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Overview

E&ET Index. This week (ending 1/17/2014), the Energy & Environmental

Technologies (E&ET) Index outperformed the broader market and was up

0.4% week-over-week (vs. the S&P 500 Index decrease of 0.2%, Russell 2000

increase of 0.3% and NASDAQ Composite increase of 0.5%). The E&ET

Index is +2.2% YTD vs. -0.5% for the S&P 500, +0.4% for the Russell 2000 Index,

and +0.5% for the Nasdaq Composite.

Valuation. Based on the forward 12-month consensus estimates, the current

Price-to-Earnings (P/E) ratio of the E&ET Index of 20.8x, vs. S&P 500 of 16.0x.

Since 2000, the historical P/E has average 16.3 x NTM earnings estimates,

with a standard deviation of 3.0x, generating a range of 13.4x to 19.3x. This

compares to a historical average P/E of 16.4x for the S&P 500.

DECEMBER U.S. INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION +0.3%

AND 0.1% M/M. U.S. Industrial Production data from the Federal Reserve

Board edged up 0.3% in December after having increased up 1.1% in

November. Capacity utilization for the industrial sector moved up 1.0% m/m

to 79.2 in December. We view the data as positive as industrial production

increased m/m and continues to be in a positive trend.

U.S. PPI INCREASED 0.4% IN DECEMBER; LARGEST INCREASE IN SIX MONTHS.

The Producer Price Index for finished goods advanced 0.4% in December,

seasonally adjusted, the U.S. Bureau of Labor Statistics reported last week.

Prices for finished goods declined 0.1% in November and 0.2% in October.

At the earlier stages of processing, prices received by producers of

intermediate goods rose 0.6% in December, and the crude goods index

climbed 2.4%. On an unadjusted basis, prices for finished goods increased

1.2% in 2013 compared with a 1.4-percent advance in 2012.

CONSENSUS ESTIMATES CHANGE. For the week ending 1/17/2014, there

were 9 companies seeing increases and 5 declines in 2013 consensus

revenue estimates, 17 increases and 11 declines in 2014 EPS estimates, 9

increases and 8 declines in 2013 EPS consensus estimates, and 15 increases

and 8 declines in 2014 EPS consensus estimates.

Rig Count. The natural gas rotary rig count increased to 365 last week,

according to data released by Baker Hughes. This represents an increase

of 8 rigs from the previous week. Additionally, the oil rig count increased

by 15 to 1,408 active units. The total rig count is 1,777, up twenty-three rigs

for the week and up twenty-eight from a year ago.

ENERGY & ENVIRONMENTAL TECHNOLOGIES PRACTICE

Shawn M. Severson

Managing Director

415.489.2198

[email protected]

Twitter: @ShawnEnergyTech

Ralph K. Fong

Director 415.489.2195

[email protected]

Twitter: @RalphEnergyTech

About The Blueshirt Group

The Blueshirt Group

provides capital markets

expertise and strategic

financial and media

relations counsel to

growth companies and

venture capital firms

globally. Founded in 1999,

our firm has earned its

reputation as a leader in

investor relations (IR),

financial communications,

financial media relations

and crisis management.

For more information,

please visit

http://www.blueshirtgroup

.com/

The Weekly Watch- January 20, 2014

The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch

mailto:[email protected]

mailto:[email protected]

http://www.blueshirtgroup.com/

http://www.blueshirtgroup.com/

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Summary

This week (ending 1/17/2013), the TBG Energy & Environmental Technologies (E&ET) Index outperformed the

broader market and was up 0.4% week-over-week (vs. the S&P 500 Index decrease of 0.2%, Russell 2000

increase of 0.3% and NASDAQ Composite increase of 0.5%). This compares to an increase of 0.6% for the

Industrial Technologies index. The E&ET Index is +2.2% YTD vs. -0.5% for the S&P 500, +0.4% for the Russell 2000

Index, and +0.5% for the Nasdaq Composite.

In terms of sub-sectors, four of the seven indices we track outperformed the broader market this week. Solar

Technology, Clean Transportation, Alternative Energy Conversion (Other), and Water Value Chain posted

gains of 2.7%, 1.9%, 0.9% and 0.8% on the week, respectively, vs. -0.2% for the S&P 500 and +0.3% for the

Russell 2000. Energy Conversion Tech Value Chain (-2.2%), Emissions Control (-3.5%), and Environmental

Services (-2.3%) underperformed the broader market this week, vs. -0.2% for the S&P 500 and +0.3% for the

Russell 2000.

Figure 1: The TBG E&ET Index- Relative Performance (Week Ending 1/17/2014)

Source: Thomson Reuters, The Blueshirt Group

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Figure 2: The Energy & Environmental Technologies Sub-sector Performance (Week Ending 1/17/2014)


Figure 3: The Energy & Environmental Technologies Index Performance (Jan 2012 – Jan 2014)

Note: Indices are indexed to 100


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Figure 4: The Energy & Environmental Technologies Index Performance (Jan 2013- Jan 2014)

Note: Indices are indexed to 100


Figure 5: Sector Market Cap Summary (Week Ending 1/17/2014)


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Figure 6: 2013 Revenue Consensus Estimate Change % by Segment (December 2013 vs. January 2013)


Figure 7: Y/Y Revenue Growth Expectations by Segment Based on Consensus Estimates (2014 vs. 2013)


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In terms of consensus estimates, Figures 8 -11 indicate the week-over-week estimate change in revenue and

EPS for the companies in our Energy & Environmental Technologies (E&ET) Index for full-year 2013 and 2014.

For the week ending 1/17/2014, there were 9 companies seeing increases and 5 declines in 2013 consensus

revenue estimates, 17 increases and 11 declines in 2014 EPS estimates, 9 increases and 8 declines in 2013 EPS

consensus estimates, and 15 increases and 8 declines in 2014 EPS consensus estimates.

This compares to last week’s 6 increases and 7 declines in 2013 consensus revenue estimates, 9 increases and

9 declines in 2014 consensus revenue estimates, 13 increases and 11 declines in 2013 consensus EPS estimates,

and 12 increases and 14 declines in 2014 consensus EPS estimates.

In terms of subsectors, Figures 12 – 15 highlight the number of companies with week-over-week consensus

estimate change in revenue and EPS by sub-sector for full-year 2013 and 2014.

For the week ending 1/17/2014, there were 3 companies in the Energy Conversion Technology segment, 2

companies in Solar, 2 in Water Value Chain, 1 in Emissions Control and 1 in Environmental Services with

increases in 2013 consensus revenue estimates. Additionally, there were 3 companies in Water Value Chain,

1 in Emissions Control and 1 in Environmental Services with declines in 2013 consensus revenue estimates. For

2013 EPS consensus estimates, there were 4 companies in Energy Conversion Technology, 2 in Solar, 2 in

Water Value Chain and 1 in Clean Transportation with increases in consensus estimates week-over week

change. There were 3 companies in Solar, 2 in Water Value Chain, 2 in Environmental Services and 1 in

Energy Conversion Technology with declines in 2013 EPS consensus estimate week-over-week change this

week.

Figure 8: Components in the E&ET Index – 2013 Revenue Consensus Estimate Week-over-Week Change %


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Figure 9: Components in the E&ET Index – 203 EPS Consensus Estimate Week-over-Week Change %


Figure 10: Components in the E&ET Index – 2014 Revenue Consensus Estimate Week-over-Week Change %


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Figure 11: Components in the E&ET Index – 2014 EPS Consensus Estimate Week-over-Week Change %


Figure 12: 2013 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector


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Figure 13: 2013 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector


Figure 14: 2014 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector


Figure 15: 2014 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector


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In terms of valuation, Figure 16 shows the historical valuation of the TBG E&ET Index, while Figure 17 shows the

historical relative valuation of the TBG E&ET Index to the S&P 500. Since 2000, the TBG E&ET Index has traded in

line with the S&P 500 of 1.05x. They currently trade above that level at 1.30x, which is within one standard

deviation of the average (0.74x to 1.35x).

