The Blueshirt Group- EEIT Weekly Watch_2016.01.19

7/25/2019 The Blueshirt Group- EEIT Weekly Watch_2016.01.19

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1

Overview

E&ET Index. This week (ending 1/15/2016), the TBG Energy & EnvironmentalTechnologies (E&ET) Index the TBG Energy & Environmental Technologies (E&ET)Index underperformed the broader market and was down 6.0% week-over-week(vs. the S&P 500 Index decrease of 2.2%, Russell 2000 decrease of 3.7% and theNasdaq Composite dec rease of 3.3%). This compares to a dec rease of 3.8%week-over week for the Industrial Tec hnologies index. The E&ET Index is 14.3% YTDvs. -8.0% YTD for the S&P 500, -11.3% for the Russell 2000 and -10.4% for NASDAQ .

Valuation. Based on the forward 12-month consensus estimates, the c urrent Price-to-Earnings (P/E) ratio of the E&ET Index of 15.9x, vs. S&P 500 of 15.7x. Since 2000the historical P/E has average 19.9 x NTM earnings estimates, with a standard

deviation of 3.7x, generating a range of 16.2x to 23.6x. This compares to ahistorical average P/ E of 16.3x for the S&P 500.

U.S. Industrial Production decreased 0.4% m/m in December.Industrial productiondecreased 0.4% in December after a downwardly revised 0.9% decline inNovember. Economists polled by Reuters had forecast industrial productiondeclining 0.2% in December. Capacity utilization for the industrial sec tordecreased 0.4% to 76.5% in December, a rate that is 3.6 percentage points belowits long-run (19722014) average.

DOE Announces $220 Million in Grid Modernization Funding. The U.S. Departmentof Energy (DOE) today built on its Grid Modernization Initiative an ongoing effortthat reflects the Obama Administrations commitment to improving the resiliency,reliability, and security of the nations electricity delivery system. During his visit to autility control center in Miami, FL today, Energy Secretary Ernest Moniz announcedthe release of DOEs comprehensive new Grid Modernization Multi-Year ProgramPlan, a blueprint for modernizing the grid. The Secretary also announced theaward of up to $220 million over three years, subject to congressionalappropriations, to DOEs National Labs and partners to support critical researchand development in advanced storage systems, clean energy integration,standards and test procedures, and a number of other key grid modernizationareas. Additional programs, initiatives, and funding opportunity announcementsrelated to the Grid Modernization Initiative will be announced in the coming days.

Solar investment tops US$160 billion in 2015 despite oil price plunge. Globalinvestment in solar energy in 2015 reached a record US$161.5 billion off the backof 57GW of PV installations, ac cording to the latest data from Bloomberg NewEnergy Finance (BNEF). Total renewable investment for the year hit US$329 billion,up US$13 billion on the previous year. The US and China combined to provide

more than half of that overall figure. More startling than the growth figures is thatthis commitment to renewables has continued to ratchet up while fossil fuel priceshave plummeted. Oil prices have more than halved in two year. (PV Tec h 14Janua ry 2016)

Consensus estimates change. For the week ending 1/15/2016, there were 2increases and 6 declines in 2015 revenue estimates, 4 increases and 4 declines in2015 EPS consensus estimates. This compares to last weeks 4 increases and 7dec lines in 2015 revenue estimates, and 6 increases and 7 declines in 2015 EPSconsensus estimates.

ENERGY, ENVIRONMENTAL & INDUSTRIAL TECHNOLOGIES PRACTICE

Shawn M. Severson

Managing Direc tor

415.489.2198

[email protected]

Twitter: @ShawnEnergyTech

Ralph K. Fong

Director

415.489.2195

[email protected]

Twitter: @RalphEnergyTech

Anna Joelsson

Director

212.871.5566

[email protected]

Twitter: @AnnaEnergyTech

Alison Grose

Acc ount Manager

813.335.5649

[email protected]

About The Blueshirt Group

The Blueshirt Group provides

capital markets expertise

and strategic financial

communications counsel to

growth companies and

venture capital firms

globally. Founded in 1999,

the firms services include

IPO advisory, ongoing

investor relations, strategic

financial communications,

financial media relations

and c risis management.

Blueshirt is headquartered in

San Franc isco, California,

with offices in New York City

and Beijing. To learn more,

visit

www.blueshirtgroup.com

or follow Blueshirt on

LinkedIn orTwitter.

The Weekly Watch- January 19, 2016
mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.blueshirtgroup.com/https://www.linkedin.com/company/the-blueshirt-grouphttp://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fblueshirtgroup&esheet=51128691&newsitemid=20150623005210&lan=en-US&anchor=Twitter&index=2&md5=96d50b075daf42f4fb456e5371e3d156http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fblueshirtgroup&esheet=51128691&newsitemid=20150623005210&lan=en-US&anchor=Twitter&index=2&md5=96d50b075daf42f4fb456e5371e3d156http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fblueshirtgroup&esheet=51128691&newsitemid=20150623005210&lan=en-US&anchor=Twitter&index=2&md5=96d50b075daf42f4fb456e5371e3d156http://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2Fblueshirtgroup&esheet=51128691&newsitemid=20150623005210&lan=en-US&anchor=Twitter&index=2&md5=96d50b075daf42f4fb456e5371e3d156https://www.linkedin.com/company/the-blueshirt-grouphttp://www.blueshirtgroup.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]


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2The Blueshirt Group Energy, Environmental & Industrial Technologies Prac tice The Wee k ly Wa tc h

Seversons Summary- The Long and the Short of it

Notable dec liners for the week included SolarCity (SCTY). Shares of SCTY were down~28% on the week on

the back of a decision by Nevada regulators to move forward with new rules that make solar PV power more

expensive for home and business owners within the state.

