ENERGY & ENVIRONMENTAL TECHNOLOGIES PRACTICE

The Weekly Watch- January 20, 2014

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.
Shawn M. Severson
Managing Director 415.489.2198 shawn@blueshirtgroup.com Twitter: @ShawnEnergyTech

Ralph K. Fong
Director 415.489.2195 ralph@blueshirtgroup.com 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/

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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)

Source: Thomson Reuters, The Blueshirt Group

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

Note: Indices are indexed to 100 Source: Thomson Reuters, The Blueshirt Group

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

Note: Indices are indexed to 100 Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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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 weeks 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 %

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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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) PMFGs 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 Turbines 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 (19722012) 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.-ANNOUNCESAPPOINTMENT-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 lea ding 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 countrys fastest growing technology companies determined by Deloitte. The Company has also formed a STAG which
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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%3D8K%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 Companys 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 http://phx.corporate-ir.net/phoenix.zhtml?c=120708&p=irol-newsArticle&ID=1891725&highlight= 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.

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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-sixthpatent-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 http://online.wsj.com/article/PR-CO-20140114-905286.html 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-themetropolitan-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-threeyear-10-million-contract-from-the-us-army-corps-of-engineers-for-cathodic-protection-and-corrosion-controlservices.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-EmissionControl#.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 TRIMNOX SCR urea injection systems from a broad range of domestic industrial and utility customers. Over three quarters of that amount was for CCAs 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 .

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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 http://online.wsj.com/article/PR-CO-20140113-900695.html 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 RUNION ISLAND http://www.businesswire.com/news/home/20140114006149/en/Saft-Signs-Multi-Million-Euro-Energy-StorageContract#.UtWw3vRDtqU A consortium led by Saft, the worlds 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 Runion) to build the Bardzour solar photovoltaic (PV) production and Li-ion (lithium-ion) energy storage system on the French island of La Runion 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 Consortiums 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 heavyduty 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 http://online.wsj.com/article/PR-CO-20140116-905478.html 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 The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 17

http://www.marketwatch.com/story/enphase-surpasses-1gw-of-microinverter-system-shipments-2014-0115?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 firstgeneration 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-shanghaihuitianran-investment-holding-group-co-ltd-to-develop-downstream-opportunities-in-china-including-700mw-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 http://online.wsj.com/article/PR-CO-20140114-904389.html 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-update2014-01-16?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." The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 18

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 http://online.wsj.com/article/PR-CO-20140113-904770.html 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.

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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-3750000american-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-commonstock-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 colead 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.

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Earnings News Emissions Control CLARCOR MISSES BY $0.05, MISSES ON REVENUE http://online.wsj.com/article/PR-CO-20140115-914453.html 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 companys 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 1/23 1/28 1/30 1/30 1/30 1/30 1/31 2/4 2/4 2/5 2/6 2/6 2/6 2/11 2/11 2/12 2/12 2/13 2/21 2/11 2/21 Company Johnson Controls (JCI) A.O. Smith (AOS) Tetra Tech (TTEK) Core Laboratories (CLB) IDEX Corporation Kennametal (KMT) Graham Corporation (GHM) Xylem (XYL) Advanced Energy Industries (AEIS) Mueller Water Products (MWA) EnerSys (ENS) Badge Meter (BMI) Thermon Group (THR) Regal Beloit Coproration (RBC) Waste Connections (WCN) Itron, Inc. SunPower Corp. (SPWR) Progressive Waste Solutions (BIN) MRC Global (MRC) Regal Beloit Coproration MRC Global (MRC) Time 11:00 am ET 10:00 am ET 8:00 am ET 8:30 am ET 10:30 am ET 10:00 am ET 11:00 am ET 9:00 am ET 8:30 am ET 9:00 am ET 9:00 am ET 11:00 am ET 11:00 am ET 10:00 am ET 8:30 am ET 5:00 pm ET 4:30 pm ET 10:00 am ET 10:00 am ET 10:00 am ET 10:00 am ET Conference Call Details Dial-in: TBA Dial-in: TBA Dial-in: TBA Dial-in: TBA Dial-in: TBA Dial-in: TBA Dial-in: (201) 689-8560 Dial-in: (973)935-2945; Passcode: 30139459 Dial-in: (855) 232-8958 Dial-in: TBA Dial-in: (800)884-5695; Passcode: 19803052 Dial-in: (888)680-0878; Passcode: 93650163 Dial-in:(877) 312-5421 Dial-in: (888)317-6003; Passcode: 6649148 Dial-in: (866) 515-2908 Dial-in: TBA Dial-in: (517) 623-4618; Conference ID: SunPower Dial-in: (888)241-0394; Conference ID: 21531740 Dial-in: (480)629-9692 Dial-in: 888-317-6003; Passcode: 6649148 Dial-in: (480)629-9692
21