Figure 16: TBG E&ET Index- Historical NTM P/E


Figure 17: TBG E&ET Index- Historical NTM P/E Relative to S&P 500


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Figure 18: P/E of Selected Components of Energy Conversion Tech Value Chain Index

Note: P/E’s are based on NTM consensus estimates


Figure 19: P/E of Selected Components of Solar Index



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Figure 20: P/E of Selected Components of Clean Transportation Index



Figure 21: P/E of Selected Components of Emissions Control Index



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Figure 22: P/E of Selected Components of Water Value Chain Index



Figure 23: P/E of Selected Components of Environmental Services Index



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Regarding news flow, last week was generally constructive with several industry and company

announcements, which included: 1) positive reading in the December U.S. industrial production and

capacity utilization data, 2) Chart Industries’ Distribution & Storage (D&S) business in China continues to grow

despite some economic headwinds in China, 3) PMFG’s announcement that that it had been awarded three

separate contracts with a combined value of over $8.5 million, 4) Ecosphere Technologies announced that

the U.S. Patent and Trademark Office has issued a formal Notice of Allowance for a process patent for

lowering the scaling tendencies in flowback water used in the exploration and production of oil and natural

gas. This notice of allowance marks the sixth patent for Ecosphere's patented Ozonix® water treatment

technology issued by the U.S. Patent Office since 2010, and 5) Capstone Turbine’s announcement that it had

received orders for two Capstone C1000s and an order for 25 Capstone C65 microturbines to be used for oil

and gas production in the Permian Basin located beneath west Texas and southeastern New Mexico.

Economic News

December U.S. Industrial Production and Capacity Utilization +0.3% and 0.1% m/m

http://www.federalreserve.gov/releases/g17/current/

Industrial production rose 0.3% in December, its fifth consecutive monthly increase. For the fourth quarter as a

whole, industrial production advanced at an annual rate of 6.8%, the largest quarterly increase since the

second quarter of 2010; gains were widespread across industries. Following increases of 0.6% in each of the

previous two months, factory output rose 0.4% in December and was 2.6% above its year-earlier level. The

production of mines moved up 0.8%; the index has advanced 6.6 percent over the past 12 months. The

output of utilities fell 1.4% after three consecutive monthly gains. At 101.8 percent of its 2007 average, total

industrial production in December was 3.7% above its year-earlier level and 0.9% above its pre-recession peak

in December 2007. Capacity utilization for total industry moved up 0.1% point to 79.2%, a rate 1.0 percentage

point below its long-run (1972–2012) average.

U.S. PPI INCREASED 0.4% IN DECEMBER; LARGEST INCREASE IN SIX MONTHS

http://www.bls.gov/news.release/ppi.nr0.htm

The Producer Price Index for finished goods advanced 0.4% in December, seasonally adjusted, the U.S.

Bureau of Labor Statistics reported last week. Prices for finished goods declined 0.1% in November and 0.2% in

October. At the earlier stages of processing, prices received by producers of intermediate goods rose 0.6% in

December, and the crude goods index climbed 2.4%. On an unadjusted basis, prices for finished goods

increased 1.2% in 2013 compared with a 1.4-percent advance in 2012.

Rig Count The natural gas rotary rig count increased to 365 last week, according to data released by Baker Hughes.

This represents an increase of 8 rigs from the previous week. Additionally, the oil rig count increased by 15 to

1,408 active units. The total rig count is 1,777, up twenty-three rigs for the week and up twenty-eight from a

year ago.

Industry News

Energy Conversion Tech Value Chain ALTER NRG CORP. ANNOUNCES APPOINTMENT OF A NEW DIRECTOR AND A SPECIAL TECHNOLOGY ADVISORY

GROUP

http://www.alternrg.com/wp-content/uploads/2014/01/JAN-13-2014-ALTER-NRG-CORP.-ANNOUNCES-

APPOINTMENT-OF-A-NEW-DIRECTOR-AND-A-SPECIAL-TECHNOLOGY-ADVISORY-GROUP.pdf

Co. announced the appointment of Wayne Sim to the Board of Directors of Alter NRG. In addition, the

Company has formed a special technology advisory group (“STAG”) with leading advisors in related

industries to advise on technological improvements and new market applications for the Westinghouse

Plasma Technology, wholly owned by Alter NRG. Wayne Sim is an experienced entrepreneur and senior

executive focused on sales and marketing. Previously he was co-founder and CEO of Hyprotech Ltd, an

organization with 450 employees worldwide. After Hyprotech Ltd. was acquired by Aspen Technology in 2002,

Mr. Sim remained as the V.P. of Worldwide Sales and Global Operations. In 2004, Mr. Sim joined 3esi Inc. as

the CEO where he has lead revenue growth and become one of the 2009 Fast50, a ranking of the country’s

fastest growing technology companies determined by Deloitte. The Company has also formed a STAG which

http://www.bls.gov/news.release/ppi.nr0.htm

http://www.alternrg.com/wp-content/uploads/2014/01/JAN-13-2014-ALTER-NRG-CORP.-ANNOUNCES-APPOINTMENT-OF-A-NEW-DIRECTOR-AND-A-SPECIAL-TECHNOLOGY-ADVISORY-GROUP.pdf

http://www.alternrg.com/wp-content/uploads/2014/01/JAN-13-2014-ALTER-NRG-CORP.-ANNOUNCES-APPOINTMENT-OF-A-NEW-DIRECTOR-AND-A-SPECIAL-TECHNOLOGY-ADVISORY-GROUP.pdf

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is focused on technological innovations of the Westinghouse Plasma Technology and guiding integration and

application in new market segments.

CHART INDUSTRIES SAYS DISTRIBUTION & STORAGE BUSINESS IN CHINA CONTINUES TO GROW DESPITE SOME

ECONOMIC HEADWINDS IN CHINA

https://nextnews.thomsonone.com/News.Web/NewsMonitorXWeb/13.0.0.6/html/external_story.html?t1=thin&

domain=thomsonone.com&url=https%3A%2F%2Fsec.api.thomsonib.com%2Fservlets%2FRetrieveFiling%3FVERSI

ON%3D4.0%26VIEWER%3DY%26CONT_QUALIFIER%3DC%26CONT_CODE%3D8-

K%26CONT_KEY%3D14526097%26CONT_FORMAT%3DASFILED%26DOC_TYPE%3DE%26ConcordAppID%3DAthen

a%26ConcordUID%3D1995551%26PRODUCT_CODE%3DT1BWEB

On January 14, 2014, Chart Industries posted a slide presentation on its investor relations website. Company

officers and investor relations personnel are using this slide presentation in connection with customary investor

meetings beginning on January 15, 2014. The company's Distribution & Storage (D&S) business in China

continues to grow despite some economic headwinds in China. Management expects sales growth to be in

the 60% range for D&S China for 2013, from a 2012 sales level of approximately $116 million. Although the

Company’s forecast for 2014 has not been finalized, management expects 2014 sales growth for the D&S

China business to be in the range of 15% to 20%.

PMFG INC ANNOUNCED THAT IT HAS BEEN AWARDED THREE SEPARATE CONTRACTS WITH A COMBINED VALUE

OF OVER $8.5 MILLION

http://phx.corporate-ir.net/phoenix.zhtml?c=117637&p=irol-newsArticle&ID=1890590&highlight=

Co announced that it had been awarded three separate contracts with a combined value of over $8.5

million. In its Environmental Systems segment, it was awarded two projects. The first project is an SCR/CO

exhaust system to be installed in a combined-cycle natural gas fired turbine power plant application. The

second project is for the installation of emission control systems on power drivers for existing natural gas

pipeline in the southeastern region of the United States. In its Process Products segment, it was awarded a

project to design and fabricate a steam blow down separator for use on steam assisted gravity drainage oil

recovery operations in Canada. The company expects to recognize revenue related to these projects over

the balance of fiscal year 2014 and the first half of fiscal year 2015.

CAPSTONE RECEIVES ORDERS FOR TWO C600S FROM ITALIAN DISTRIBUTOR FOR FOOD MANUFACTURING

PLANTS

http://online.wsj.com/article/PR-CO-20140113-905140.html

Co. announced that it recently received orders for two C600 microturbines for use in two Italian food

manufacturing plants. IBT Group, Capstone's Italian distributor, secured both C600 orders, which are

expected to be commissioned in June 2014. The two food manufacturers sought to upgrade the power

generation at their respective manufacturing facilities, requiring not only clean and reliable electricity, but

also steam at 8-bar for their manufacturing processes. Capstone microturbines were able to satisfy the

electrical and thermal demands of both sites.

