plastics is significantly less than standard petroleum-based products.

Partnering with ADM, Metabolix plans to begin plastics production in a 110 million lb/yr facility in late 2008. Metabolix introduced the first commercial use of its Mirel™ bioplastic in 200� when it was chosen as a material for retail gift cards at the Target Corp.



Metabolix, Inc. MBLX

Company Description Metabolix, Inc. is a leading metabolic engineering company developing biodegradable plastics, fuels and chemicals from renewable resources through large-scale fermentation systems.Using its patented biotechnology to induce novel enzyme production in bacteria, Metabolix can create new biodegradable engineering grade plastics in-vitro. The carbon footprint of such plastics is significantly less than standard petroleum-based products. Partnering with ADM, Metabolix will begin plastics production in a 110 million lb/yr facility in late 2008. Metabolix introduced the first commercial use of its Mirel bioplastic in 2007 when it was chosen as a material for retail gift cards at the Target Corp.




Headquarters 21 Erie Street Cambridge, MA 02139 617 583-1700 www.metabolix.com

Management CEO: Jay Kouba


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Metabolix Inc.

Headquarters43-A, Okhla Industrial EstateNew Delhi, 110 020 India+91 115 163 5201www.moserbaer.in

ManagementCEO: Ravi KhannaCFO: Yogesh Mathur

Moser Baer India limited MOSR.NS

Company DescriptionMoser Baer is the world’s second largest optical storage manufacturer headquartered on the outskirts of Delhi, India. Its subsidiary Moser Baer Photo Voltaic Ltd (MBPV) is currently preparing to manufacture thin film a-Si solar modules. Moser Baer is a customer of Applied Materials for its SunFab thin film line. In September 2006, the company announced its investment into Solaria, a concentration technology based company in Fremont, Calif. The company invested INR 32 Crore (US$� million) in the final closing of SolFocus’ Series A funding in October 2006. MBPV’s third investment is in Stion Corporation, a nanostructure PV technology company in Menlo Park, Calif.

Source: Moser Baer India Limited, Piper Jaffray


Moser Baer India Limited MOSR.NSAnalysts Jesse W. Pichel Senior Research Analyst 212 284-9301 [email protected]



Headquarters 43-A, Okhla Industrial Estate,

Company Description Moser Baer is the world’s second largest optical storage manufacturer headquartered on the outskirts of Delhi, India. Its subsidiary Moser Baer Photo Voltaic Ltd (MBPV) is currently preparing to manufacture thin film a-Si solar modules. Moser Baer is a customer of Applied Materials for its SunFab thin film line. In September’06 the company announced its investment into Solaria, a concentration technology based company in Fremont, CA. The company invested INR 32 Crore (US$7 mn) in the final closing of SolFocus’ Series A funding in October ’06. MBPV’s third investment is in Stion Corporation, a nanostructure PV technology company in Menlo Park, CA.

New Delhi, 110 020 INDIAI Source: Moser Baer India Limited, Piper Jaffray +91-11-51635201

www.moserbaer.in

Management CEO: Ravi Khanna CFO: Yogesh Mathur

Closing price in INR 6 Feb 2007-6 Feb 2008 Moser Baer India

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Headquarters165 Topaz StreetMilpitas, CA 95035408 �19-5300www.nanogram.com

ManagementCEO: Dr. Kieran DrainFounder/CTO: Nobuyuki KambeDir. of Finance: Gordon Schunick

NanoGram Corporation

Company DescriptionNanoGram Corporation develops and licenses technology that enables the manufacture of nanoscale compositions for applications in optical nanocomposites, battery materials, phosphors, solar, and core shell. The company’s licensing package includes materials production process, surface modification, dispersion technologies, process transfer expertise, and ongoing support. The company is a former subsidiary of NeoPhotonics Corporation.


Headquarters5521 Hellyer AvenueSan Jose, CA 95138650 565-8891www.nanosolar.com

ManagementCEO: Martin RoscheisenCFO: James McNicholas

Nanosolar, Inc.

Company DescriptionNanosolar, Inc. engages in the development, manufacture and distribution of solar electricity panels. Its solar electricity products include PowerSheet, SolarPly for commercial buildings and Utiliscale for ground-mounted plant installations, as well as Cell A-100 for original equipment manufacturers. The company has manufacturing facilities in San Jose, Calif.; and Berlin, Germany.


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Headquarters363 N. Sam Houston Pkwy ESuite 630Houston, TX ��060�13 869-6682www.novabiosource.com

ManagementCEO: Kenneth T. HernCFO: David Gullickson

Nova Biosource Fuels, Inc. NBF

Company DescriptionNova Biosource Fuels is a leading U.S. producer of biodiesel from waste oil feedstock. With its patented process, Nova Biosource can take high fatty acid oils and fats and cost effectively convert them into pure distilled biodiesel and high-quality glycerin. Having built several biodiesel plants for other owners since 2000, Nova Biosource is ready to commission its own 60 million gallons/yr plant in Seneca, Ill. By the end of 2008, the company should be producing �0 million gallons/yr at two plants, with development options on at least one more site for an additional 60 million gallon/yr plant.



Nova Biosource Fuels, Inc. NBF

Company Description Nova Biosource Fuels is a leading U.S. producer of biodiesel from waste oil feedstock. With its patented process, Nova Biosource can take high fatty acid oils and fats and cost effectively convert them into pure distilled biodiesel and high-quality glycerin. Having built several biodiesel plants for other owners since 2000, Nova Biosource is ready to commission its own 60 million gallons/yr plant in Seneca, Illinois. By the end of 2008, the company should be producing 70 million gallons/yr at two plants, with development options on at least one more site for an additional 60 million gallon/yr plant.




Headquarters 363 N. Sam Houston Pkwy E Suite 630 Houston, TX 77060 713 869-6682 www.novabiosource.com

Management CEO: Kenneth T. Hern CFO: David Gullickson


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Nova Biosource Fuels Inc.

HeadquartersKrogshoejvei 36Denmark+44 588 249 999www.novozymes.com

ManagementCEO: Steen RiisgaardCFO: Benny Loft

Novozymes A/S NvzMF

Company DescriptionNovozymes is one of the largest producers of custom enzymes in the world. Since the 1940s, it has pioneered fermentation technology as a process for large-scale manufacturing of enzymes. Its four business areas are:

BioPharma – Microbial fermentation and purification of biological compounds for the pharmaceutical and biotech industryBiologicals – Naturally occurring microorganisms that replace chemicals in industrial applicationsBiopolymers – Cost effective production of high purity hyaluronic acidEnzymes – Enzymes for industrial processes in producing consumer and industrial products


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Novozymes A/S NVZMF

Company Description Novozymes is one of the largest producers of custom enzymes in the world. Since the 1940s, it has pioneered fermentation technology as a process for large-scale manufacturing of enzymes. Its four business areas are:

BioPharma - microbial fermentation and purification of biological compounds for the pharmaceutical and biotech industry. Biologicals – naturally occurring microorganisms that replace chemicals in industrial applications. Biopolymers – cost effective production of high purity hyaluronic acid. Enzymes – enzymes for industrial processes in producing consumer and industrial products.