Figure 1: Top Performers for the Week Ending 1/15/2016

Sou rce : Tho m son Reu ters, The Blueshirt G roup

Figure 2: Bottom 10 Performers for the Week Ending 1/15/2016



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Share Price Performance

This week ending 1/15/2016, the TBG Energy & Environmental Technologies (E&ET) Index underperformed the

broader market and was down 6.0% week-over-week (vs. the S&P 500 Index decrease of 2.2%, Russell 2000

decrease of 3.7% and the Nasdaq Composite decrease of 3.3%). This compares to a decrease of 3.8% week-

over week for the Industrial Tec hnologies index. The E&ET Index is 14.3% YTD vs. -8.0% YTD for the S&P 500,

-11.3% for the Russell 2000 and -10.4% for the NASDAQ Composite.

In terms of sub-sectors, only one of the eight indices we track outperformed the broader market this week.

Water Value Chain (-1.9%) outperformed the broader market, vs. the S&P 500 Index decreased 2.2%, the

Russell 2000 decreased 3.7% and the NASDAQ Composite dec reased 3.3% this week.

Figure 3: The TBG E&ET Index- Relative Performance (Week Ending 1/15/2016)



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Figure 4: The Energy & Environmental Tec hnologies Sub-sector Performance (Week Ending 1/15/2016)


Figure 5: The Energy & Environmental Tec hnologies Index Performance (J an 2012 J an 2016)

No te: Ind ices a re inde xed to 100



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Figure 6: The Energy & Environmental Tec hnologies Index Performance- (Aug 2014 J an 2016)

No te: Ind ices a re inde xed to 100


Figure 7: Sec tor Market Cap Summary (Week Ending 1/15/2016)


The TBG E&ET Index tracks small-to-mid-c

companies with market cap of less than

$9 billion participating in eight key sectors


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Figure 8: Y/Y Revenue Growth Expectations by Segment Based on C onsensus Est.- (2015 vs. 2014 and 2016 vs. 2015)


Figure 9: Y/Y EPS Growth Expectations by Segment Based on Consensus Est.- (2015 vs. 2014 and 2016 vs. 2015)

So urc e: Tho m so n Reute rs, The Blue shirt Grou p


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In terms of consensus estimates, Figures 10-11 indicate the week-over-week estimate c hange in revenue and

EPS for the companies in our Energy & Environmental Tec hnologies (E&ET) Index for full-year 2015. For the

week ending 1/15/2016, there were 2 increases and 6 dec lines in 2015 revenue estimates, 4 increases and 4

dec lines in 2015 EPS consensus estimates. This compares to last weeks 4 increases and 7 declines in 2015

revenue estimates, and 6 increases and 7 declines in 2015 EPS consensus estimates.

In terms of subsectors, Figures 12 13 highlight the number of companies with week-over-week consensus

estimate c hange in revenue and EPS by sub-sector for full-year 2015. For the week ending 1/15/2016, there

were two companies (1 in Biofuels & Chemicals and 1 in Smart Buildings) with increases in 2015 consensus

revenue estimates. Additionally, there were six companies (1 in Emerging Energy Tech, 1 in Industrial Energy

Tech, 3 in Solar, and 1 in Biofuels & Chemicals) with declines in 2015 consensus revenue estimates. For 2015

EPS consensus estimates, there were four companies (1 in Industrial Energy Tec h, 2 in Solar, and 1 in Smart

Buildings) with increases in 2015 EPS consensus estimates. Additionally, there were four companies (1 in Solar,

1 in Emerging Energy Tec h, 1 in Industrial Energy Tec h and 1 in Smart Buildings) with declines in 2015 EPS

consensus estimates.

Figure 10: Components in the E&ET Index 2015 Revenue C onsensus Estimate Week-over-Week Change %



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Figure 11: Components in the E&ET Index 2015 EPS Consensus Estimate Week-over-Week Change %


Figure 12: 2015 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector



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Figure 13: 2015 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector


Exhibit 14 illustrates the performance of selected companies in the TBG E&ET index for the Q315 earnings

season. Overall, expectations into earnings were fairly high in the Energy & Environmental Tec hnologies

industry and even solid bea ts resulted in modest stock price apprec iation (approximately 1-3%) post earnings.

Figure 14: Q315 Earnings Season: Performance Overview



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In terms of valuation, Figure 15 shows the historical valuation of the TBG E&ET Index, while Figure 16 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

at 1.24x, above the S&P 500. They currently trade above that level at 1.40x, which is within one standard

deviation of the average (0.99x to 1.50x).