CAPSTONE RECEIVES MULTIPLE ORDERS FOR CUSTOMERS IN THE PERMIAN BASIN SHALE PLAY


Co. announced that it had received orders for two Capstone C1000s and an order for 25 Capstone C65

microturbines to be used for oil and gas production in the Permian Basin located beneath west Texas and

southeastern New Mexico. The Permian currently produces some 900,000 barrels per day of crude, about 12

percent of US oil production. Some analysts expect Permian production to more than double by 2018 to 2

million barrels per day - a level last reached during the 1970s. The Permian Basin is projected to still contain

recoverable oil and natural gas resources exceeding what has already been produced. Industry experts

estimate that, at current prices, more than $3 trillion worth of oil and more than $300 billion of natural gas are

yet to be extracted. These projections dwarf the combined estimated reserves for the Bakken and Eagle

Ford. Horizon Power Systems also ordered 25 Capstone C65 microturbines to expand operations for multiple

existing clients in the Permian Basin. This repeat business demonstrates a high level of customer satisfaction

with Capstone microturbines, helping to cement microturbine technology as a preferred option in the U.S. oil

and gas industry.

https://nextnews.thomsonone.com/News.Web/NewsMonitorXWeb/13.0.0.6/html/external_story.html?t1=thin&domain=thomsonone.com&url=https%3A%2F%2Fsec.api.thomsonib.com%2Fservlets%2FRetrieveFiling%3FVERSION%3D4.0%26VIEWER%3DY%26CONT_QUALIFIER%3DC%26CONT_CODE%3D8-K%26CONT_KEY%3D14526097%26CONT_FORMAT%3DASFILED%26DOC_TYPE%3DE%26ConcordAppID%3DAthena%26ConcordUID%3D1995551%26PRODUCT_CODE%3DT1BWEB







http://phx.corporate-ir.net/phoenix.zhtml?c=120708&p=irol-newsArticle&ID=1891725&highlight

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Water Value Chain ECOSPHERE TECHNOLOGIES RECEIVES SIXTH PATENT TO REDUCE CHEMICALS DURING HYDRAULIC FRACTURING

OPERATIONS

http://ir.stockpr.com/ecospheretech/press-releases/detail/1164/ecosphere-technologies-receives-sixth-

patent-to-reduce-chemicals-during-hydraulic-fracturing-operations

The company announced that the U.S. Patent and Trademark Office has issued a formal Notice of Allowance

for a process patent for lowering the scaling tendencies in flowback water used in the exploration and

production of oil and natural gas. This notice of allowance marks the sixth patent for Ecosphere's patented

Ozonix® water treatment technology issued by the U.S. Patent Office since 2010.

LAYNE CHRISTENSEN'S GEOCONSTRUCTION DIVISION AWARDED $20.7 MILLION CONTRACT


Co. announced that Costa Fortuna S.A., a subsidiary of Layne which operates as part of the Geoconstruction

division, received a contract to perform specialized foundation construction work, including driving steel pipe

for a pier and nautical support, in connection with the construction of a LNG terminal in Punto Sayago,

Uruguay. The contract has an estimated value to Layne of ~ $20.7 million.

AEGION CORPORATION AWARDED $5.2 MILLION CIPP CONTRACT FROM THE METROPOLITAN ST. LOUIS SEWER

DISTRICT

http://www.marketwatch.com/story/aegion-corporation-awarded-52-million-cipp-contract-from-the-

metropolitan-st-louis-sewer-district-2014-01-15?reflink=MW_news_stmp

Co. announced that its subsidiary, Insituform Technologies USA, LLC ("Insituform"), had been awarded a

contract valued at $5.2 million from the Metropolitan St. Louis Sewer District (MSD). The project requires the

rehabilitation of over 25 miles of small- and medium-diameter pipelines throughout the St. Louis metropolitan

area using the Insituform® cured-in-place pipe technology. Including this latest award, Aegion has

announced over $22 million in contract awards from MSD since April 2013.

AEGION CORPORATION AWARDED THREE-YEAR $10 MILLION CONTRACT FROM THE US ARMY CORPS OF

ENGINEERS FOR CATHODIC PROTECTION AND CORROSION CONTROL SERVICES

http://news.investors.com/newsfeed-business-wire/011714-141553535-aegion-corporation-awarded-three-

year-10-million-contract-from-the-us-army-corps-of-engineers-for-cathodic-protection-and-corrosion-control-

services.aspx

Co announced the award to Corrpro Companies, a subsidiary of Aegion, of a three-year, firm-fixed-price

quantity contract valued at approximately $10 million from the US Army Corps of Engineers. The scope of

services under the three-year contract for cathodic protection and corrosion control services at military

installations worldwide pertains primarily to fuel storage tanks and transfer pipeline assets and encompasses

all aspects of corrosion engineering. This includes the assessment, design and installation of cathodic

protection systems, corrosion studies, training of base personnel, field consulting during construction and

system evaluation through post construction award services.

Emissions Control

CCA ANNOUNCES OVER $ 5.2 MILLION IN BURNER AND EMISSION CONTROL AWARDS

http://www.businesswire.com/news/home/20140114006364/en/CCA-Announces-5.2-Million-Burner-Emission-

Control#.UtmnaRDTmM8

Combustion Components Associates, Inc. (CCA) announced the receipt of over $5.2 million in new awards

for the supply of low NOx burners and fuel conversion kits, engineering and CFD model studies and TRIM-

NOX® SCR urea injection systems from a broad range of domestic industrial and utility customers. Over three

quarters of that amount was for CCA’s proprietary natural gas and light oil burners; designed, engineered

and manufactured by CCA to assist customers in switching from coal and heavy oil to lower cost and cleaner

burning natural gas or lighter No. 2 oil. “Both the economics of natural gas and its cleaner burning

characteristics have made it a fuel of choice for boiler owners,” according to Lawrence Berry, Vice President

of Operations at CCA. “The burner awards were from two utility boiler owners and a number of repeat

industrial, chemical and pulp and paper clients,” added Berry.

http://ir.stockpr.com/ecospheretech/press-releases/detail/1164/ecosphere-technologies-receives-sixth-patent-to-reduce-chemicals-during-hydraulic-fracturing-operations

http://ir.stockpr.com/ecospheretech/press-releases/detail/1164/ecosphere-technologies-receives-sixth-patent-to-reduce-chemicals-during-hydraulic-fracturing-operations


http://www.marketwatch.com/story/aegion-corporation-awarded-52-million-cipp-contract-from-the-metropolitan-st-louis-sewer-district-2014-01-15?reflink=MW_news_stmp

http://www.marketwatch.com/story/aegion-corporation-awarded-52-million-cipp-contract-from-the-metropolitan-st-louis-sewer-district-2014-01-15?reflink=MW_news_stmp

http://news.investors.com/newsfeed-business-wire/011714-141553535-aegion-corporation-awarded-three-year-10-million-contract-from-the-us-army-corps-of-engineers-for-cathodic-protection-and-corrosion-control-services.aspx



http://www.businesswire.com/news/home/20140114006364/en/CCA-Announces-5.2-Million-Burner-Emission-Control#.UtmnaRDTmM8

http://www.businesswire.com/news/home/20140114006364/en/CCA-Announces-5.2-Million-Burner-Emission-Control#.UtmnaRDTmM8

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Environmental Services

VEOLIA ENVIRONNEMENT TO BUILD THE SEAWATER DESALINATION PLANT AT THE AZ ZOUR NORTH COMPLEX IN

KUWAIT FOR 320 MILLION EUROS


Co. won the contract to build the seawater desalination plant at the Az Zour North complex in Kuwait for 320

million euros. Under this EPC (Engineering, Purchasing and Construction) contract won in partnership with

Hyundai Heavy Industries, Veolia, through its subsidiary Sidem, will build a plant with a daily production

capacity of 486,400 cubic meters of water. Hyundai will be responsible for building the 1,500-MW power

station. All the electricity generated and the water produced will be purchased by the Kuwaiti government

for 40 years. Work will begin before the end of 2013 and is scheduled for completion by the end of 2016. The

Az Zour desalination plant will account for approximately 20% of Kuwait's installed capacity.

Clean Transportation

SAFT SIGNS MULTI-MILLION EURO ENERGY STORAGE CONTRACT FOR LA RÉUNION ISLAND

http://www.businesswire.com/news/home/20140114006149/en/Saft-Signs-Multi-Million-Euro-Energy-Storage-

Contract#.UtWw3vRDtqU

A consortium led by Saft, the world’s leading designer and manufacturer of advanced technology batteries

for industry, has been awarded a multi-million euro project by Akuo Energy. This turnkey contract is realized in

partnership with Ingeteam (Spain) - world leading manufacturer of power electronics and energy

management systems– and Corex Solar (based in La Réunion) to build the Bardzour solar photovoltaic (PV)

production and Li-ion (lithium-ion) energy storage system on the French island of La Réunion in the Indian

Ocean. The project at Le Port will combine a 9 MWp power plant with a 9 MWh Intensium® Max+ 20E

containerised battery system in the Consortium’s turnkey contract for a complete energy production and

storage scheme. Delivery is planned during the first half of the year.