Headquarters Krogshoejvei 36 Denmark +445 88 24 99 99 www.novozymes.com

Management CEO: Steen Riisgaard CFO: Benny Loft


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HeadquartersChurerstrasse 120Pfäffikon, 8808 CHE+41 583 609 696www.oerlikon.com

ManagementCEO: Thomas LimbergerCFO: Joerg Eichkorn

Oerlikon Solar Management AG OERl vx

Company DescriptionOerlikon is a leading equipment company in the field of thin film, vacuum, and precision technology. It is headquartered in Pfäffikon, Switzerland. Based on Oerlikon’s core competencies, the company develops production systems, components and services for high technology products. It offers proven production solutions for thin film silicon solar modules based on its extensive experience in thin film mass production technology (i.e., hard drive and CD technologies). It develops and builds turnkey end-to-end systems for thin film solar production systems. Oerlikon’s customers include Inventux Technologies AG, ersol Thin Film GmbH, CMC Magnetics, Taiwan’s Auria Solar Co. Ltd and Italy’s Pramac SpA for its thin film production line. Oerlikon also has a turnkey TCO (transparent conducting oxide) 1200 coating step that fully integrates into the production line flow.

Source: Oerlikon Solar Management AG, Piper Jaffray


Oerlikon Solar Management AG, OERL VXAnalysts

Closing price in EUR 6 Feb 2007-6 Feb 2008 Oerlikon Solar Management

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] Oerlikon is a leading equipment company in the field of thin film,

vacuum, and precision technology. It is headquartered in Pfaeffikon, Switzerland. Based on Oerlikon's core competencies, the company develops production systems, components, and services for high technology products. It offers proven production solutions for thin film silicon solar modules based on its extensive experience in thin film mass production technology (i..e., hard drive and CD technologies). It develops and builds turnkey end-to-end systems for thin film solar production systems. Oerlikon’s customers include Inventux Technologies AG, Ersol Thin Film GmbH, CMC Magnetics, Taiwan’s Auria Solar Co. Ltd and Italy’s Pramac SpA for its thin film production line. Oerlikon also has a turnkey TCO (transparent conducting oxide) 1200 coating step that fully integrates into the production line flow.



Headquarters Churerstrasse 120 Pfaeffikon, 8808 CHE +41-58-3609696 www.oerlikon.com

Management Source: Oerlikon Solar, Piper Jaffray CEO: Thomas Limberger

CFO: Joerg Eichkorn

Headquarters514 Via de la Valle, Suite 200Solana Beach, CA 920�5858 �94-8800www.openenergycorp.com

ManagementCEO: David P. SaltmanCFO: Aidan H. Shields

Open Energy Corporation OEGy

Company DescriptionOpen Energy Corporation focuses on the design and manufacturing of solar energy products. The company offers building-integrated photovoltaic roofing materials for commercial, industrial and residential markets marketed under the trade name SolarSave. The product line includes roofing membranes, roofing tiles, custom architectural PV glass and balance of systems equipment such as inverters, combiners, and accessories. The company also holds an exclusive, worldwide license to a solar thermal technology called SunCone™ CSP (Concentrating Solar Power), which is currently being developed to produce electricity and potable water using only the power of the sun.

Source: Open Energy Corporation, Piper Jaffray


Headquarters 514 Via de la Valle, Suite 200 Solana Beach, CA 92075 858 794-8800 www.openenergycorp.com

Management CEO: David P. Saltman CFO: Aidan H. Shields

Open Energy Corporation OEGY

Company Description Open Energy Corporation focuses on the design and manufacturing of solar energy products. The company offers building-integrated photovoltaic roofing materials for commercial, industrial and residential markets marketed under the trade name SolarSave. The product line includes roofing membranes, roofing tiles, custom architectural PV glass and balance of systems equipment such as inverters, combiners, and accessories. The company also holds an exclusive, worldwide license to a solar thermal technology called SunCone™ CSP (Concentrating Solar Power), which is currently being developed to produce electricity and potable water using only the power of the sun.

Source: Open Energy, Piper Jaffray

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Open Energy Corp.

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Headquarters6225 Neil Road, Suite 300Reno, NV 89511��5 356-9029www.ormat.com

ManagementCEO: Yehudit BronickiCFO: Joseph Tenne

Ormat Technologies, Inc. ORA

Company DescriptionOrmat Technologies Inc. designs, develops, builds, owns and operates geothermal and recovered energy power plants. The company has two business segments, Electricity and Products. In the Electricity segment, Ormat develops and builds geothermal power plants and sells the electricity produced through long-term contracts with utilities. In the Products segment, Ormat manufactures and sells equipment for geothermal and recovered-energy based electricity generation and other power generating units. The company also provides services relating to the engineering, construction, maintenance and operation of geothermal and recovered energy power plants.



Ormat Technologies, Inc. ORA

Company Description Ormat Technologies Inc. designs, develops, builds, owns, and operates geothermal and recovered energy power plants. The Company has two business segments, Electricity and Products. In the Electricity segment Ormat develops and builds geothermal power plants and sells the electricity produced through long-term contracts with utilities. In the Products segment, Ormat manufactures and sells equipment for geothermal and recovered-energy based electricity generation and other power generating units. The company also provides services relating to the engineering, construction, maintenance, and operation of geothermal and recovered energy power plants.




Headquarters 6225 Neil Road Suite 300 Reno, NV 89511 775 356-9029 www.ormat.com

Management CEO: Yehudit Bronicki CFO: Joseph Tenne


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Ormat Technologies Inc.

Headquarters�00 Gardiner RoadKingston, ON K�M 3X9Canada613 545-0390www.performanceplants.com

ManagementCEO: David DennisCOO: Peter Matthewman

Performance Plants, Inc.

Company DescriptionPerformance Plants Inc., founded in 1995, focuses on gene evaluation and the development of agronomically important plant traits. Performance Plants creates value by bringing innovative crop technologies to the market. The company has established global product development agreements with strategic partners in the corn, soybean, turf and ornamentals markets.