Figure 15: TBG E&ET Index- Historica l NTM P/ E


Figure 16: TBG E&ET Index- Historical NTM P/E Relative to S&P 500



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Figure 17: TBG E&ET Index- Historica l NTM Consensus Revenue Estimates (2000-2015)


Figure 18: TBG E&ET Index- Historica l NTM Consensus Revenue Estimates (2012-2015)



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Figure 19: TBG E&ET Index- Historica l NTM Consensus EPS Estimates (2000-2015)


Figure 20: TBG E&ET Index- Historica l NTM Consensus EPS Estimates (2012-2015)



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13

Figure 21: PEG Ratios of Selected Components of E&ET Index

Sou rce : Tho m son Reuters, The Blue shirt Grou p


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14

Figure 22: Return on Invested Capital (ROIC ) of Selected C omponents of E&ET Index


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15

Figure 23: TBG Attractive Index*

Note : The TBG A ttrac t ivene ss Index is m ad e up three c om po nen ts, nam ely ROIC, Earning G rowt h (2015 vs 2014) and P/E NTM rat ios ba sed on c onsensus estim ate s

Att rac tive ne ss Ratio = (1.5 tim es ROIC (%) + EPS Gro w th (%)) / P/E NTM Rat ios



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Figure 24: Operating Margin Consensus Est. (2014 and 2015) of Selected Components of Industrial Energy Tech Index


Figure 25: Y/Y Rev Growth Consensus Expectations (2015 vs. 2014 and 2016 vs. 2015) of Selec ted Components of

Industrial Energy Tech Index



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Figure 26: Y/Y EPS Growth Consensus Expectations (2015 vs. 2014 and 2016 vs. 2015) of Selec ted Components of

Industrial Energy Tec h Index

Sou rce : Tho m son Reu te rs, The Blueshirt G roup

Figure 27: P/E Ratios vs. Earnings Growth Profile of Selec ted Components of Industrial Energy Tech Index

No te: P/ Es are b a sed on NTM c on sen sus estim a te s; EPS grow th is b a sed on 2015 vs. 2014 EPS c on sen sus estim a te s.



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Figure 28: P/E Ratios vs. Earnings Growth Profile of Selec ted Components of Water Value C hain Index

No te: P/ Es are b a sed on NTM c on sen sus estim a te s; EPS grow th is b a sed on 2015 vs. 2014 EPS c on sen sus estim a te s.


Figure 29: Enterprise Value (EV) to EBITDA of Selec ted Components of Industrial Energy Tec h Index



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Figure 30: P/E of Selected Components of Industrial Energy Tech Index

No te: P/Es are b ased on NTM c onsensus estima tes

Sou rce : Tho m son Reu ters, The Blue shirt G roup

Figure 31: P/E of Selected Components of Solar Index

No te: P/ Es are ba sed on N TM c onsensus estima tes



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Figure 32: P/E of Selec ted Components of C lean Transportation Index

No te: P/ Es are ba sed on N TM c onsensus estima tes


Figure 33: P/E of Selected Components of Water Value Chain Index

No te: P/Es are b a sed on NTM c onsensus estima tes



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Key Economic Indicators

Figure 34: Trends of Key Economic Indicators

Sou rce : The U.S. Ce nsus Burea u, Fed era l Reserve Boa rd, The A m erica n Institute o f Arch itec ts, Institute o f Sup p ly Ma na ge m en t, and

The Blueshirt G roup


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Key Industry and Company News of the Week

Regarding news flow, last week was constructive with positive company announcements, including: 1)Lightbridge Corporation has entered into an Initial Services Agreement with BWXT Nuclear Energy, Inc., toevaluate the ability to fabricate and to prepare a preliminary plan for fabrication of Lightbridge-designedpartial length nuclear fuel samples at BWXT facilities in the United States, 2) Hanwha Q CELLS GmbH announcedthat it has signed and c losed a share purchase agreement to sell a portfolio of three operating PV power plantsin the United Kingdom (UK), 3) Westport Innovations Inc. announced that it has entered into an agreement withCartesian Capital Group, of New York, for up to $71.3 million in financing to support global growth initiatives, 4)Franklin Electric Co., Inc.has donated 34 water transfer pumps to the c ity utilities department at the C ity of FortWayne to assist with future flooding and wa ter transfer needs, 5) Fuel Tech, Inc. announced the rec eipt ofmultiple air pollution control (APC ) contracts from customers in the US, Europe and China. These awards havean aggregate value of approximately $5.0 million.

EMERGING ENERGY TECHNOLOGY

RENEWABLE HYDROGEN FROM TRI-GENERATION FUEL CELLS INCLUDED UNDER CALIFORNIA LOW C ARBON FUELSTANDARD (LCFS)http://www.globenewswire.com/news-release/2016/01/14/802008/0/en/Renewable-Hydrogen-From-Tri-Generation-Fuel-Cells-Included-Under-California-Low-Carbon-Fuel-Standard-LCFS.html