CLEAN ENERGY OPENS FIRST LNG STATION IN FLORIDA AND SIGNS NEW MULTI-YEAR FUELING AGREEMENTS

http://www.cleanenergyfuels.com/pdf/January-2014-Bundle-Release-FINAL-DRAFT.pdf

Co. announced the opening of the first liquefied natural gas fueling station in Florida, as well as the opening

of the co's America's Natural Gas Highway stations in Pontoon Beach, Ill., and Fontana, Calif., to fuel heavy-

duty natural gas trucks. Co also announced select deals in the transit and refuse sectors building on its

portfolio of natural gas fuel customers across the country.

HYDROGENICS AWARDED CAD$3.8 MILLION ENERGY STORAGE CONTRACT


Co. announced that it had been awarded a CAD$3.8 million contract to supply a micro-grid energy storage

application in Canada. This energy storage project will store surplus wind energy as hydrogen using a

Hydrogenics HySTAT60(TM) electrolyzer operating at 320 kW of energy absorption. The hydrogen will be stored

on-site and then converted back to energy when needed using a Hydrogenics HyPM-R200(TM) fuel cell

system generating 200kW of energy. This project, when complete, will replace a current system that uses

diesel generation thus resulting in a much lower carbon footprint.

Solar Technology JINKOSOLAR PLANS TO SEPARATE ITS DOWNSTREAM PV PROJECT UNIT

http://online.wsj.com/news/articles/SB10001424052702303595404579318171533980170

Co announced that its Board of Directors has authorized the exploration of strategic alternatives with respect

to JinkoSolar's downstream solar PV project business. The Board intends to consider a broad range of

alternatives including, but not limited to, an IPO, pre-IPO financing or merger and acquisition of the business.

JinkoSolar management, together with its financial and legal advisers, will explore strategic alternatives,

including the exploration of the separation of its solar PV projects business into a separate company through

a spin-off or other transactions that will benefit the Company's shareholders. The Company would like to note

that there can be no assurance that the Board of Directors' authorization above will result in any transaction,

or that any transaction, if pursued, will be consummated.

ENPHASE ENERGY RAISES 4Q REVENUE GUIDANCE; SURPASSES 1GW OF MICROINVERTER SYSTEM SHIPMENTS


http://www.businesswire.com/news/home/20140114006149/en/Saft-Signs-Multi-Million-Euro-Energy-Storage-Contract#.UtWw3vRDtqU

http://www.businesswire.com/news/home/20140114006149/en/Saft-Signs-Multi-Million-Euro-Energy-Storage-Contract#.UtWw3vRDtqU

http://www.cleanenergyfuels.com/pdf/January-2014-Bundle-Release-FINAL-DRAFT.pdf


http://online.wsj.com/news/articles/SB10001424052702303595404579318171533980170

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http://www.marketwatch.com/story/enphase-surpasses-1gw-of-microinverter-system-shipments-2014-01-

15?reflink=MW_news_stmp

Co issued upside guidance for 4Q with revenue now expected to be in the range of $66-67 million (up from

$62-$65 million), vs. consensus $63.96 million. Additionally, the company announced a company milestone of

1GW (AC) of Enphase Microinverters shipped worldwide to date. In 2008, the company launched its first-

generation microinverter system in North America. In five years the company has brought to market three

succeeding technology generations while also expanding internationally. During Q4, Enphase shipped

107MW (AC) of microinverter systems. This is an increase of 14% q/q and an increase of 30% y/y. ENPH expects

to release financial results for 4Q and full year 2013 in late February 2014.

SOLARCITY TO INTRODUCE SOLAR FINANCIAL PRODUCTS FOR INDIVIDUALS, INSTITUTIONS OF ALL SIZES

http://www.solarcity.com/pressreleases/222/-SolarCity-to-Introduce-Solar-Financial-Products-for-Individuals--

Institutions-of-All-Sizes.aspx

Co.is transforming energy delivery by making solar power more accessible and affordable than previously

possible — now the company wants to provide a new avenue for individuals and institutions from around the

world to participate in and benefit from that transformation. SolarCity today announced plans to launch a

new, Web-based investment platform through which it intends to allow a broad range of investors, including

both individuals and organizations of all sizes, to participate directly in solar investments that have previously

only been available to large financial institutions.

HANWHA SOLARONE SIGNS STRATEGIC PARTNERSHIP MOU WITH SHANGHAI HUITIANRAN INVESTMENT HOLDING

GROUP TO DEVELOP DOWNSTREAM OPPORTUNITIES IN CHINA INCLUDING 700 MW MODULE SUPPLY OR EPC

CONTRACTS

http://www.marketwatch.com/story/hanwha-solarone-signs-strategic-partnership-mou-with-shanghai-

huitianran-investment-holding-group-co-ltd-to-develop-downstream-opportunities-in-china-including-700-

mw-module-supply-or-epc-contracts-2014-01-15?reflink=MW_news_stmp

Co announces it has signed a memorandum of understanding (MOU) with Shanghai HuiTianRan Investment

Holding Group Co stating their intention to establish a long-term strategic partnership to cooperate in the PV

downstream business, leveraging HTR's existing JV project company with a large state-owned electric power

company. The two companies also aim to jointly establish a JV company to develop and construct PV power

plant projects. HTR intends to use PV modules manufactured by Hanwha SolarOne in its 700 MW power plant

projects or select HSOL to be the EPC service supplier for said projects. HTR will also identify both commercial

and residential rooftop resources. The two companies intend to enter into a definitive strategic cooperation

agreement within 60 days following signing of this MOU.

Alternative Energy Conversion- Other OCEAN POWER TECH ANNOUNCES FUNDING AGREEMENT WITH AUSTRALIAN GOVERNMENT FOR A$66.5

MILLION GRANT


Co. announced that Victorian Wave Partners, its project-specific operating entity wholly-owned by Ocean

Power Technologies, Australasia (OPTA), has signed an agreement with the Australian Renewable Energy

Agency. This agreement is a Deed of Variation to the original Funding Deed through which a A$66.5 million

grant was previously awarded by the Commonwealth. The grant will be used towards the cost of building

and deploying a 62.5MW peak-rated wave power station off the coast of Portland, Victoria.

PLUG POWER SEES CONTINUED STRENGTH, AND CONTINUES TO EXPECT 1Q14 BOOKING TO EXCEED THE PAST

QUARTER

http://www.marketwatch.com/story/plug-power-hosts-conference-call-to-discuss-january-business-update-

2014-01-16?reflink=MW_news_stmp

The Company closed $32M in bookings in the fourth quarter of 2013. Finally, Mr. Marsh will discuss Plug Power's

unique position in the fuel cell industry, including how Plug Power plans to remain the market leader in the

deployment of PEM fuel cell technology as the market expands in the coming years. "Without question, the

Company is the premier systems integrator of PEM fuel cells serving Fortune 500 customers like Kroger, BMW,

and Walmart in 24x7 operations," said Andy Marsh. "As the market for fuel cells expands into mobile

applications like range extenders, transport refrigeration units and ground support equipment, no company is

better positioned to leverage its expertise to penetrate these markets."

http://www.marketwatch.com/story/enphase-surpasses-1gw-of-microinverter-system-shipments-2014-01-15?reflink=MW_news_stmp

http://www.marketwatch.com/story/enphase-surpasses-1gw-of-microinverter-system-shipments-2014-01-15?reflink=MW_news_stmp

http://www.solarcity.com/pressreleases/222/-SolarCity-to-Introduce-Solar-Financial-Products-for-Individuals--Institutions-of-All-Sizes.aspx

http://www.solarcity.com/pressreleases/222/-SolarCity-to-Introduce-Solar-Financial-Products-for-Individuals--Institutions-of-All-Sizes.aspx

http://www.marketwatch.com/story/hanwha-solarone-signs-strategic-partnership-mou-with-shanghai-huitianran-investment-holding-group-co-ltd-to-develop-downstream-opportunities-in-china-including-700-mw-module-supply-or-epc-contracts-2014-01-15?reflink=MW_news_stmp




http://www.marketwatch.com/story/plug-power-hosts-conference-call-to-discuss-january-business-update-2014-01-16?reflink=MW_news_stmp

http://www.marketwatch.com/story/plug-power-hosts-conference-call-to-discuss-january-business-update-2014-01-16?reflink=MW_news_stmp

19


FUELCELL ENERGY SEES Q1 REVENUE OF $39-44 MILLION VS $47.08 MLN CAPITAL IQ CONSENSUS ESTIMATE

http://www.streetinsider.com/Guidance/FuelCell+Energy+(FCEL)+Issues+Light+Q1+Revs+Outlook/9063955.ht

ml

Co disclosed that in December 2013, it provided the following revenue guidance for 2014 on its quarterly

investor call:

Product sales are expected to increase and be approximately of 15 percent higher than the $145

million reported in 2013. This guidance is based on a full year production run rate of 70 megawatts

and closing at least 30 MW of new orders. Quarterly results may vary based on the timing of order

closure and shipments.