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HeadquartersHirschbergstrasse 885254, SulzemoosGermany+49 (0) 8135 938 000www.phoenixsolar.com

ManagementCEO: Andreas HanelCFO: Sabine Kauper

Phoenix Solar AG PS4 GR

Company DescriptionPhoenix Solar is one of the world’s leading photovoltaic system integrators. It sells solar modules, inverters, accessories and complete solar power systems. Its subsidiary, Germany-based Phoenix Projekt & Service AG, is concerned with the development and issue of solar funds. Its other subsidiaries are Phoenix Energia Solar S.L. in Spain and Phoenix Solar Pte Ltd in Singapore. It designs solar power applications for on-roof, in-roof, and flat-roof installation and for freestanding installation in open spaces. Its first large power plant is in Toledo, Spain, with a capacity of 1.4MWp erected with MHI thin-film modules. It also entered into a multi-year supply contract with First Solar for the purchase and sale of �MW of thin film cells from First Solar. The company’s Spanish solar subsidiary recently signed contracts for the construction of power plants with a peak output of more than 9MW corresponding to sales of over EUR 40 million.

Source: Phoenix Solar AG, Piper Jaffray


Phoenix Solar AG PS4 GR

Company Description Phoenix Solar is one of the world's leading photovoltaic system integrators. It sells solar modules, inverters, accessories, and complete solar power systems. Its subsidiary, Germany-based Phoenix Projekt & Service AG, is concerned with the development and issue of solar funds. Its other subsidiaries are Phoenix Energia Solar S.L. in Spain and Phoenix Solar Pte Ltd in Singapore. It designs solar power applications for on-roof, in-roof, and flat-roof installation and for freestanding installation in open spaces. Its first large power plant is in Toledo, Spain, with a capacity of 1.4MWp erected with MHI thin-film modules. It also entered into a multi-year supply contract with First Solar for the purchase and sale of 7MW of thin film cells from First Solar. The company’s Spanish solar subsidiary recently signed contracts for the construction of power plants with a peak output of more than 9MW corresponding to sales of over EUR 40 million.

Source: Phoenix Solar AG, Piper Jaffray




Headquarters Hirschbergstrasse 8 85254, Sulzemoos +49 (0)8135-938-000 www.phoenixsolar.com

Management CEO: Andreas Hanel CFO: Sabine Kauper

Closing price in EUR 6 Feb 2007-6 Feb 2008 Phoenix Solar

Headquarters1145 Innovation DriveSuite 100Ottawa, ON K2K 3G8613 591-9438www.plascoenergygroup.com

ManagementCEO: Rod BrydenCFO: Tim Saunders

Plasco Energy Group

Company DescriptionPlasco Energy Group is a private Canadian waste conversion and energy generation company based in Ottawa, Canada. Plasco Energy builds, owns and operates Plasco Energy Conversion System facilities that use proprietary world-leading technology to convert municipal household, commercial or industrial waste into green power and other valuable products. The company has more than �0 employees from engineering to plant delivery.


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Headquarters10109 Carroll Canyon Rd.San Diego, CA 92131858 54�-�300www.powergenix.com

ManagementCEO: Dan SquillerFounder/CTO: Jeffrey Phillips

PowerGenix, Inc.

Company DescriptionPowerGenix, Inc. develops and manufactures rechargeable nickel-zinc batteries in the United States. Its batteries are used in cordless power tools, UPS systems, electric scooters, specialty military equipment, and high-intensity DC lighting. The company’s batteries also act as a power source for a variety of DC-powered devices, as well as provide solutions for applications, including portable CD players, lead-acid replacements, electric razors and dive lights.


Headquarters�40 Calle PlanoCamarillo, CA 93012805 98�-8�41www.power-one.com

ManagementCEO: William T. YeatesCFO: Jeffrey Kyle

Power-One, Inc. PWER

Company DescriptionPower-One, Inc. (Power-One) designs, develops and manufactures power conversion and power management products for communications infrastructure, renewable energy markets like wind and solar PV and high technology markets . The company’s products are used to control process and manage electrical energy in both alternating current (AC) and direct current (DC) form. In December 200�, Power-One entered into a strategic alliance with Magnetek (NYSE: MAG) to promote and distribute commercial and residential solar as well as small wind alternative energy inverters. The company also introduced commercial grade PV inverters in September 200�.

Source: Power-One, Inc., Piper Jaffray


Headquarters 740 Calle Plano Camarillo, CA 93012 805 9878741 www.power-one.com

Management CEO: William T. Yeates CFO: Jeffrey Kyle

Power-One, Inc. PWER

Company Description Power-One, Inc. (Power-One) designs, develops and manufactures power conversion and power management products for communications infrastructure, renewable energy markets like wind and solar PV and high technology markets . The company’s products are used to control process and manage electrical energy in both alternating current (AC) and direct current (DC) form. In December 2007, Power-One entered into a strategic alliance with Magnetek (NYSE: MAG) to promote and distribute commercial and residential solar as well as small wind alternative energy inverters. The company also introduced commercial grade PV inverters in September 2007.

Source: Power-One, Piper Jaffray


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Headquarters100 International DrivePortsmouth, NH 03801603 5�0-3000www.powerspan.com

ManagementCEO: Frank AlixCFO: Lynn Friedel

Powerspan Corp.

Company DescriptionPowerspan Corp. develops and commercializes multi-pollutant control technology for the electric power industry. Its Electro-Catalytic Oxidation system provides removal of sulfur dioxide, nitrogen oxides, mercury, and fine particulate matter from the flue gas of coal-fired power plants.

Source: Capital IQ

Headquarters5152 North Edgewood DriveSuite 3�5Provo, UT 84604801 �65-1200www.rasertech.com

ManagementCEO: Brent M. CookCFO: Martin F. Petersen

Raser Technologies, Inc. Rz

Company DescriptionRaser Technologies develops and licenses technologies to increase the torque, power and efficiency of electric motors and controller technology. The technologies can be applied to industrial AC induction motors, permanent magnet motors, automotive alternators and integrated starter alternators. The company has a Transportation and Industrial Technology segment and a Power Systems segment. The company has begun expanding into the geothermal power market, having recently signed leases to geothermal resources in Utah, acquired the GeoLectric Power Company NM, and secured funding for the development of geothermal power plants.



Raser Technologies, Inc. RZ

Company Description Raser Technologies develops and licenses technologies to increase the torque, power, and efficiency of electric motors and controller technology. The technologies can be applied to industrial AC induction motors, permanent magnet motors, automotive alternators, and integrated starter alternators. The company has a Transportation and Industrial Technology segment and a Power Systems segment. The company has begun expanding into the geothermal power market, having recently signed leases to geothermal resources in Utah, acquired the GeoLectric Power Company NM, and secured funding for the development of geothermal power plants.