FuelCell Energy, Inc. has received contingent certification for a prospective pathway for its renewablehydrogen generation solution using fuel cells at wastewater treatment facilities under the Low Carbon FuelStandard (LCFS), administered by the California Air Resources Board (C ARB). Under the LCFS, certified pathwaysdefine the carbon intensity of various types of alternative fuels. The new tri-generation pathway has aremarkable negative c arbon intensity, meaning that a vehicle using hydrogen fuel from tri-generation is notonly carbon free, but in fact is offsetting carbon emissions compared to alternatives. Production of renewablehydrogen from megawatt-class FuelCell Energy power plants provides a transportation fuel for fuel cell electricvehicles (FCEV) that is generated in a carbon-neutral and non-polluting proc ess. The inclusion of tri-generationFuelCell Energy power plants in the LCFS Credit Market means that each kilogram of renewable hydrogensupplied for vehicle fueling is eligible for an LCFS credit that can be sold or traded to offset carbon-intensivepetroleum fuel usage. Final certification is expected following a specified period of operation and review ofperformance data of a megawatt-class tri-generation system utilizing renewable biogas as the fuel source.

NORWEGIAN RADIATION PROTECTION AUTHORITY G RANTS REGULATORY APPROVAL FOR PLANNED IRRADIATIONOF LIGHTBRIDGE METALLIC FUEL AT THE HALDEN RESEARCH REAC TORhttp:// ir.ltbridge.com/ releasedetail.cfm?ReleaseID=949913Lightbridge Corporation announced that the Institute for Energy Technology (IFE), which operates the HaldenResearch Reactor in Norway, had received formal regulatory approval from the Norwegian RadiationProtection Authority (NRPA) for all planned irradiation of Lightbridge metallic fuel at the Halden ResearchReactor in Norway, which is expected to begin in 2017. This regulatory approval follows a safety reportpreviously submitted by IFE to the NRPA relating to irradiation testing of Lightbridge-designed metallic fuelsamples, as well as the recently announced export license approval by the Norwegian Ministry of ForeignAffairs. The NRPA noted the safety advantages of Lightbridge metallic fuel, including much better thermalconductivity than oxide fuel, which contributes to significantly lower centerline temperatures in the fuel ascompared to oxide fuel, and reduced likelihood for a release of fission products should a cladding breachoccur.

LIGHTBRIDGE ENTERS INTO INITIAL SERVICES AGREEMENT WITH BWXThttp://finance.yahoo.com/news/lightbridge-enters-initial-services-agreement-134500397.htmlLightbridge Corporation has entered into an Initial Services Agreement with BWXT Nuclear Energy, Inc., a whollyowned subsidiary of BWX Technologies, Inc. to evaluate the ability to fabricate and to prepare a preliminaryplan for fabrication of Lightbridge-designed partial length nuclear fuel samples at BWXT facilities in the UnitedStates. This plan is expected to be completed by early Q2 2016 at which time the parties intend to exploreexpanding their collaboration to support: (1) development and demonstration of manufacturing processes forLightbridge-designed metallic fuel applicable to production of irradiation fuel samples, and (2) fabrication ofthe required fuel samples for irradiation testing in the Institute for Energy Technologys (IFE) Halden researchreactor in Norway. This irradiation testing is planned to begin in 2017.
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ENERGY RECOVERY ANNOUNCES SHARE REPURCHASE PROG RAMhttp://finance.yahoo.com/news/energy-recovery-announces-share-repurchase-130000009.htmlEnergy Rec overy Inc. announced that its Board of Directors approved a share repurchase program thatauthorizes the company to purchase up to $6 million of the companys outstanding common stock. Under thenewly authorized repurchase program, purchases of shares of common stock may be made from time to timein the open market, or in privately negotiated transactions, in compliance with applicable state and federalsecurities laws. The timing and amounts of any purchases will be based on market conditions and other fac tors

including price, regulatory requirements, and capital availability. The share buybac k program does not obligatethe Company to acquire any specific number of shares in any period, and may be expanded, extended,modified or discontinued at any time without prior notice.

SOLAR

CANADIAN SOLAR TO SUPPLY 60 MWP OF PV MODULES AND POWER STATIONS FOR WINDSOR SOLAR PROJ ECTTO SAMSUNG AND CONNOR, CLARK & LUNNhttp://www.prnewswire.com/ news-releases/canadian-solar-to-supply-60-mwp-of-pv-modules-and-power-stations-for-windsor-solar-project-to-samsung-and-connor-clark--lunn-300204998.htmlCanadian Solar Inc. announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has securedcontracts to supply 50 MW AC (60 MW DC) of MaxPowerCS6XOntario-made solar panels and 30 mediumvoltage power stations for the Windsor Solar LP facility. This utility-scale solar projec t, developed by Samsung

Renewable Energy Inc. and Connor, Clark and Lunn Infrastructure, will be built in theCity of Windsor,Ontario.The power plant is expected to produce approximately 86,500 MWh of elec tricity per year, sufficient topower approximately 8,204 Canadian homes. It will also contribute to a greener environment by displacingapproximately 59,646 metric tons of carbon dioxide emissions annually over the 20-year period of the powerpurchase agreement with the IESO.