Service agreements and license revenues are expected to average between $4 million to $6 million

per quarter on new agreements and increased license revenue.

Advanced technologies contract revenues for 2014 are anticipated to be in the range of $3 million to

$4 million per quarter which is consistent with the 2013 level.

The Company reiterates this guidance and provides a further update that total revenues for the first quarter

of 2014 are expected to be in the range of $39 to $44 million depending on the timing of certain anticipated

product sales.

VISTEON (VC) BUYS AUTOMOTIVE ELECTRONICS BUSINESS TO JOHNSON CONTROLS (JCI) FOR $265 MILLION


Visteon agrees to purchase the automotive electronics business of Johnson Controls (JCI) in a cash

transaction valued at $265 million, subject to adjustment. The acquisition is subject to certain regulatory and

other consents and approvals and is expected to be completed in the second quarter of 2014. The

acquisition will enhance Visteon's competitive position in the fast-growing vehicle cockpit electronics

segment by strengthening its global scale, manufacturing and engineering footprint, product portfolio and

customer penetration. The combined business will be a $3 billion global electronics enterprise with a No. 2

global position in driver information and above-average growth rates for the segment, supplying nine of the

world's 10 largest vehicle manufacturers.

In the fiscal year ended Sept. 30, 2013, the business to be acquired by Visteon generated ~$1.3 billion in

revenue and about $58 million in EBITDA. This EBITDA includes a deduction of ~$12 million for corporate

allocations that will not transfer with the transaction. Visteon will assess the necessary addition of resources at

its corporate center to support this operation. The transaction offers opportunities for long-term margin

expansion through economies of scale, with estimated annual cost synergies reaching more than $40 million

by 2017. The transaction will not impact the company's previously announced $1 billion share repurchase

program, for which $875 million remains authorized.

Industrial GREENBRIER COMP ANNOUNCES ITS GUNDERSON MARINE DIVISION HAS RECEIVED AN ORDER FROM KIRBY

OFFSHORE MARINE TO BUILD AN ARTICULATED OCEAN-GOING OIL & CHEMICAL TANK BARGE; ORDER, ALONG

WITH AWARDS BEING FINALIZED, WILL BRING GREENBRIER'S CURRENT MARINE BACKLOG TO ABOUT $70 MILLION

http://www.klkntv.com/story/24468041/greenbrier-announces-major-tank-barge-order

Co. announced that its Gunderson Marine division has received an order from Kirby Offshore Marine to build

an articulated ocean-going oil & chemical tank barge, with an option for a second unit, to meet growing

demand. The state-of-the-art 578' tank barge is one of the largest in Gunderson's marine history, and has a

185,000 barrel carrying capacity. This order, along with awards being finalized, will bring Greenbrier's current

marine backlog to about $70 million. Construction on the Kirby barge will begin in June 2014, with completion

scheduled in 2015. The outlook for transportation of goods by ocean-going barge is strong, and Greenbrier,

through Gunderson Marine, is well-positioned to meet new barge demand. Continued strength in North

American shale energy markets, coupled with the unique role U.S. coastal waterways play transporting

domestic crude oil and other refined products to and from coastal refineries, and an aging fleet of existing

barges, are all driving this demand.

http://www.streetinsider.com/Guidance/FuelCell+Energy+(FCEL)+Issues+Light+Q1+Revs+Outlook/9063955.html

http://www.streetinsider.com/Guidance/FuelCell+Energy+(FCEL)+Issues+Light+Q1+Revs+Outlook/9063955.html


http://www.klkntv.com/story/24468041/greenbrier-announces-major-tank-barge-order

20


Financing News

JINKOSOLAR ANNOUNCES PRICING OF CONCURRENT OFFERINGS OF 3,750,000 AMERICAN DEPOSITARY

SHARES AND US$130.0 MILLION CONVERTIBLE SENIOR NOTES

http://www.marketwatch.com/story/jinkosolar-announces-pricing-of-concurrent-offerings-of-3750000-

american-depositary-shares-and-us1300-million-convertible-senior-notes-2014-01-16?reflink=MW_news_stmp

Co. announced that it priced the offering of 3,750,000 American Depositary Shares (the "ADSs"), each

representing four ordinary shares of the Company, par value US$0.00002 per share (the "ADS Offering"), at

US$35.25 per ADS. The Company also priced the concurrent offering of US$130.0 million in aggregate

principal amount of convertible senior notes due 2019 (the "Notes") (the "Notes Offering"). These offerings,

which are subject to customary closing conditions, are expected to close on January 22, 2014. The ADS

Offering was upsized from 2,750,000 ADSs and the Notes Offering was upsized from an aggregate principal

amount of US$100.0 million.

The Notes will be convertible into ADSs at an initial conversion rate of 21.8221 ADSs per US$1,000 principal

amount of the Notes (equivalent to an initial conversion price of approximately US$45.825 per ADS), subject

to adjustments under certain circumstances. The initial conversion price for the Notes represents an

approximately 30.0% conversion premium over the ADS Offering price of US$35.25 per ADS. The Notes will

accrue interest at an annual rate of 4.00%. Interest on the Notes will be payable semiannually in arrears on

February 1 and August 1 of each year, beginning August 1, 2014. The Notes will mature on February 1, 2019,

unless previously repurchased or converted in accordance with their terms prior to such date.

JinkoSolar intends to use the net proceeds from these offerings for general corporate purposes, which may

include expanding manufacturing capacity, the development of solar power projects and working capital.

The Company's management will retain broad discretion over the use of proceeds, and the Company may

ultimately use the proceeds for different purposes than what it currently intends. Pending any ultimate use of

any portion of the proceeds from the offerings, the Company intends to invest the net proceeds in short-term,

marketable instruments.

Credit Suisse Securities (USA) LLC ("Credit Suisse") is acting as sole book-running manager for the ADS Offering

and the Notes Offering. JinkoSolar has granted Credit Suisse a 30-day option to purchase up to an additional

562,500 ADSs in connection with the ADS Offering and another 30-day option to purchase up to an additional

US$20.0 million aggregate principal amount of the Notes in connection with the Notes Offering.

FUELCELL ENERGY ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON STOCK; SIZE NOT DISCLOSED

http://www.nasdaq.com/press-release/fuelcell-energy-announces-proposed-public-offering-of-common-

stock-20140116-01142

Co. announced today its intention to offer shares of common stock in an underwritten public offering. The

Company also expects to grant the underwriters a 30-day option to purchase additional shares of common

stock offered in the public offering to cover over-allotments, if any. The Company intends to use the

proceeds from this offering for project development, project finance, working capital support and general

corporate purposes. While the offering is expected to price before 9:30 am EST on January 17, 2014, the

offering is subject to market conditions, and there can be no assurance as to whether or when the offering

may be completed, or as to the actual size of the offering.

Stifel is acting as the sole book-running manager for the offering. Cowen and Company is acting as the co-

lead manager, and FBR Capital Markets & Co. is acting as co-manager for the offering. Ardour Capital

Investments, LLC is acting as selling group member for the offering.

http://www.marketwatch.com/story/jinkosolar-announces-pricing-of-concurrent-offerings-of-3750000-american-depositary-shares-and-us1300-million-convertible-senior-notes-2014-01-16?reflink=MW_news_stmp

http://www.marketwatch.com/story/jinkosolar-announces-pricing-of-concurrent-offerings-of-3750000-american-depositary-shares-and-us1300-million-convertible-senior-notes-2014-01-16?reflink=MW_news_stmp

http://www.nasdaq.com/press-release/fuelcell-energy-announces-proposed-public-offering-of-common-stock-20140116-01142

http://www.nasdaq.com/press-release/fuelcell-energy-announces-proposed-public-offering-of-common-stock-20140116-01142

21


Earnings News

Emissions Control CLARCOR MISSES BY $0.05, MISSES ON REVENUE


Co. reported 4Q adjusted earnings of $0.65 per share, vs. consensus $0.70.