Headquarters 5152 North Edgewood Drive Suite 375 Provo, UT 84604 801 765-1200 www.rasertech.com

Management CEO: Brent M. Cook CFO: Martin F. Petersen


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AnalystsTorben S. SommerSenior Research Analyst+44 (0)203 142 881�[email protected]

Jesse W. PichelSenior Research Analyst212 [email protected]


HeadquartersVeritasvelen 14 PO Box 280Hovik, 1323 NOR+4� 6� 815 250www.recgroup.no

ManagementCEO: Erik ThorsenCFO: Bjorn Brenna

Renewable Energy Corporation ASA REC NO

Company DescriptionREC Group is today the world’s leading fully integrated company in the Photovoltaic (PV) industry. The company is involved in all steps of the PV manufacturing value chain with main focus on polysilicon and silicon wafer. The polysilicon plant in Moses Lake, Washington, is the base for REC’s aggressive expansion plan due to access to cheap hydro power electricity. Over the last five years, REC has consolidated its position through acquisition in wafers and solar cells, and has been able to drive innovation through 110 IP rights. The Singapore facility will when completed dominate the space of 130 football fields.

Source: Renewable Energy Corporation ASA, Piper Jaffray


Renewable Energy Corporation ASA REC NO

Company Description REC Group is today the world’s leading fully integrated company in the Photovoltaic (PV) industry. The company is involved in all steps of the PV manufacturing value chain with main focus on polysilicon and silicon wafer. The polysilicon plant in Moses Lake, Washington, is the base for REC’s aggressive expansion plan due to access to cheap hydro power electricity. Over the last five years, REC has consolidated its position through acquisition in wafers and solar cells, and has been able to drive innovation through 110 IP rights. The Singapore facility will when completed dominate the space of 130 football fields.

Source: Renewable Energy Corporation, Piper Jaffray

Analysts Torben Sommer Senior Research Analyst +44 (0)203 142 8817 [email protected]

Jesse W. Pichel Senior Research Analyst 212 284-9301 [email protected]

Preetesh Munshi Research Analyst 212 284-9315 [email protected]

Headquarters Veritasvelen 14 PO Box 280 Hovik, 1323 NOR +47-67-815250www.recgroup.no

Management CEO: Erik Thorsen CFO: Bjorn Brenna

Closing price in EUR 12 Feb 2007-12 Feb 2008 Renewable Energy Corporation

Headquarters108�� Wilshire Boulevard Suite �10Los Angeles, CA 90024310 208-�160www.rentechinc.com

ManagementCEO: D. Hunt Ramsbottom CFO: I. Merrick Kerr

Rentech, Inc. RTk

Company DescriptionRentech Inc. converts synthesis gas (syngas) derived from coal, petroleum coke, biomass, natural gas and municipal solid waste into liquid fuels and chemical products using a patented and proprietary Fischer-Tropsch process. Products include jet fuel, ultra low sulfur diesel fuel and chemical surfactants. Rentech plans to begin production at its demonstration facility in Sand Creek, Colo. in Spring 2008 and the first U.S. commercial synthetic fuels facility is scheduled for construction in Adams County, Miss. beginning this year.



Rentech, Inc. RTK

Company Description Rentech Inc. converts synthesis gas (syngas) derived from coal, petroleum coke, biomass, natural gas, and municipal solid waste into liquid fuels and chemical products using a patented and proprietary Fischer-Tropsch process. Products include jet fuel, ultra low sulfur diesel fuel, and chemical surfactants. Rentech plans to begin production at its demonstration facility in Sand Creek, CO in Spring 2008 and the first U.S. commercial synthetic fuels facility is scheduled for construction in Adams County, MS beginning this year.




Headquarters 10877 Wilshire Boulevard Suite 710 Los Angeles, CA 90024 310 208-7160 www.rentechinc.com

Management CEO: D. Hunt Ramsbottom CFO: I. Merrick Kerr


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Rentech Inc.

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Headquarters999 Main Street, Suite 1010Boise, ID 83�02208 389-�426www.semiphotonics.com

ManagementCEO: Trung Tri DoanCOO: Chuong Anh Tran

SemilEDS Corporation

Company DescriptionSemiLEDs Corporation is a provider of high-performance light-emitting diodes (HPLED) suitable for lighting applications including display, signage, communication, automotive and general lighting. Utilizing Copper alloy substrate, SemiLEDs has successfully developed and commercialized MvPLED technology (Metal vertical Photon Light Emitting Diode). The company is headquartered in Boise, Idaho with operations in Hsinchu, Taiwan.


Headquarters22-22 Nagaike-cho, Abenko-kuOsaka, 545-8522, Japan+81 666 211 221www.sharponenergy.com

ManagementCEO: Katsuhiko MachidaGroup GM, Solar Systems Group: Toshishige Hamano

Sharp Solar Energy Solutions Group(subsidiary of Sharp Electronics Corporation) SHCAy

Company DescriptionSharp Solar Energy Solutions Group (SESG), a subsidiary of Sharp Electronics Corporation, is one of the leading manufacturers of solar cells and modules. With production capacity of �10MW, SESG is the world’s solar production leader that makes mono and multi crystalline cells besides semitransparent thin film solar modules. In June 200�, SESG provided solar modules for the largest commercial solar electricity system in the U.S. to date, rated at 1.6MW, installed at Google’s corporate headquarters in Mountain View, Calif. It also has a thin film solar cell plant in Sakai City, Japan, which is expected to commence operations by March 2010. The company announced expansion plans in November 200� at its thin film Katsuragi Plant from 15MW to 160MW by October 2008.

Source: Sharp Electronics Corporation, Piper Jaffray


Sharp Electronics CorporationAnalysts

(Subsidiary of Sharp Corporation) SHCAYJesse W. Pichel


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Sharp Corp. (ADS)

Senior Research Analyst 212 284-9301 [email protected] Company Description

Sharp Solar Energy Solutions Group (SESG), a subsidiary of Sharp Electronics Corporation, is one of the leading manufacturers of solar cells and modules. With production capacity of 710MW, SESG is the world's solar production leader that makes mono and multi crystalline cells besides semitransparent thin film solar modules. In June 2007, SESG provided solar modules for the largest commercial solar electricity system in the U.S. to date, rated at 1.6MW, installed at Google's corporate HQs in Mountain View, CA. It also has a thin film solar cell plant in Sakai City, Japan, which is expected to commence operations by March 2010. The company announced expansion plans in November 2007 at its thin film Katsuragi Plant from 15MW to 160MW by October 2008.



Headquarters 22-22 Nagaike-cho, Abenko-ku Osaka, 545-8522, Japan +81-6-6621-1221www.sharponenergy.com

Source: Sharp Electronics Corporation, Piper Jaffray Management CEO: Katsuhiko Machida Group GM, Solar Systems Group: Toshishige Hamano

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Headquarters4400 Old Canton Rd.Suite 300Jackson, MS 39211888 362-1�80www.smartsynch.com

ManagementCEO: Stephen JohnstonVP of Finance: Donna Grewe

SmartSynch, Inc.