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Conference Calendar

Date February 10-12 February 11-12 February 11-13 February 12-13 February 18-19 February 27 February 27-28

Title of Conference Stifel Technology, Internet & Media Conference UBS SMID Cap One-on-One Symposium Goldman Sachs Technology & Internet Conference BB&T Capital Markets 29th Annual Transportation Services Conference Enercom Consulting The Oil & Services Conference Stifel Industrials Conference Simmons & Co. 14th Annual Energy Conference

Location San Francisco, CA Boston, MA San Francisco, CA Coral Gables, FL San Francisco, CA New York, NY New York, NY

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

Source: Thomson Reuters, The Blueshirt Group

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

Source: Thomson Reuters, The Blueshirt Group

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22

Figure 26: Energy Conversion Tech Value Chain 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

Source: Thomson Reuters, The Blueshirt Group

Figure 27: Solar Technology Comparables

Company Ticker Sector: Solar Technology Advanced Ene Ind AEIS Ascent Solar ASTI Amtech Systems ASYS Canadian Solar CSIQ China Sunergy CSUN Enphase Energy ENPH First Solar FSLR Ja Solar JASO Jinkosolar JKS Hanwha Solarone HSOL Ldk LDK Real Goods Solar RSOL Renesola SOL Sunpower SPWR Solarcity SCTY Sunedisn SUNE Trina Solar TSL Veeco VECO Yingli Green YGE Wacker Chemie WCH-XE Price $27.16 $0.71 $9.39 $42.80 $6.93 $8.28 $52.20 $10.07 $35.39 $3.20 $1.20 $4.33 $4.03 $35.14 $76.80 $14.98 $16.30 $35.31 $7.13 $90.46 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 40.0 60.5 9.6 46.1 14.8 42.0 99.4 43.3 26.9 84.9 169.5 38.5 86.8 121.4 82.2 266.6 78.9 39.3 156.6 52.2 1021.6 43.3 88.5 1974.5 95.3 347.3 5169.9 407.9 974.3 274.2 215.2 155.9 489.0 3868.9 5629.9 3879.1 1311.7 1392.2 1097.7 4652.0 $993 $45 $52 $2,727 $661 $326 $3,888 $5,150 $8,654 $5,507 $2,971 $162 $1,351 $4,567 $6,651 $6,568 $1,917 $818 $22,136 $5,528 $545.2 $1.2 $38.1 $1,720.5 $277.3 $229.9 $3,511.1 $1,124.2 $1,141.5 $663.9 $517.0 $105.4 $1,462.2 $2,551.1 $159.5 $2,660.3 $1,785.5 $327.6 $2,235.3 $4,483.5 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $635.7 $12.0 $52.6 $2,702.8 $420.0 $284.4 $3,759.0 $1,317.4 $1,347.9 $885.8 $748.0 $132.5 $1,577.6 $2,687.5 $260.0 $3,687.1 $2,237.3 $414.2 $2,597.0 $4,784.9 Average 1.8x 37.9x 1.4x 1.6x 2.4x 1.4x 1.1x 4.6x 7.6x 8.3x 5.7x 1.5x 0.9x 1.8x 41.7x 2.5x 1.1x 2.5x 9.9x 1.2x 6.8x 1.6x 3.8x 1.0x 1.0x 1.6x 1.1x 1.0x 3.9x 6.4x 6.2x 4.0x 1.2x 0.9x 1.7x 25.6x 1.8x 0.9x 2.0x 8.5x 1.2x 3.8x FY13 EPS $0.43 ($0.49) ($2.32) $0.66 ($4.31) ($0.45) $4.40 ($1.68) $1.14 ($2.48) ($3.37) ($0.35) ($0.79) $1.42 ($1.78) ($0.14) ($1.18) ($0.64) ($1.37) $0.26 FY14 EPS $1.84 ($0.27) ($0.43) $3.52 ($1.49) $0.02 $3.41 ($0.18) $2.15 ($0.97) ($1.91) ($0.14) ($0.13) $1.20 ($1.64) $0.53 $0.51 ($0.21) ($0.31) $1.84 P/E FY13 63.2x N.M. N.M. 65.3x N.M. N.M. 11.9x N.M. 31.0x N.M. N.M. N.M. N.M. 24.8x N.M. N.M. N.M. N.M. N.M. N.M. 39.2x P/E FY14 14.8x N.M. N.M. 12.2x N.M. N.M. 15.3x N.M. 16.4x N.M. N.M. N.M. N.M. 29.2x N.M. 28.1x 31.9x N.M. N.M. 49.2x 24.6x