Revenues increased 1.7% y/y to $297.8 million, vs consensus $303.62 million.

Co issued guidance for FY14 with EPS expected to be in the range of $2.55-2.70 (vs. consensus $2.71)

and revenue of $1.41-1.47 billion (vs. consensus $1.23 billion).

Included in consolidated 2014 guidance are estimated diluted earnings per share of between $2.45

and $2.55 for the company’s base business and from $0.10 to $0.15 from the GE Air Filtration and

Bekaert Advanced Filtration acquisitions.

Engine/Mobile Filtration Segment

o Net sales in our Engine/Mobile Filtration segment increased approximately 2% in the fourth

quarter of 2013 based upon a 4% increase in domestic sales partially offset by a 2% reduction

in sales outside the U.S. The increase in U.S. sales was primarily driven by higher sales to OE

customers as we continue to develop distribution channels outside our core independent

aftermarket. Our fourth quarter domestic aftermarket sales were flat compared with last

year's fourth quarter after increasing 6% in the third quarter compared to the comparable

period in 2012.

Industrial/Environmental Filtration Segment

o Net sales in our Industrial/Environmental Filtration segment rose approximately 3% in the fourth

quarter of 2013 including a 22% increase in foreign sales partially offset by a 5% reduction in

U.S. sales. More than two-thirds of the fourth quarter increase in sales outside the U.S. was

related to higher oil & gas filtration product sales in Latin America—where sales more than

tripled in full year 2013 from last year. The remainder of the increase in sales outside the U.S. in

the fourth quarter was due to higher oil & gas related filtration sales in the Middle East and

Europe. Lower U.S. sales in the fourth quarter were across several market segments including

off-shore oil drilling, commercial and industrial HVAC and natural gas filtration product sales.

Upcoming Earnings Announcements

Date Company Time Conference Call Details

1/23 Johnson Controls (JCI) 11:00 am ET Dial-in: TBA

1/28 A.O. Smith (AOS) 10:00 am ET Dial-in: TBA

1/30 Tetra Tech (TTEK) 8:00 am ET Dial-in: TBA

1/30 Core Laboratories (CLB) 8:30 am ET Dial-in: TBA

1/30 IDEX Corporation 10:30 am ET Dial-in: TBA

1/30 Kennametal (KMT) 10:00 am ET Dial-in: TBA

1/31 Graham Corporation (GHM) 11:00 am ET Dial-in: (201) 689-8560

2/4 Xylem (XYL) 9:00 am ET Dial-in: (973)935-2945; Passcode: 30139459

2/4 Advanced Energy Industries (AEIS) 8:30 am ET Dial-in: (855) 232-8958

2/5 Mueller Water Products (MWA) 9:00 am ET Dial-in: TBA

2/6 EnerSys (ENS) 9:00 am ET Dial-in: (800)884-5695; Passcode: 19803052

2/6 Badge Meter (BMI) 11:00 am ET Dial-in: (888)680-0878; Passcode: 93650163

2/6 Thermon Group (THR) 11:00 am ET Dial-in:(877) 312-5421

2/11 Regal Beloit Coproration (RBC) 10:00 am ET Dial-in: (888)317-6003; Passcode: 6649148

2/11 Waste Connections (WCN) 8:30 am ET Dial-in: (866) 515-2908

2/12 Itron, Inc. 5:00 pm ET Dial-in: TBA

2/12 SunPower Corp. (SPWR) 4:30 pm ET Dial-in: (517) 623-4618; Conference ID: SunPower

2/13 Progressive Waste Solutions (BIN) 10:00 am ET Dial-in: (888)241-0394; Conference ID: 21531740

2/21 MRC Global (MRC) 10:00 am ET Dial-in: (480)629-9692

2/11 Regal Beloit Coproration 10:00 am ET Dial-in: 888-317-6003; Passcode: 6649148

2/21 MRC Global (MRC) 10:00 am ET Dial-in: (480)629-9692


22


Conference Calendar

Figure 24: Top 5 Performers for the Week Ending 1/17/2014


Figure 25: Bottom 5 Performers for the Week Ending 1/17/2014


Date Title of Conference Location

February 10-12 Stifel Technology, Internet & Media Conference San Francisco, CA

February 11-12 UBS SMID Cap One-on-One Symposium Boston, MA

February 11-13 Goldman Sachs Technology & Internet Conference San Francisco, CA

February 12-13 BB&T Capital Markets 29th Annual Transportation Services Conference Coral Gables, FL

February 18-19 Enercom Consulting The Oil & Services Conference San Francisco, CA

February 27 Stifel Industrials Conference New York, NY

February 27-28 Simmons & Co. 14th Annual Energy Conference New York, NY

23


Figure 26: Energy Conversion Tech Value Chain Comparables


Figure 27: Solar Technology Comparables


Shares Market Enterprise FY13 FY14 EV / Rev EV / Rev FY13 FY14 P/E P/E

Company Ticker Price Out (MM) Cap ($M) Value ($M) Revenue Revenue FY13 FY14 EPS EPS FY13 FY14

Sector: Energy Conversion Tech Value Chain

Advanced ADES $52.24 10.8 564.1 $583 $285.8 $536.1 2.0x 1.1x ($0.19) $2.81 N.M. 18.6x

American Dg ADGE $2.00 49.2 98.4 $111 N/A N/A N.A. N.A. ($0.10) ($0.06) N.M. N.M.

Calgon Carbon CCC $20.92 54.6 1141.8 $1,161 $553.5 $603.0 2.1x 1.9x $0.83 $1.04 25.2x 20.2x

Colfax CFX $65.24 101.9 6571.8 $7,757 $4,140.0 $4,514.1 1.9x 1.7x $1.99 $2.56 32.7x 25.5x

Ceco Environment CECE $16.89 25.6 437.4 $510 $199.3 $293.8 2.6x 1.7x $0.92 $1.02 18.3x 16.6x

Clarcor CLC $58.99 49.9 3233.9 $2,701 $1,138.2 $1,330.4 2.4x 2.0x $2.49 $2.70 23.7x 21.9x

Capstone Turbine CPST $1.59 309.9 508.3 $477 $128.5 $143.7 3.7x 3.3x ($0.07) ($0.05) N.M. N.M.

Donaldson Co DCI $42.61 146.2 6331.9 $6,053 $2,427.8 $2,510.7 2.5x 2.4x $1.62 $1.78 26.4x 23.9x

Fuelcell Energy FCEL $1.64 205.4 370.0 $402 $177.3 $205.4 2.3x 2.0x ($0.18) ($0.15) N.M. N.M.

Fuel Tech FTEK $7.73 22.4 173.5 $151 $113.4 $116.4 1.3x 1.3x $0.27 $0.22 28.6x 35.5x

Graham GHM $36.58 10.1 357.8 $313 $103.9 $109.1 3.0x 2.9x $1.02 $1.15 35.9x 31.7x

Global Pwr Equip GLPW $18.86 17.0 316.2 $329 $479.7 $552.5 0.7x 0.6x $0.58 $1.04 32.3x 18.1x

Generac Hldg GNRC $50.89 68.6 3787.0 $4,580 $1,471.7 $1,545.6 3.1x 3.0x $4.11 $3.80 12.4x 13.4x

Chart Industries GTLS $90.88 30.4 2716.6 $2,970 $1,196.0 $1,398.5 2.5x 2.1x $2.96 $3.92 30.7x 23.2x

Lightbridge LTBR $1.94 15.1 27.7 $29 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Mistras Group MG $24.34 28.4 695.4 $771 $530.2 $604.2 1.5x 1.3x $0.66 $0.91 36.8x 26.7x

Alter Nrg NRG-T $0.73 104.7 76.4 $68 $13.7 $18.8 5.0x 3.6x ($0.12) ($0.08) N.M. N.M.

Pmfg PMFG $8.44 21.1 183.0 $135 $134.4 $146.4 1.0x 0.9x $0.07 $0.09 N.M. 97.0x

Power Solu Int PSIX $72.73 10.5 760.3 $769 $237.4 $321.8 3.2x 2.4x $0.89 $1.38 81.9x 52.7x

Synthesis Energy SYMX $1.25 63.7 73.3 $68 $0.8 N/A 83.1x N.A. ($0.33) N/A N.M. N.A

Thermon Grp THR $28.49 31.6 902.3 $975 $287.3 $298.6 3.4x 3.3x $0.97 $1.23 29.3x 23.2x

Team TISI $46.88 20.3 963.9 $1,014 $711.9 $769.7 1.4x 1.3x $1.56 $1.71 30.1x 27.4x

Average 6.4x 2.0x 31.7x 29.7x



Sector: Solar Technology

Advanced Ene Ind AEIS $27.16 40.0 1021.6 $993 $545.2 $635.7 1.8x 1.6x $0.43 $1.84 63.2x 14.8x

Ascent Solar ASTI $0.71 60.5 43.3 $45 $1.2 $12.0 37.9x 3.8x ($0.49) ($0.27) N.M. N.M.