Company DescriptionSmartSynch, Inc. provides metering solutions for the energy and utility industry in North America. It offers SmartMeter System, which enables energy and utility companies to communicate with electricity meters using wireless networks and the Internet, as well as manages the access and delivery of metering information. The company was founded in 1999 as XP Technology, Inc. and changed its name to SmartSynch, Inc. in 2000.


Headquarters666 Linyang RoadQidong, JNG 226200China+86 513 8330 �688www.solarfun.com.cn

ManagementCEO: Yonghua LuCFO: Amy Liu

Solarfun Power Holdings Co., ltd. SOlF

Company DescriptionSolarfun is an established manufacturer of both PV cells and modules in China. The company sells its products directly to system integrators and through third party distributors. The company conducts business in China through its operating subsidiary, Jiangsu Linyang Solarfun Co., Ltd., or Linyang China. It operates four monocrystalline and four multicrystalline PV cell production lines, each with up to 30MW of annual manufacturing capacity. The company is targeting an average cell manufacturing capacity of 360MW by the middle of 2008. Solarfun’s monocrystalline PV cell efficiency is b/w approximately 16.1%–16.6% and the wafer thicknesses are in the 200 micron range.

Source: Solarfun Power Holdings Co., Ltd., Piper Jaffray


Solarfun Power Holdings Co., Ltd. SOLFAnalysts


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Solarfun Power Holdings Co. Ltd. (ADS)

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] Solarfun is an established manufacturer of both PV cells and

modules in China. The company sells its products directly to system integrators and through third party distributors. The company conducts business in China through its operating subsidiary, Jiangsu Linyang Solarfun Co., Ltd., or Linyang China. It operates four monocrystalline and four multicrystalline PV cell production lines, each with up to 30 MW of annual manufacturing capacity. The company is targeting an average cell manufacturing capacity of 360 MW by the middle of 2008. Solarfun's monocrystalline PV cell efficiency is b/w ~16.1%-16.6% and the wafer thicknesses are in the 200 micron range.



Headquarters 666 Linyang Road Qidong, JNG 226200 CHN

Source: Solarfun, Piper Jaffray 86-513-83307688 www.solarfun.com.cn

Management CEO: Yonghua Lu CFO: Amy Liu

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Headquarters46420 Fremont Blvd.Fremont, CA 94538888 362-1�80www.solaria.com

ManagementCo-Founder: Leslie DanzigerCEO: Suvi SharmaCFO: Chris Dier

The Solaria Corporation

Company DescriptionThe Solaria Corporation operates as a solar technology company in Silicon Valley. The company develops cells and modules technology to make production more efficient. The company was founded in 1999.


HeadquartersNunez de Balboa 120 3 PlantaMadrid, 28006 ESP+34 915 644 2�2www.solariaenergia.com

ManagementCEO: Arturo Diaz-TejeiroCFO: Enrique Diaz-Tejeiro

Solaria Energía y Medio Ambiente, S.A. SlR SM

Company DescriptionSolaria is a manufacturer and installer of PV modules based in Puertollano, Ciudad Real, in Spain. During 2005, Solaria started the ramp-up of its PV module production plant in Puertollano and began selling its own solar panels. Today, the company is building a second production plant with six new module production lines, which should increase annual capacity to 250MW in 2008 and 350MW in 2009. The company has a EUR 565.5 million order backlog and is currently negotiating EUR 1.34 billion turnkey projects. The company was listed on Madrid Stock Exchange in June 200�. The founding shareholders still control 61% of the company.

Source: Solaria Energía y Medio Ambiente, S.A., Piper Jaffray


Solaria Energia y Medio Ambiente, S.A. SLR SMAnalysts

Closing price in EUR 6 Feb 2007-6 Feb 2008 Solaria Energia

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] Solaria is a manufacturer and installer of PV modules based in

Puertollano, Ciudad Real, in Spain. During 2005 Solaria started the ramp-up of its PV module production plant in Puertollano and began selling its own solar panels. Today the company is building a second production plant with six new module production lines, which should increase annual capacity to 250MW in 2008 and 350MW in 2009. The company has a EUR 565.5 million order backlog and is currently negotiating EUR 1.34 billion turnkey projects. The company was listed on Madrid Stock Exchange in June 2007. The founding shareholders still control 61% of the company.



Headquarters Nunez de Balboa 120 3 Planta Madrid, 28006

Source: Solaria Energia y Medio Ambiente, S.A., Piper Jaffray ESP+34-91-5644272www.solariaenergia.com

Management CEO: Arturo Diaz-Tejeiro CFO: Enrique Diaz-Tejeiro

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HeadquartersKurt-Schumacher-Strasse 12-14Bonn, 53113 Germany+49 228 5592 04�0www.solarworld.de

ManagementCEO: Frank H. AsbeckCFO: Philipp Koecke

SolarWorld AG SWv.GR

Company DescriptionSolarWorld is headquartered in Bonn, Germany, and its business model focuses on every aspect of the value chain – starting from the raw material silicon, to making wafers/cells/modules, to providing solutions for turnkey power plants. It operates production facilities in Germany, Sweden and the United States. SWV offers Sunkits – mounting kits that include the individual mounting rag, modules and inverter and the integrated roof system, Energy roof. Among its expansion plans are to ramp up from 250MW plant in Freiberg, Germany to 500MW within 28 months from December 2006. The solar Si needed for the production of the 500MW of solar wafers is secured with long-term delivery agreements with leading international silicon producers, the establishment of its own silicon factories and its Freiberg recycling facility.

Source: SolarWorld AG, Piper Jaffray


SolarWorld AG SWV.GRAnalysts

Closing price in EUR 6 Feb 2007-6 Feb 2008 SolarWorld AG

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] SolarWorld is headquartered in Bonn, Germany, and its business

model focuses on every aspect of the value chain -- starting from the raw material silicon, to making wafers/cells/modules, to providing solutions for turnkey power plants. It operates production facilities in Germany, Sweden, and the United States. SWV offers Sunkits -- mounting kits that include the individual mounting rag, modules, and inverter and the integrated roof system, Energy roof. Among its expansion plans are to ramp up from 250MW plant in Freiberg, Germany to 500MW within 28 months from December 2006. The solar Si needed for the production of the 500 MW of solar wafers is secured with long-term delivery agreements with leading international silicon producers, the establishment of its own silicon factories and its Freiberg recycling facility.