Source: Thomson Reuters, The Blueshirt Group

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23

Figure 28: Clean Transportation Comparables

Company Ticker Sector: Clean Transportation Advanced Battery ABAT Active Power ACPW Afc Energy AFC-LN Altair Nano ALTI Bak CBAK Clean Diesel CDTI Clean Enrgy Fuel CLNE Capstone Turbine CPST Electrovaya EFL-T Enersys ENS Ecotality ECTYQ Fuel Systems FSYS Chart Industries GTLS Hydrogens HYGS Itm Power ITM-LN Maxwell Tech MXWL Polypore Intl PPO Power Solu Int PSIX Quantum Fuel Sys QTWW Saft Groupe SAFT-FR Ultralife ULBI Uqm Tech UQM Westport Innov WPRT Zmc ZNN-V Price $0.39 $3.60 $32.50 $5.39 $2.21 $2.84 $12.26 $1.59 $0.81 $71.60 $0.02 $13.35 $90.88 $22.55 $38.75 $8.09 $38.57 $72.73 $8.72 $26.90 $3.51 $2.15 $19.44 $0.94 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 76.1 19.4 223.3 11.6 12.6 9.3 89.4 309.9 71.0 47.4 25.6 20.1 30.4 5.3 128.5 29.6 44.9 10.5 18.4 25.9 17.5 37.5 62.7 47.5 30.5 68.7 72.6 58.4 29.3 27.7 1105.4 508.3 57.5 3385.9 0.5 263.9 2716.6 203.2 50.1 230.3 1751.6 760.3 152.9 695.5 61.5 78.8 1311.8 44.6 -$44 $61 $64 $60 $187 $34 $1,313 $477 $54 $3,317 $2 $195 $2,970 $191 $44 $211 $2,357 $769 $171 $822 $51 $76 $1,218 $44 N/A $61.5 $81.7 $115.2 N/A $54.6 $361.9 $128.5 $4.5 $2,285.7 $53.9 $403.7 $1,196.0 $42.2 $1.0 $191.1 $632.5 $237.4 $29.9 $627.9 $105.1 $7.4 $161.9 $0.0 FY14 EV / Rev EV / Rev Revenue FY13 FY14 N/A $66.7 N/A N/A N/A $58.1 $442.8 $143.7 $15.0 $2,421.5 $50.0 $388.2 $1,398.5 $53.7 $7.0 $183.6 $692.9 $321.8 $56.1 $674.5 N/A $12.5 $229.1 $0.0 Average N.A. 1.0x 0.8x 0.5x N.A. 0.6x 3.6x 3.7x 12.1x 1.5x 0.0x 0.5x 2.5x 4.5x 43.9x 1.1x 3.7x 3.2x 5.7x 1.3x 0.5x 10.2x 7.5x N.A. 4.9x N.A. 0.9x N.A. N.A. N.A. 0.6x 3.0x 3.3x 3.6x 1.4x 0.0x 0.5x 2.1x 3.6x 6.3x 1.1x 3.4x 2.4x 3.1x 1.2x N.A. 6.0x 5.3x N.A. 2.7x FY13 EPS N/A ($0.37) $13.31 $0.72 N/A ($0.66) ($0.36) ($0.07) ($0.06) $3.52 ($0.36) $0.18 $2.96 ($0.84) ($4.70) $0.28 $1.03 $0.89 ($1.04) $1.25 $0.03 ($0.26) ($2.18) ($0.04) FY14 EPS N/A ($0.35) N/A N/A N/A ($0.34) ($0.59) ($0.05) $0.01 $3.79 ($0.43) $0.23 $3.92 ($0.18) ($1.70) $0.18 $1.52 $1.38 ($0.07) $1.53 $0.19 ($0.14) ($1.41) ($0.02) P/E P/E FY13 FY14 N.A. N.M. 2.4x 7.5x N.A. N.M. N.M. N.M. N.M. 20.4x N.M. 74.6x 30.7x N.M. N.M. 28.9x 37.4x 81.9x N.M. 21.6x N.M. N.M. N.M. N.M. 33.9x N.A N.M. N.A N.A N.A N.M. N.M. N.M. 81.0x 18.9x N.M. 57.8x 23.2x N.M. N.M. 46.2x 25.3x 52.7x N.M. 17.5x 18.5x N.M. N.M. N.M. 37.9x