MR. J IFAN GAO BECOMES A FOUNDING MEMBER OF THE NEWLY LAUNCHED PRIVATE SECTOR ADVISORY BOARDFOR UNDP IN CHINAhttp://www.prnewswire.com/ news-releases/mr-jifan-gao-becomes-a-founding-member-of-the-newly-launched-private-sector-advisory-board-for-undp-in-china-300203648.htmlTrina Solar Limited is pleased to announce that its Chairman and CEO, Mr. J ifan Gao, has become a foundingmember of the Private Sec tor Advisory Board for the United Nations Development Programme in China, which

was launched on J an. 12, 2016 in Beijing. The Advisory Board aims to bring together some of China's mostinfluential business minds across industries to collaborate, provide insights, and mobilize resources to assist andpromote the universally agreed Sustainable Development Goals (SDGs). Mr. J ifan Gaoattended the inauguralceremony and signed a Statement of Commitment with other founding Members.

SOLAR PV INDUSTRY OFFERS NICHE OPPORTUNITIES FOR SUSTAINABLE LIVING PROJ ECTS AS GLOBAL PV MODULEMARKET IS ON TRACK TO CONTINUE TO GROW IN 2016http://www.prnewswire.com/news-releases/solar-pv-industry-offers-niche-opportunities-for-sustainable-living-projects-as-globa l-pv-module-market-is-on-track-to-continue-to-grow-in-2016-565124811.htmlVertically integrated alternative energy players focus on developing popular solar projects and innovativeopportunities for utility systems to create cost effective, high efficient concepts for residential and commercialmarkets. Solar Project Companies with rec ent market news of interest are Atlantic Wind & Solar Inc., SunPowerCorporation, Canadian Solar Inc., First Solar, Inc., Sunrun Inc. and SolarEdge Technologies, Inc. Atlantic Wind &

Solar Inc. (OTC: AWSL) is pleased to announce the launch of Sustainable Living. Atlantic will work with large landowners and real estate developers to develop communities and resorts that are designed, at their core, todeliver self-sustainable and highly efficient homes and resorts of the highest quality, with the added benefit ofrequiring minimal maintenance.

HANWHA Q CELLS SELLS UK SOLAR POWER PLANT PORTFOLIO OF 53.3 MWP TO NEXTENERGY SOLAR FUNDhttp://www.pv-magazine.com/services/press-releases/details/beitrag/hanwha-q-cells-sells-uk-solar-power-plant-portfolio-of-533-mwp-to-nextenergy-solar-fund_100022765/#axzz3xJ u3hxaPHanwha Q CELLS GmbH announced that it has signed and closed a share purchase agreement to sell aportfolio of three operating PV power plants in the United Kingdom (UK). The projects were sold for a totalamount of 61.7 million (approximately US$ 90 million) plus working capital to a subsidiary of the London listed
http://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452690008nGNXMJCVSa-20160113-0-GNW%26DF%3D%26SERV%3DPZ%26alert_type%3Demailhttp://finance.yahoo.com/news/energy-recovery-announces-share-repurchase-130000009.htmlhttp://www.globenewswire.com/Tracker?data=_vaJhnX4yhnuSX6pBnkJKj1SHce7LzqEp3yk0Y5J5_gcmhlFYXrY0gJmwgMljA0qP7Ro7uayE0brK90Cg-qwDnxr5lpj0Oow-UD6uTjYyqfqxnOBdEyf9pqnDGBj4v3RiHC0oJyGOap5iVj_F4GFwrsrfyvB1hTioSb_uNlHoEcOwc-vCqN_4vCiv7f2Ac1sEPOVRl49OQ0TGg0MxQ99HCQl_ScA1tqroii1cMK4X18wNGGqe4MKqGKo78sZ_WRl_2ksu3jyhLFMg5_79h7Et-Lw9Bha-vUiuoUgS4GgnmhdgiFTEKRGZSBXe8w7JvOlayid5XFhI_eN_xbjq695bQ==http://www.prnewswire.com/news-releases/canadian-solar-to-supply-60-mwp-of-pv-modules-and-power-stations-for-windsor-solar-project-to-samsung-and-connor-clark--lunn-300204998.htmlhttp://www.prnewswire.com/news-releases/canadian-solar-to-supply-60-mwp-of-pv-modules-and-power-stations-for-windsor-solar-project-to-samsung-and-connor-clark--lunn-300204998.htmlhttp://www.canadiansolar.com/solar-panels/cs6x-p.htmlhttp://www.canadiansolar.com/solar-panels/cs6x-p.htmlhttp://www.canadiansolar.com/solar-panels/cs6x-p.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452681043nPn4hKKRX-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452681043nPn4hKKRX-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.prnewswire.com/news-releases/mr-jifan-gao-becomes-a-founding-member-of-the-newly-launched-private-sector-advisory-board-for-undp-in-china-300203648.htmlhttp://www.prnewswire.com/news-releases/mr-jifan-gao-becomes-a-founding-member-of-the-newly-launched-private-sector-advisory-board-for-undp-in-china-300203648.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452691831nPnbLmrWN-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452691831nPnbLmrWN-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452686446nPn94XhvG-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.pv-magazine.com/services/press-releases/details/beitrag/hanwha-q-cells-sells-uk-solar-power-plant-portfolio-of-533-mwp-to-nextenergy-solar-fund_100022765/#axzz3xJu3hxaPhttp://www.pv-magazine.com/services/press-releases/details/beitrag/hanwha-q-cells-sells-uk-solar-power-plant-portfolio-of-533-mwp-to-nextenergy-solar-fund_100022765/#axzz3xJu3hxaPhttp://www.pv-magazine.com/services/press-releases/details/beitrag/hanwha-q-cells-sells-uk-solar-power-plant-portfolio-of-533-mwp-to-nextenergy-solar-fund_100022765/#axzz3xJu3hxaPhttp://www.pv-magazine.com/services/press-releases/details/beitrag/hanwha-q-cells-sells-uk-solar-power-plant-portfolio-of-533-mwp-to-nextenergy-solar-fund_100022765/#axzz3xJu3hxaPhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452686446nPn94XhvG-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452691831nPnbLmrWN-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452691831nPnbLmrWN-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.prnewswire.com/news-releases/mr-jifan-gao-becomes-a-founding-member-of-the-newly-launched-private-sector-advisory-board-for-undp-in-china-300203648.htmlhttp://www.prnewswire.com/news-releases/mr-jifan-gao-becomes-a-founding-member-of-the-newly-launched-private-sector-advisory-board-for-undp-in-china-300203648.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DA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Next Energy Solar Fund Limited. The Portfolio is fully financed with non-recourse loans totalling 45.4 millionprovided by Bayern LB. The financing will remain in place until 2032.All three power plants were built and