Headquarters Kurt-Schumacher-Strasse 12-14 Bonn, 53113 Germany +49-228-55920470 www.solarworld.de

Management Source: SolarWorld, Piper Jaffray CEO: Frank H. Asbeck

CFO: Philipp Koecke

HeadquartersEderstrasse 16Berlin, 12059 DEU49 308 18� 9100www.solonag.com

ManagementCEO: Thomas KrupkeCTO: Lars Podlowski

SOlON AG für Solartechnik S001 Gr

Company DescriptionSOLON AG is headquartered in Neukölln, Germany. The company makes movers, with performance levels of between 6.5–9.5 kW, for use in solar power plants. It has an agreement with ErSol on the purchase of solar cells over a period of 11 years, starting in 2009 for a total value of approximately €1 billion. SOLON’s modules are produced at sites in Berlin and Greifswald, while its movers in Austria. It recently signed a contract with Arise Tech. Corp for the purchase of solar cells over a period of five years. Also, it has a contract to construct solar power plants in Italy.

Source: SOLON AG für Solartechnik, Piper Jaffray


SOLON AG S001 GRAnalysts

Closing price in EUR 6 Feb 2007-6 Feb 2008 SOLON AG

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] SOLON AG has its headquarters in Neukölln, Germany. The

company makes movers, with performance levels of between 6.5-9.5 kW, for use in solar power plants. It has an agreement with ErSol on the purchase of solar cells over a period of 11 years, starting in 2009 for a total value of ~€1 billion. SOLON's modules are produced at sites in Berlin and Greifswald, while its movers in Austria. It recently signed a contract with Arise Tech. Corp for the purchase of solar cells over a period of five years. Also, it has a contract to construct solar power plants in Italy.



Headquarters Source: Solon AG, Piper Jaffray Ederstrasse 16

Berlin, 12059 DEU 49-30-81879100 www.solonag.com

Management CEO: Thomas Krupke CTO: Lars Podlowski

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HeadquartersOne Patriots ParkBedford, MA 01�30�81 2�5-6000www.spirecorp.com

ManagementCEO: Roger G. LittleCFO: Christian Dufresne

Spire Corporation SPIR

Company DescriptionSpire develops and manufactures highly engineered products and services for a wide range of commercial markets including energy manufacturing equipment, biomedical devices and optoelectronic components. It is a leading supplier in the design and the manufacture of specialized equipment for producing photovoltaic solar modules. Spire also manufactures designs and installs high-quality photovoltaic systems and components. Spire Solar, LLC, a JV formed by Spire and Gloria Solar Co., recently won a contract to install a 308kW PV system in Conn. Spire Semiconductor, a wholly owned subsidiary of Spire Corp., develops and manufactures custom GaAs solar cells and other related products.

Source: Spire Corporation, Piper Jaffray


Spire Corporation SPIRAnalysts


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Spire Corp.

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] Spire develops and manufactures highly engineered products and

services for a wide range of commercial markets including energy manufacturing equipment, biomedical devices and optoelectronic components. It is a leading supplier in the design and the manufacture of specialized equipment for producing photovoltaic solar modules. Spire also manufactures designs and installs high-quality photovoltaic systems and components. Spire Solar, LLC, a JV formed by Spire and Gloria Solar Co., recently won a contract to install a 308kW PV system in Connecticut. Spire Semiconductor, a wholly owned subsidiary of Spire Corp., develops and manufactures custom GaAs solar cells and other related products.



Headquarters One Patriots Park Bedford, MA 01730

Source: Spire Corporation, Piper Jaffray 781 275-6000www.spirecorp.com

Management CEO: Roger G. Little CFO: Christian Dufresne




Headquarters3939 North First StreetSan Jose, CA 95134408 240-5500www.sunpowercorp.com

ManagementCEO: Thomas H. WernerCFO: Emmanuel T. Hernandez

SunPower Corporation SPWR

Company DescriptionSunPower designs, develops, manufactures and markets solar power products based on its processes and technologies. The company has significant experience developing solar cells having high conversion efficiency relative to conventional solar cells.

Recently, Wal-Mart and SunPower completed a 390-kilowatt solar power system at the Sam’s Club store in Chino, which is a part of a larger purchase for Wal-Mart stores, Sam’s Clubs and distribution centers in Hawaii and Calif. Also, SunPower recently completed its acquisition of Solar Solutions, a solar systems integration and product distribution company based in Faenza, Italy, for expanding its dealer network into the growing Italian market.

Source: SunPower Corporation, Piper Jaffray


SunPower Corporation SPWRAnalysts


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SunPower Corp. (Cl A)

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] SPWR designs, develops, manufactures and markets solar power

products based on its processes and technologies. The company has significant experience developing solar cells having high conversion efficiency relative to conventional solar cells.

Preetesh Munshi Research Analyst [email protected] Recently, Wal-Mart and SunPower completed a 390-kilowatt solar

power system at the Sam's Club store in Chino, which is a part of a larger purchase for Wal-Mart stores, Sam's Clubs and distribution centers in Hawaii and California. Also, SunPower recently completed its acquisition of Solar Solutions, a solar systems integration and product distribution company based in Faenza, Italy, for expanding its dealer network into the growing Italian market.


Headquarters 3939 North First Street San Jose, CA 95134 408 240-5500

Source: SunPower Corporation, Piper Jaffray www.sunpowercorp.com

Management CEO: Thomas H. Werner CFO: Emmanuel T. Hernandez

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Headquarters1�-6 Changjiang SouthWuxi, JNG 214028 CHINA+86 5105 345 000www.suntech-power.com

ManagementCEO: Zhengrong ShiCFO: Amy Yi Zhang

Suntech Power Holdings Co., ltd. STP

Company DescriptionSuntech Power Holdings Co., Ltd. is headquartered in Wuxi, China. It designs, develops, manufactures, and markets photovoltaic (PV) cells and modules. The company also provides PV system integration services in China. It develops both c-Si and thin film solar modules. STP is setting up a 40MW plant in Shanghai for manufacturing single junction a-Si solar cells and is expected to be in production in the second half of 2008. On August 11, 2006, STP acquired a 66.88% interest in MSK Corp. The company entered into a license agreement with Akeena Solar which authorizes STP to distribute Andalay in Europe, Australia and Japan starting January 2008.

Source: Suntech Power Holdings Co., Ltd., Piper Jaffray


Headquarters 17-6 Changjiang South Wuxi, JNG 214028 CHINA +86-510-5345000www.suntech-power.com

Management CEO: Zhengrong Shi CFO: Amy Yi Zhang

Suntech Power Holdings Co., Ltd. STP

Company Description Suntech Power Holdings Co., Ltd. is headquartered in Wuxi, China. It designs, develops, manufactures, and markets photovoltaic (PV) cells and modules. The company also provides PV system integration services in China. It develops both c-Si and thin film solar modules. STP is setting up a 40MW plant in Shanghai for manufacturing single junction a-Si solar cells and is expected to be in production in the second half of 2008. On August 11, 2006, STP acquired a 66.88% interest in MSK Corp. The company entered into a license agreement with Akeena Solar which authorizes STP to distribute Andalay in Europe, Australia and Japan starting January 2008.