Source: Thomson Reuters, The Blueshirt Group

Figure 29: Alternative Energy Conversion Technology (Other) 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: 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

Source: Thomson Reuters, The Blueshirt Group

Figure 30: Emissions Control Comparables

Company Ticker Sector: Emissions Control Advanced ADES Calgon Carbon CCC Ceco Environment CECE Clarcor CLC Clearsign CLIR Donaldson Co DCI Fuel Tech FTEK Pmfg PMFG Price $52.24 $20.92 $16.89 $58.99 $11.66 $42.61 $7.73 $8.44 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 10.8 54.6 25.6 49.9 8.8 146.2 22.4 21.1 564.1 1141.8 437.4 3233.9 103.5 6331.9 173.5 183.0 $583 $1,161 $510 $2,701 $98 $6,053 $151 $135 $285.8 $553.5 $199.3 $1,138.2 N/A $2,427.8 $113.4 $134.4 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $536.1 $603.0 $293.8 $1,330.4 N/A $2,510.7 $116.4 $146.4 Average 2.0x 2.1x 2.6x 2.4x N.A. 2.5x 1.3x 1.0x 2.0x FY13 EPS FY14 EPS $2.81 $1.04 $1.02 $2.70 N/A $1.78 $0.22 $0.09 P/E P/E FY13 FY14 N.M. 25.2x 18.3x 23.7x N.A. 26.4x 28.6x N.M. 24.4x 18.6x 20.2x 16.6x 21.9x N.A 23.9x 35.5x 97.0x 33.4x

1.1x ($0.19) 1.9x $0.83 1.7x $0.92 2.0x $2.49 N.A. N/A 2.4x $1.62 1.3x $0.27 0.9x $0.07 1.6x

Source: Thomson Reuters, The Blueshirt Group

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Figure 31: Water Value Chain Comparables