connected to the grid by Hanwha Q CELLS in the first quarter of 2015 and are operating under the 1.4Renewables Obligation Certificate regime. Green End is located in Cambridgeshire and has an installedcapacity of 24.8MWp. Fenland is also loc ated in Cambridgeshire and has an installed capacity of20.4MWp. Tower Hill is located in Gloucestershire and has an installed c apacity of 8.1MWp. In total 203,150 highquality PV modules of Hanwha Q CELLS will generate clean electricity to cover the annual electricity demandof 15,700 households.

CHINA SUNERGY ANNOUNCES J OINT VENTURE WITH UAE-BASED PV SPECIALIST Z-ONE HOLDINGhttp://www.prnewswire.com/ news-releases/china-sunergy-announces-joint-venture-with-uae-based-pv-spec ialist-z-one-holding-300202043.htmlChina Sunergy Co., Ltd. and Z-One Holding today announced an agreement to form a joint venture to marketand sell the full range of CSUN's solar products and provide high value-added PV solutions in the Middle Easternand African markets. Under the terms of the agreement, the joint venture, CSUN Solar MEA FZC, will be owned60% by C hina Sunergy, and 40% by Z-One Holding.

TRINA SOLAR SUCCESSFULLY CONNECTS THREE DISTRIBUTED GENERATION PROJ ECTS TOTALING 27 MW TO THEGRID IN SUQIAN, J IANGSU PROVINCEhttp://www.prnewswire.com/news-releases/trina-solar-successfully-connec ts-three-distributed-generation-projects-totaling-27-mw-to-the-grid-in-suqian-jiangsu-province-300202059.htmlTrina Solar Limited announced that it successfully completed and connected three distributed generation

("DG") projec ts (the "Projec ts") totaling 27 MW to the grid in Suqian City, J iangsu Province, China at the end ofDec ember 2015. Powered by approximately 110,000 Trina Solar "Honey" modules, the Projects are installed onthe rooftops of three large manufacturing factories located in the Suqian Economic & TechnologicalDevelopment Zone ("SEDZ"). Wholly owned by Trina Solar, the green electricity that the Projects generate isexpected to reach approximately 30 million kWh per year over the next 20 years, and is being supplied to thelocal grid to energize the SEDZ through power purchase agreements, which, on average, will reduce up to29,000 tons of carbon dioxide emissions annually. The Projects are eligible for a 20-year benchmark on-grid tariffof 1.0 RMB/kWhbased on the former feed-in-tariff program in China. In addition, the Company will provideoperations and maintenance services ("O&M") to the Projec ts.

SUNRUN LAUNCHES MYSUNRUN GIVING HOMEOWNERS MORE TOOLS TO ENGAG E WITH THEIR HOME SOLARSYSTEM

http://uk.reuters.com/ article/ idUKnGNX3VGpJ y+1da+GNW20160112?type=companyNewsSunrun Inc. unveiled mySunrun, a powerful new tool for customers to interac t with their home solar system. ThemySunrun tool encompasses an enhanced customer website and new mobile phone app, which provideSunrun customers with new ways to track production, socially share savings insights with friends and managetheir customer accounts.