Source: Suntech Power Holdings Co., Piper Jaffray


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Suntech Power Holdings Co. Ltd. (ADS)

Headquarters1050 Bing StreetSan Carlos, CA 940�0650 413-4000www.teslamotors.com

ManagementCEO: Ze’ev DroriCTO: JB StaubelVP of Finance: Mike Taylor

Tesla Motors, Inc.

Company DescriptionTesla Motors, Inc. develops and manufactures electric cars. It focuses on manufacturing electric sports cars, famous for the Tesla Roadster expected to come out in 2008 with impressive power, speed and range specifications. The company was founded in 2003 and is based in San Carlos, Calif.


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Headquarters200 Technology ParkwayNewark, NY 14513315 332-�100www.ultralifebatteries.com

ManagementCEO: John D. KavazanjianCFO: Robert Fishback

ultralife Batteries, Inc. ulBI

Company DescriptionUltralife Battteries is a power and electronics company with four divisions specializing in separate areas:

Able New Energy - Single use and rechargeable batteries of various chemistries to industrial, military and consumer companies around the worldMcDowell Research - Communications products include sophisticated military systems with satellite transmission in a portable configurationRed Black Communications – Designs and supports mobile and stationary communication and electronics systems for government entitiesStationary Power – Batteries and full UPS backup power supply systems up to 1MW under the MGE label


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Ultralife Battery ULBI

Company Description Ultralife Battteries is a power and electronics company with four divisions specializing in separate areas:

Able New Energy - single use and rechargeable batteries of various chemistries to industrial, military and consumer companies around the world. McDowell Research - communications products include sophisticated military systems with satellite transmission in a portable configuration. Red Black Communications – designs and supports mobile and stationary communication and electronics systems for government entities. Stationary Power – Batteries and full UPS backup power supply systems up to 1MW under the MGE label.




Headquarters 200 Technology ParkwayNewark, NY 14513 315 332-7100 www.ultralifebatteries.com

Management CEO: John D. Kavazanjian CFO: Robert Fishback


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Ultralife Batteries Inc.

Headquarters1801 Century Park East, Suite 2400Los Angeles, CA 9006�www.flytheroad.com

ManagementCEO: Howard LevineCFO: Phil OseasEVP, Design & Eng: Ian Bruce

venture vehicles, Inc.

Company DescriptionVenture Vehicles, Inc. operates as a personal transportation company. It develops a line of transportation vehicles. The company is currently in the development stage on the revolutionary VentureOne, a 3-wheel/tilting/plug-in hybrid vehicle.


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Headquarters55 Cambridge ParkwayCambridge, MN 0214261� 6�4-5300www.verenium.com

ManagementCEO: Carlos A. RivaCFO: John A. McCarthy

verenium Corporation vRNM

Company DescriptionVerenium was formed by the merger of enzyme producers Diversa and Celunol in 200�. Verenium is a market leader in the discovery and commercialization of unique enzymes for biofuels production, industrial chemical synthesis and specialized research enzymes. It is currently finishing construction on the first cellulosic ethanol plant beyond laboratory scale in the U.S, a 1.5 million gallons/yr plant in Louisiana. Partnering with DuPont, Syngenta and Danisco, Verenium has introduced enzymes for biofuels production, vegetable oil recovery, paper processing and animal nutrition in the U.S., Europe and South America.



Verenium, Inc. VRNM

Company Description Verenium was formed by the merger of enzyme producers Diversa and Celunol in 2007. Verenium is a market leader in the discovery and commercialization of unique enzymes for biofuels production, industrial chemical synthesis, and specialized research enzymes. It is currently finishing construction on the first cellulosic ethanol plant beyond laboratory scale in the U.S, a 1.5 million gallons/yr plant in Louisiana. Partnering with DuPont, Syngenta, and Danisco, Verenium has introduced enzymes for biofuels production, vegetable oil recovery, paper processing, and animal nutrition in the U.S., Europe, and South America.




Headquarters: 55 Cambridge Parkway Cambridge, MN 02142 617 674-5300 www.verenium.com

Management CEO: Carlos A. Riva CFO: John A. McCarthy


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Verenium Corp.

Headquarters100 North Sixth StreetSuite �10AMinneapolis, MN 55403612 455-2300www.verisae.com

ManagementCEO: Dan JohnsonCOO: Paul Wickberg

verisae

Company DescriptionVerisae is a leading provider of clean technology software and services with offices in the U.S., UK and Asia. Verisae’s enterprise energy management and enterprise refrigerant management software are main components for reducing Carbon Footprints for multi-site operators. Software products include: enterprise carbon footprint, enterprise asset management, maintenance management, enterprise energy management, service automation, and electronic payment of service providers. Verisae provides services including energy surveys, demand management analysis and implementation, and consulting to assure and effective implementation of the solutions.


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Headquarters8999 Neslon WayBurnaby, BC V5A 4B5604 �59-3294www.xantrex.com

ManagementCEO: John R. WallaceCOO: Jay Biskupski

xantrex Technology Inc. xTx

Company DescriptionXantrex designs, manufactures and markets advanced power electronic products and systems solutions, which convert and control electrical energy from renewable power generators, power storage devices or the electrical grid into usable power. Within the advanced power electronics space, Xantrex is focused on growth segments of the Distributed (solar, wind and backup power segments), Mobile (auxiliary power and portable inverters), and Programmable Power markets for power levels up to five megawatts. The company recently received a purchase order from a North American wind turbine manufacturer for $25 million.

Source: Xantrex Technology Inc., Piper Jaffray


Xantrex XTX

Company Description Xantrex designs, manufactures, and markets advanced power electronic products and systems solutions, which convert and control electrical energy from renewable power generators, power storage devices or the electrical grid into usable power. Within the advanced power electronics space, Xantrex is focused on growth segments of the Distributed (solar, wind and backup power segments), Mobile (auxiliary power and portable inverters), and Programmable Power markets for power levels up to five megawatts. The company recently received a purchase order from a North American wind turbine manufacturer for $25 million.

Source: Xantrex, Piper Jaffray




Headquarters 8999 Neslon Way Burnaby, BC V5A 4B5 604 759-3294 www.xantrex.com

Management CEO: John R. Wallace COO: Jay Biskupski

Closing price in CAD 6 Feb 2007-6 Feb 2008 Xantrex




HeadquartersNo 3055 Middle Fuxing RoadBaoding, 0�1051 China+86 312 310 0500www.yinglisolar.com

ManagementCEO: Liansheng Miao

yingli Green EnergyHolding Company limited yGE

Company DescriptionYingli is a vertically integrated PV company in China. Yingli manufactures multicrystalline polysilicon ingots and wafers, cells and modules, as well as provides PV systems and installations. Its end-products include PV modules and systems in different sizes and power outputs. Yingli sells PV modules under the name Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States. Recently, Yingli announced 2008MW guidance of 255MW–265MW. The company is currently working on a plan to increase capacity to 400MW by 2008 and 600MW by 2009.