Amtech Systems ASYS $9.39 9.6 88.5 $52 $38.1 $52.6 1.4x 1.0x ($2.32) ($0.43) N.M. N.M.

Canadian Solar CSIQ $42.80 46.1 1974.5 $2,727 $1,720.5 $2,702.8 1.6x 1.0x $0.66 $3.52 65.3x 12.2x

China Sunergy CSUN $6.93 14.8 95.3 $661 $277.3 $420.0 2.4x 1.6x ($4.31) ($1.49) N.M. N.M.

Enphase Energy ENPH $8.28 42.0 347.3 $326 $229.9 $284.4 1.4x 1.1x ($0.45) $0.02 N.M. N.M.

First Solar FSLR $52.20 99.4 5169.9 $3,888 $3,511.1 $3,759.0 1.1x 1.0x $4.40 $3.41 11.9x 15.3x

Ja Solar JASO $10.07 43.3 407.9 $5,150 $1,124.2 $1,317.4 4.6x 3.9x ($1.68) ($0.18) N.M. N.M.

Jinkosolar JKS $35.39 26.9 974.3 $8,654 $1,141.5 $1,347.9 7.6x 6.4x $1.14 $2.15 31.0x 16.4x

Hanwha Solarone HSOL $3.20 84.9 274.2 $5,507 $663.9 $885.8 8.3x 6.2x ($2.48) ($0.97) N.M. N.M.

Ldk LDK $1.20 169.5 215.2 $2,971 $517.0 $748.0 5.7x 4.0x ($3.37) ($1.91) N.M. N.M.

Real Goods Solar RSOL $4.33 38.5 155.9 $162 $105.4 $132.5 1.5x 1.2x ($0.35) ($0.14) N.M. N.M.

Renesola SOL $4.03 86.8 489.0 $1,351 $1,462.2 $1,577.6 0.9x 0.9x ($0.79) ($0.13) N.M. N.M.

Sunpower SPWR $35.14 121.4 3868.9 $4,567 $2,551.1 $2,687.5 1.8x 1.7x $1.42 $1.20 24.8x 29.2x

Solarcity SCTY $76.80 82.2 5629.9 $6,651 $159.5 $260.0 41.7x 25.6x ($1.78) ($1.64) N.M. N.M.

Sunedisn SUNE $14.98 266.6 3879.1 $6,568 $2,660.3 $3,687.1 2.5x 1.8x ($0.14) $0.53 N.M. 28.1x

Trina Solar TSL $16.30 78.9 1311.7 $1,917 $1,785.5 $2,237.3 1.1x 0.9x ($1.18) $0.51 N.M. 31.9x

Veeco VECO $35.31 39.3 1392.2 $818 $327.6 $414.2 2.5x 2.0x ($0.64) ($0.21) N.M. N.M.

Yingli Green YGE $7.13 156.6 1097.7 $22,136 $2,235.3 $2,597.0 9.9x 8.5x ($1.37) ($0.31) N.M. N.M.

Wacker Chemie WCH-XE $90.46 52.2 4652.0 $5,528 $4,483.5 $4,784.9 1.2x 1.2x $0.26 $1.84 N.M. 49.2x

Average 6.8x 3.8x 39.2x 24.6x

24


Figure 28: Clean Transportation Comparables


Figure 29: Alternative Energy Conversion Technology (Other) Comparables


Figure 30: Emissions Control Comparables




Sector: Clean Transportation

Advanced Battery ABAT $0.39 76.1 30.5 -$44 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Active Power ACPW $3.60 19.4 68.7 $61 $61.5 $66.7 1.0x 0.9x ($0.37) ($0.35) N.M. N.M.

Afc Energy AFC-LN $32.50 223.3 72.6 $64 $81.7 N/A 0.8x N.A. $13.31 N/A 2.4x N.A

Altair Nano ALTI $5.39 11.6 58.4 $60 $115.2 N/A 0.5x N.A. $0.72 N/A 7.5x N.A

Bak CBAK $2.21 12.6 29.3 $187 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Clean Diesel CDTI $2.84 9.3 27.7 $34 $54.6 $58.1 0.6x 0.6x ($0.66) ($0.34) N.M. N.M.

Clean Enrgy Fuel CLNE $12.26 89.4 1105.4 $1,313 $361.9 $442.8 3.6x 3.0x ($0.36) ($0.59) N.M. N.M.

Capstone Turbine CPST $1.59 309.9 508.3 $477 $128.5 $143.7 3.7x 3.3x ($0.07) ($0.05) N.M. N.M.

Electrovaya EFL-T $0.81 71.0 57.5 $54 $4.5 $15.0 12.1x 3.6x ($0.06) $0.01 N.M. 81.0x

Enersys ENS $71.60 47.4 3385.9 $3,317 $2,285.7 $2,421.5 1.5x 1.4x $3.52 $3.79 20.4x 18.9x

Ecotality ECTYQ $0.02 25.6 0.5 $2 $53.9 $50.0 0.0x 0.0x ($0.36) ($0.43) N.M. N.M.

Fuel Systems FSYS $13.35 20.1 263.9 $195 $403.7 $388.2 0.5x 0.5x $0.18 $0.23 74.6x 57.8x

Chart Industries GTLS $90.88 30.4 2716.6 $2,970 $1,196.0 $1,398.5 2.5x 2.1x $2.96 $3.92 30.7x 23.2x

Hydrogens HYGS $22.55 5.3 203.2 $191 $42.2 $53.7 4.5x 3.6x ($0.84) ($0.18) N.M. N.M.

Itm Power ITM-LN $38.75 128.5 50.1 $44 $1.0 $7.0 43.9x 6.3x ($4.70) ($1.70) N.M. N.M.

Maxwell Tech MXWL $8.09 29.6 230.3 $211 $191.1 $183.6 1.1x 1.1x $0.28 $0.18 28.9x 46.2x

Polypore Intl PPO $38.57 44.9 1751.6 $2,357 $632.5 $692.9 3.7x 3.4x $1.03 $1.52 37.4x 25.3x

Power Solu Int PSIX $72.73 10.5 760.3 $769 $237.4 $321.8 3.2x 2.4x $0.89 $1.38 81.9x 52.7x

Quantum Fuel Sys QTWW $8.72 18.4 152.9 $171 $29.9 $56.1 5.7x 3.1x ($1.04) ($0.07) N.M. N.M.

Saft Groupe SAFT-FR $26.90 25.9 695.5 $822 $627.9 $674.5 1.3x 1.2x $1.25 $1.53 21.6x 17.5x

Ultralife ULBI $3.51 17.5 61.5 $51 $105.1 N/A 0.5x N.A. $0.03 $0.19 N.M. 18.5x

Uqm Tech UQM $2.15 37.5 78.8 $76 $7.4 $12.5 10.2x 6.0x ($0.26) ($0.14) N.M. N.M.

Westport Innov WPRT $19.44 62.7 1311.8 $1,218 $161.9 $229.1 7.5x 5.3x ($2.18) ($1.41) N.M. N.M.

Zmc ZNN-V $0.94 47.5 44.6 $44 $0.0 $0.0 N.A. N.A. ($0.04) ($0.02) N.M. N.M.

Average 4.9x 2.7x 33.9x 37.9x



Sector: Alternative Energy Conversion Technology- Other

Active Power ACPW $3.60 19.4 68.7 $61 $61.5 $66.7 1.0x 0.9x ($0.37) ($0.35) N.M. N.M.

Lightbridge LTBR $1.94 15.1 27.7 $29 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Opt OPTT $2.57 12.2 31.9 $15 $4.2 $2.0 3.5x 7.4x ($1.45) ($1.60) N.M. N.M.

Ballard Power BLDP $2.41 84.1 263.5 $254 $62.1 $80.3 4.1x 3.2x ($0.22) ($0.11) N.M. N.M.

Fuelcell Energy FCEL $1.64 205.4 370.0 $402 $177.3 $205.4 2.3x 2.0x ($0.18) ($0.15) N.M. N.M.

Plug Power PLUG $3.55 117.0 444.7 $408 $26.1 $60.0 15.6x 6.8x ($0.57) ($0.17) N.M. N.M.