SOLAREDGES STOREDGE SOLUTION IS NOW INTERNATIONALLY AVAILABLEhttp:/ /www.businesswire.com/news/home/20160112006039/en/SolarEdge%E2%80%99s-StorEdge%E2%84%A2-Solution-InternationallySolarEdge Technologies, Inc. a global leader in PV inverters, power optimizers, and module-level monitoringservices, announced the immediate international availability of its StorEdge solution. At the end of 2015, thecompany already completed a number of StorEdge installations in select locations around the world.Compatible with Teslas home battery, the Powerwall, StorEdge is a DC coupled storage solution that allows

home owners to reduce electric bills and gain energy independence. With StorEdge, unused solar energy isstored in a battery and used when needed to maximize self-consumption and for power backup. StorEdgealso supports Time-of-Use management, which promotes energy consumption when electric demand from thegrid is low (off-peak rates) and lower consumption when demand is high (peak rates). The backup functionallows homeowners to store solar energy and use it during electric outages. The solution is based on a singleinverter that manages and monitors solar energy generation, consumption, and storage. With the completeSolarEdge DC optimized StorEdge system, homeowners benefit from higher generation, higher efficiency,simple design, enhanced safety, full monitoring, and easy maintenance.CLEAN TRANSPORTATIONWESTPORT SIGNS INVESTMENT AGREEMENT WITH CARTESIAN CAPITAL GROUP FOR UP TO $71.3 MILLION INFINANCING
http://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452498617nPn6CvM7j-20160111-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.prnewswire.com/news-releases/china-sunergy-announces-joint-venture-with-uae-based-pv-specialist-z-one-holding-300202043.htmlhttp://www.prnewswire.com/news-releases/china-sunergy-announces-joint-venture-with-uae-based-pv-specialist-z-one-holding-300202043.htmlhttp://www.prnewswire.com/news-releases/trina-solar-successfully-connects-three-distributed-generation-projects-totaling-27-mw-to-the-grid-in-suqian-jiangsu-province-300202059.htmlhttp://www.prnewswire.com/news-releases/trina-solar-successfully-connects-three-distributed-generation-projects-totaling-27-mw-to-the-grid-in-suqian-jiangsu-province-300202059.htmlhttp://uk.reuters.com/article/idUKnGNX3VGpJy+1da+GNW20160112?type=companyNewshttp://www.globenewswire.com/Tracker?data=xO2BV3lfgzKlQIiJly4RMtfwdGqmgr2Hva_JIlVHFSkLnwCOJBdsUCvBGRzNNGavVx2EmgPKn9tJYrldFKRVxA==http://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452610920nBw1LZ931a-20160112-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://www.businesswire.com/news/home/20160112006039/en/SolarEdge%E2%80%99s-StorEdge%E2%84%A2-Solution-Internationallyhttp://www.businesswire.com/news/home/20160112006039/en/SolarEdge%E2%80%99s-StorEdge%E2%84%A2-Solution-Internationallyhttp://www.businesswire.com/news/home/20160112006039/en/SolarEdge%E2%80%99s-StorEdge%E2%84%A2-Solution-Internationallyhttp://www.businesswire.com/news/home/20160112006039/en/SolarEdge%E2%80%99s-StorEdge%E2%84%A2-Solution-Internationallyhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452610920nBw1LZ931a-20160112-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://www.globenewswire.com/Tracker?data=xO2BV3lfgzKlQIiJly4RMtfwdGqmgr2Hva_JIlVHFSkLnwCOJBdsUCvBGRzNNGavVx2EmgPKn9tJYrldFKRVxA==http://uk.reuters.com/article/idUKnGNX3VGpJy+1da+GNW20160112?type=companyNewshttp://www.prnewswire.com/news-releases/trina-solar-successfully-connects-three-distributed-generation-projects-totaling-27-mw-to-the-grid-in-suqian-jiangsu-province-300202059.htmlhttp://www.prnewswire.com/news-releases/trina-solar-successfully-connects-three-distributed-generation-projects-totaling-27-mw-to-the-grid-in-suqian-jiangsu-province-300202059.htmlhttp://www.prnewswire.com/news-releases/china-sunergy-announces-joint-venture-with-uae-based-pv-specialist-z-one-holding-300202043.htmlhttp://www.prnewswire.com/news-releases/china-sunergy-announces-joint-venture-with-uae-based-pv-specialist-z-one-holding-300202043.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452498617nPn6CvM7j-20160111-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demail


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http://www.westport.com/news/2016/westport-signs-investment-agreement-with-cartesian-capital-group-for-up-to-$71.3-million-in-financingWestport Innovations Inc. announced that it has entered into an agreement with Cartesian Capital Group, ofNew York, for up to $71.3 million in financing to support global growth initiatives. The financing agreementimmediately provides $17.5 million in non-dilutive capital with up to $53.8 million in additional capital contingenton reaching key milestones and establishing new investment opportunities. This financing package includes acontingent payment (derived substantially from future High Pressure Direct Injection (HPDI) product sales), aconvertible debenture, non-core asset sales, and incremental funding capacity to support future product

development. As part of the financing agreement, Peter Yu, Managing Partner and Founder of Cartesian, willbe appointed to Westport's Board of Direc tors.

ELECTROVAYA'S GERMAN SUBSIDIARY LITARION RECEIVES US $16 MILLION (CDN $23 MILLION) CONTRACT FOR40AH LITHIUM ION CELLShttp://finance.yahoo.com/ news/elec trovayas-german-subsidiary-litarion-receives-120000738.htmlElec trovaya Inc. announced that its wholly owned subsidiary, Litarion GmbH, has received a purchase order forabout US$16 million (Cdn $23 million) to supply 40 Ah Lithium Ion c ells (Litacell-LC40) to an US based company.The purchase order is for a period of 14 months, the deliveries have started and the first payment received. Theperiod of this contract is until January 2017. The order was rec eived through Targray, an Advanced Materialssupplier in the Alternate Power and Energy space.