Source: Yingli Green Energy Holding Company Limited,Piper Jaffray


Yingli Green Energy Holding Company Ltd.YGEAnalysts


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Yingli Green Energy Holding Co. Ltd. (ADS)

Jesse W. Pichel Senior Research Analyst 212 284-9301 Company Description [email protected] Yingli is a vertically integrated PV company in China. Yingli

manufactures multicrystalline polysilicon ingots and wafers, cells and modules, as well as provides PV systems and installations. Its end-products include PV modules and systems in different sizes and power outputs. Yingli sells PV modules under the name Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States. Recently, Yingli announced 2008 MW guidance of 255MW – 265MW. The company is currently working on a plan to increase capacity to 400MW by 2008 and 600MW by 2009.



Headquarters No 3055 Middle Fuxing Road Baoding, 071051

Source: Yingli Green Energy Hoding Company Ltd., Piper Jaffray China 86 31 2310 0500 www.yinglisolar.com

Management CEO: Liansheng Miao

Tab 4

AnalystCertification

andDisclosures

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Note: Distribution of Ratings/IB Services shows the number of companies currently in each rating category from which Piper Jaffray and its affiliates received compensation for investment banking services within the past 12 months. NASD and NYSE rules require disclosure of which ratings most closely correspond with “buy,” “hold,” and “sell” recommendations. Accordingly, Buy corresponds most closely with buy, Neutral with hold, and Sell with sell. Alpha List is a short-term buy and is in addition to a 12-month rating. See Rating Definitions below.

Distribution of ratings/iB Servicespiper Jaffray

iB Serv./past 12 Mos.

rating count percent count percent

Buy [B] 372 59.90 116 31.18holD [n] 235 37.84 23 9.79Sell [S] 14 2.25 1 7.14Short-term Buy [alpha list] 33 5.31 12 36.36

Analyst Certification

— Charles J. Fishman, Senior Research Analyst — Jesse W. Pichel, Senior Research Analyst — Torben Sommer, Senior Research Analyst

The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report.

Affiliate Disclosures: This report has been prepared by Piper Jaffray & Co. or its affiliate Piper Jaffray Ltd., both of which are subsidiaries of Piper Jaffray Companies (collectively Piper Jaffray). Piper Jaffray & Co. is regulated by the FINRA and the United States Securities and Exchange Commission, and its headquarters is located at 800 Nicollet Mall, Minneapolis, MN 55402. Piper Jaffray Ltd. is registered in England, no. 3846990, and its registered office is � Pilgrim St., London, EC4V 6LB. Piper Jaffray Ltd. is authorised and regulated by the UK Financial Services Authority, entered on the FSA’s register, no. 19165� and is a member of the London Stock Exchange, and its headquarters is located at One South Place, London, EC2M 2RB. Disclosures in this section and in the Other Important Information section referencing Piper Jaffray include all affiliated entities unless otherwise specified.

Piper Jaffray research analysts receive compensation that is based, in part, on overall firm revenues, which include investment banking revenues.

iMportant reSearch DiScloSureS

Complete disclosure information, price charts, and rating distributions on companies covered by Piper Jaffray Investment Research can be found on the Piper Jaffray website: http://piperjaffray.com/researchdisclosures or by writing to Piper Jaffray, Investment Research Department, 800 Nicollet Mall, Minneapolis, MN 55402.


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ratinG DeFinitionS

Investment Rating: Piper Jaffray ratings are indicators of expected total return (price appreciation plus dividend) within the next 12 months. At times the anticipated total returns may fall outside of the general ranges stated below due to near-term events, market conditions or stock volatility or, in some cases, company-specific corporate structures that result in consistently high yields. Research Management may permit such deviations, particularly where the stock is low priced, is of high or medium volatility, or is of high yield nature based on historical trends. Research reports and ratings should not be relied upon as individual investment advice. As always, an investor‘s decision to buy or sell a security must depend on individual circumstances, including existing holdings, time horizons and risk tolerance.

Companies assigned to the Alpha List may have a 12-month rating of Buy, Neutral or Sell but, as a result of particular near-term catalysts or market conditions, the analyst chooses to emphasize the stock‘s potential for near-term appreciation. This short-term rating is separate from, and may be directionally different than, the fundamental 12-month rating and no specific price target is assigned.

Buy (B): Anticipate total return appreciation generally in excess of 10% over the next 12 months. Neutral (N): Anticipate limited total return (general appreciation less than 10% or decline less than 5%) over the next 12 months.Sell (S): Anticipate limited total return (general appreciation less than 10% or decline less than 5%) over the next 12 months. Alpha list (A): Anticipate negative total return generally in excess of 5% over the next 12 months. Suspended (SuS): No active analyst opinion or no active analyst coverage; however, an analyst investment opinion or analyst coverage is expected to resume.

volatility Rating: Our focus on growth companies implies that the stocks we cover are typically more volatile than the overall stock market. We are not recommending the “suitability” of a particular stock for an individual investor. Rather, the volatility rating identifies the volatility of a particular stock.

low: The stock price has moved up or down by more than 10% in a month in fewer than 8 of the past 24 months. Medium: The stock price has moved up or down by more than 20% in a month in fewer than 8 of the past 24 months. High: The stock price has moved up or down by more than 20% in a month in at least 8 of the past 24 months. All IPO stocks automatically get this volatility rating for the first 12 months of trading.

other iMportant inForMation

The material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Piper Jaffray has not assessed the suitability of the subject company for any person. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. Unless otherwise noted, the price of a security mentioned in this report is the market closing price as of the end of the prior business day. Piper Jaffray does not maintain a predetermined schedule for publication of research and will not necessarily update this report. Piper Jaffray policy generally prohibits research analysts from sending draft research reports to subject companies; however, it should be presumed that the analyst(s) who authored this report has had discussions with the subject company to ensure factual accuracy prior to publication, and has had assistance from the company in conducting diligence, including visits to company sites and meetings with company management and other representatives.

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Note: This research report has been prepared in whole or part by non-U.S. research analysts who may be associated persons of Piper Jaffray & Co. These research analysts are not registered/qualified as research analysts with FINRA, but instead have satisfied the registration/qualification requirements or other research-related standards of a non-U.S. jurisdiction that have been recognized for these purposes by FINRA.

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