Average 5.3x 4.0x N.A. N.A



Sector: Emissions Control

Advanced ADES $52.24 10.8 564.1 $583 $285.8 $536.1 2.0x 1.1x ($0.19) $2.81 N.M. 18.6x


Ceco Environment CECE $16.89 25.6 437.4 $510 $199.3 $293.8 2.6x 1.7x $0.92 $1.02 18.3x 16.6x

Clarcor CLC $58.99 49.9 3233.9 $2,701 $1,138.2 $1,330.4 2.4x 2.0x $2.49 $2.70 23.7x 21.9x

Clearsign CLIR $11.66 8.8 103.5 $98 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Donaldson Co DCI $42.61 146.2 6331.9 $6,053 $2,427.8 $2,510.7 2.5x 2.4x $1.62 $1.78 26.4x 23.9x

Fuel Tech FTEK $7.73 22.4 173.5 $151 $113.4 $116.4 1.3x 1.3x $0.27 $0.22 28.6x 35.5x

Pmfg PMFG $8.44 21.1 183.0 $135 $134.4 $146.4 1.0x 0.9x $0.07 $0.09 N.M. 97.0x

Average 2.0x 1.6x 24.4x 33.4x

25


Figure 31: Water Value Chain Comparables


Figure 32: Environmental Services Comparables




Sector: Water Value Chain

Agco AGCO $55.35 97.4 5502.7 $6,095 $10,784.9 $10,484.3 0.6x 0.6x $5.95 $5.76 9.3x 9.6x

Aegion AEGN $21.85 38.4 847.7 $1,123 $1,101.9 $1,301.4 1.0x 0.9x $1.28 $1.66 17.1x 13.1x

A O Smith AOS $52.13 91.2 4792.9 $4,507 $2,159.7 $2,365.2 2.1x 1.9x $2.05 $2.28 25.4x 22.9x

Badger Meter BMI $52.97 14.4 762.7 $822 $334.0 $356.1 2.5x 2.3x $1.70 $2.19 31.2x 24.2x


Circor Intl CIR $79.67 17.6 1382.1 $1,365 $868.3 $912.0 1.6x 1.5x $3.19 $3.88 25.0x 20.5x

Ecosphere Tech ESPH $0.28 163.6 43.4 $50 N/A N/A N.A. N.A. N/A N/A N.A. N.A

Energy Recovery ERII $5.00 51.1 257.6 $234 $41.7 $51.2 5.6x 4.6x ($0.11) $0.02 N.M. N.M.

Franklin Elec FELE $44.16 47.6 2106.4 $2,184 $954.4 $1,029.3 2.3x 2.1x $1.72 $1.94 25.7x 22.8x

Gorman-rupp GRC $34.67 26.3 900.8 $885 $395.3 $437.4 2.2x 2.0x $1.24 $1.51 28.1x 23.0x

Greenhunter GRH $1.21 33.8 42.2 $94 $38.5 $56.0 2.4x 1.7x ($0.35) ($0.13) N.M. N.M.

Idex IEX $73.73 81.1 6031.2 $6,366 $2,024.0 $2,142.3 3.1x 3.0x $3.06 $3.36 24.1x 21.9x

Itron ITRI $43.06 39.1 1675.6 $1,981 $1,952.3 $2,073.8 1.0x 1.0x $2.29 $2.95 18.8x 14.6x

Layne Christensn LAYN $18.45 19.9 373.7 $458 $1,096.5 $883.9 0.4x 0.5x $1.09 ($3.39) 16.9x N.M.

Lindsay Corp LNN $84.75 12.9 1096.7 $943 $698.1 $654.4 1.4x 1.4x $5.56 $4.29 15.2x 19.8x

Mueller Water Pd MWA $9.11 158.9 1463.5 $1,925 $1,127.1 $1,212.1 1.7x 1.6x $0.17 $0.32 52.1x 28.2x

Pico Hldg PICO $23.49 22.7 537.2 $623 $343.0 $461.0 1.8x 1.4x ($1.45) $0.24 N.M. 97.9x

Rexnrd RXN $28.23 97.8 2745.5 $4,539 $2,009.7 $2,100.3 2.3x 2.2x $0.97 $1.35 29.3x 20.9x

Nuverra Enrntml NES $15.31 26.0 376.7 $923 $639.5 $684.4 1.4x 1.3x ($9.42) ($0.68) N.M. N.M.

Tri-tech Holding TRIT $1.44 8.5 12.2 $50 $116.8 N/A 0.4x N.A. $1.39 N/A 1.0x N.A

Watts Water WTS $59.72 35.3 2107.8 $2,189 $1,476.4 $1,553.8 1.5x 1.4x $2.26 $2.88 26.5x 20.7x

Xylem XYL $36.64 184.5 6709.8 $7,568 $3,789.9 $3,941.1 2.0x 1.9x $1.63 $1.91 22.5x 19.2x

Average 1.9x 1.8x 23.1x 25.0x



Sector: Environmental Services

Acorn Energy ACFN $4.15 22.1 89.3 $85 $21.6 $27.1 3.9x 3.1x ($1.55) ($0.58) N.M. N.M.

Progressive Wst BIN $23.54 115.2 2970.4 $4,295 $2,025.3 $2,080.9 2.1x 2.1x $1.07 $1.19 21.9x 19.8x

Clean Harbors CLH $57.18 60.7 3509.8 $4,612 $3,525.0 $3,742.5 1.3x 1.2x $2.01 $2.66 28.5x 21.5x

Covanta Hldng CVA $18.10 130.5 2354.3 $4,571 $1,638.1 $1,625.5 2.8x 2.8x $0.38 $0.38 47.6x 47.6x

Casella Waste CWST $5.45 40.0 220.4 $726 $471.0 $488.6 1.5x 1.5x ($0.74) ($0.32) N.M. N.M.

Us Ecology ECOL $36.78 21.1 777.7 $808 $199.4 $206.2 4.1x 3.9x $1.75 $1.53 21.1x 24.0x

Heritage-crystal HCCI $17.30 18.4 327.5 $310 $282.6 $330.4 1.1x 0.9x $0.27 $0.79 64.1x 22.0x

Nuverra Enrntml NES $15.31 26.0 376.7 $923 $639.5 $684.4 1.4x 1.3x ($9.42) ($0.68) N.M. N.M.

Perma Fix PESI $3.64 11.4 41.8 $58 $105.3 $72.0 0.6x 0.8x ($0.08) $0.03 N.M. N.M.

Shanks Group SKS-LN $117.50 397.7 477.2 $761 $681.4 $633.2 1.1x 1.2x $3.77 $5.50 31.1x 21.4x

Severn Trent SVT-LN $1,645.00 238.9 3971.1 $8,290 $1,828.0 $1,875.5 4.5x 4.4x $87.54 $84.98 18.8x 19.4x

Veolia Environ VE $16.67 548.9 6690.8 $18,292 $30,913.8 $31,803.0 0.6x 0.6x $0.30 $0.39 56.5x 43.3x

Vertex Energy VTNR $3.40 21.2 74.2 $82 $144.8 $159.3 0.6x 0.5x $0.20 $0.28 17.4x 12.3x

Waste Connection WCN $41.50 123.5 5182.8 $7,214 $1,928.2 $2,071.1 3.7x 3.5x $1.78 $2.00 23.3x 20.8x

Average 2.1x 2.0x 33.0x 25.2x

26


Appendix – Disclaimers and Disclosures

DISCLAIMERS

The Blueshirt Group, LLC is not a licensed broker, broker dealer, market maker, investment banker, or

underwriter. This report is published solely for informational purposes and is not to be construed as an offer to

sell or the solicitation of an offer to buy any security in any state. This is not a complete analysis of every

material fact regarding any company, industry or security. The opinions expressed here reflect our judgment

at this date and are subject to change. The information has been obtained from sources we consider to be

reliable, but we cannot guarantee the accuracy of that information.

The companies that are discussed in this report have not approved the content herein. Some information in

this report relates to future events or future business and financial performance, however past performance

does not guarantee future performance. The content of this report with respect to the companies have been

compiled primarily from information available to the public. The companies are solely responsible for the

accuracy of that information.

The material in this document is intended for general circulation only and the information contained herein

does not take into account the specific objectives, financial situation, or particular needs of any particular

person. All investors should consult a financial advisor regarding the suitability of their investments and take

into account any specific investment objectives, financial situation, or particular needs before purchasing or

selling any securities.

ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST

Copyright 2013 The Blueshirt Group, LLC. No part of this publication may be reproduced or distributed in any

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