Company Ticker Sector: Water Value Chain Agco AGCO Aegion AEGN A O Smith AOS Badger Meter BMI Calgon Carbon CCC Circor Intl CIR Ecosphere Tech ESPH Energy Recovery ERII Franklin Elec FELE Gorman-rupp GRC Greenhunter GRH Idex IEX Itron ITRI Layne Christensn LAYN Lindsay Corp LNN Mueller Water Pd MWA Pico Hldg PICO Rexnrd RXN Nuverra Enrntml NES Tri-tech Holding TRIT Watts Water WTS Xylem XYL Price $55.35 $21.85 $52.13 $52.97 $20.92 $79.67 $0.28 $5.00 $44.16 $34.67 $1.21 $73.73 $43.06 $18.45 $84.75 $9.11 $23.49 $28.23 $15.31 $1.44 $59.72 $36.64 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 97.4 38.4 91.2 14.4 54.6 17.6 163.6 51.1 47.6 26.3 33.8 81.1 39.1 19.9 12.9 158.9 22.7 97.8 26.0 8.5 35.3 184.5 5502.7 847.7 4792.9 762.7 1141.8 1382.1 43.4 257.6 2106.4 900.8 42.2 6031.2 1675.6 373.7 1096.7 1463.5 537.2 2745.5 376.7 12.2 2107.8 6709.8 FY14 EV / Rev EV / Rev Revenue FY13 FY14 0.6x 1.0x 2.1x 2.5x 2.1x 1.6x N.A. 5.6x 2.3x 2.2x 2.4x 3.1x 1.0x 0.4x 1.4x 1.7x 1.8x 2.3x 1.4x 0.4x 1.5x 2.0x 1.9x 0.6x 0.9x 1.9x 2.3x 1.9x 1.5x N.A. 4.6x 2.1x 2.0x 1.7x 3.0x 1.0x 0.5x 1.4x 1.6x 1.4x 2.2x 1.3x N.A. 1.4x 1.9x 1.8x FY13 EPS FY14 EPS P/E P/E FY13 FY14

$6,095 $10,784.9 $10,484.3 $1,123 $1,101.9 $1,301.4 $4,507 $2,159.7 $2,365.2 $822 $334.0 $356.1 $1,161 $553.5 $603.0 $1,365 $868.3 $912.0 $50 N/A N/A $234 $41.7 $51.2 $2,184 $954.4 $1,029.3 $885 $395.3 $437.4 $94 $38.5 $56.0 $6,366 $2,024.0 $2,142.3 $1,981 $1,952.3 $2,073.8 $458 $1,096.5 $883.9 $943 $698.1 $654.4 $1,925 $1,127.1 $1,212.1 $623 $343.0 $461.0 $4,539 $2,009.7 $2,100.3 $923 $639.5 $684.4 $50 $116.8 N/A $2,189 $1,476.4 $1,553.8 $7,568 $3,789.9 $3,941.1 Average

$5.95 $5.76 9.3x 9.6x $1.28 $1.66 17.1x 13.1x $2.05 $2.28 25.4x 22.9x $1.70 $2.19 31.2x 24.2x $0.83 $1.04 25.2x 20.2x $3.19 $3.88 25.0x 20.5x N/A N/A N.A. N.A ($0.11) $0.02 N.M. N.M. $1.72 $1.94 25.7x 22.8x $1.24 $1.51 28.1x 23.0x ($0.35) ($0.13) N.M. N.M. $3.06 $3.36 24.1x 21.9x $2.29 $2.95 18.8x 14.6x $1.09 ($3.39) 16.9x N.M. $5.56 $4.29 15.2x 19.8x $0.17 $0.32 52.1x 28.2x ($1.45) $0.24 N.M. 97.9x $0.97 $1.35 29.3x 20.9x ($9.42) ($0.68) N.M. N.M. $1.39 N/A 1.0x N.A $2.26 $2.88 26.5x 20.7x $1.63 $1.91 22.5x 19.2x 23.1x 25.0x

Source: Thomson Reuters, The Blueshirt Group

Figure 32: Environmental Services 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: 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

Source: Thomson Reuters, The Blueshirt Group

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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 form or by any means without our prior written approval. However, you may download one copy of the information for your personal, non-commercial viewing only, provided that you do not remove or alter any trade mark, copyright or other proprietary notice.

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