HIGHPOWER SPECIAL COMMITTEE ENGAGES FINANCIAL ADVISOR AND LEGAL COUNSEL

http://www.prnewswire.com/ news-releases/highpower-special-committee-engages-financ ial-advisor-and-legal-counsel-300202113.htmlHighpower International, Inc. announced that the spec ial committee of the Company's Board of Direc tors hasretained ROTH Capital Partners as its financial advisor and Katten Muchin Rosenman LLP as its lega l counselin connection with its review and evaluation of the non-binding investment proposal dated November 23, 2015from Anshan C o-Operation (Group) Co., Ltd., joined with China Innovative Capital Management Ltd. andMr. George Pan, Chairman and C EO, and certain management of Highpower International, to purchase newlyissued shares of three subsidiaries in China wholly-owned by Highpower International, Inc. The Board c autionsthe Company's shareholders and others considering trading in the Company's sec urities that no dec isions havebeen made by the Special Committee with respect to the Company's response to the Proposal and there canbe no assurance that any definitive offer will be made, that any agreement will be executed or that this or anyother transaction will be approved or consummated.

WESTPORT & VOLVO CAR BELUX LAUNCH BI-FUEL VOLVO V60 IN BELGIUM & LUXEMBOURGhttp://www.westport.com/news/2016/westport-and-volvo-car-belux-launch-bi-fuel-volvo-v60-in-belgium-and-luxembourgWestport Innovations Inc. announced the launch of Bi-Fuel Volvo cars in Belgium and Luxembourg inconnection with Volvo Car Belux. Unveiled for the Belgium market today at the 94th European Motor Show inBrussels, the 2016 Volvo V60 Bi-Fuel car will be available for order at participating Volvo dealers in the regionfrom J anuary 2016.The Belgian natural gas assoc iation (ARGB/KVBG) will showcase a 2016 Volvo V60 Bi-Fuel carin Hall 6 at the European Motor Show in Brussels this week, with another V60 available for test drives. Belgiumcurrently boasts 40 natural gas fuel stations with 30 more planned for 2016. The number of compressed naturalgas (CNG) vehicles on the road increased from 650 to 2,600 between December 2013 and December, 2015.Through tax incentives and other initiatives, Belgium's Flemish Region alone plans to increase its natural gasvehicles to 40,000 units and the number of stations to 300 by 2020.

J OHNSON CONTROLS ANNOUNCES NEW AUTOMOTIVE COMPANY TO BE NAMED ADIENThttp://www.prnewswire.com/ news-releases/johnson-controls-announces-new-automotive-company-to-be-named-adient-300203007.htmlJ ohnson Controls, Inc., revealed that Adient will be the name of its automotive seating and interiors. The Adientname was announced by McDonald as part of his presentation to investors at the Deutsche Bank Global AutoIndustry Conference in Detroit, Michigan. An archived recording of the presentation can be accessed atwww.johnsoncontrols.com. In his presentation, McDonald said he expects Adient to implement new strategiesthat will drive higher levels of growth and profitability as well as strong cash flows. He said Adient will increase itsinvestments in innovation in order to gain share and increase value to customers and shareholders. Adientexpects to disclose detailed financial information in late March or early April with the filing of a Form 10Information Statement with the U.S. Securities and Exchange Commission. Once filed, a copy of the form will be
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made available on the Investors page of www.johnsoncontrols.com and after October 1, 2016, onwww.adient.com. Adient common stock will be traded on the New York Stock Exchange under the tickersymbol ADNT. The first day of trading is expected to be Monday, Oc tober 3, 2016.

WATER VALUE CHAIN

FRANKLIN ELECTRIC DONATES 34 WATER TRANSFER PUMPS TO LOC AL C OMMUNITY FOR FUTURE FLOOD RELIEFEFFORTS

http://www.pennenergy.com/marketwired-power/2016/01/12/franklin-electric-donates-34-water-transfer-pumps-to-local-community-for-future-flood-relief-efforts.htmlFranklin Electric Co., Inc.has donated 34 water transfer pumps to the c ity utilities department at the C ity of FortWayne to assist with future flooding and water transfer needs. The pumps vary in capacities from 60 gpm(gallons per minute) up to 264 gpm and are ideal for high-volume wa ter transfer and dewatering, such as floodwater removal, emptying excess ditch water, removing swimming pool water and more. The pumps are gasengine driven and do not require electricity for operation, often making them a desirable solution during poweroutages and other urgent need water removal applications. This partnership betweenFranklin Elec tric andtheCity of Fort Wayne was bolstered during Franklin Electric's relocation to Fort Wayne in J uly 2013, byestablishing the infrastructure to make the company's new facility location shovel ready.

INDUSTRIALS

OSHKOSH DEFENSE FILES CHALLENGE WITH CANADIAN INTERNATIONAL TRADE TRIBUNAL FOR MSVS SMP AWARDDECISIONhttp://www.businesswire.com/ news/financialpost/20160114005692/en/Oshkosh-Defense-Files-Challenge-Canadian-International-TradeOshkosh Defense Canada, Inc., announced that it has filed a challenge with the Canadian International TradeTribunal of Public Works and G overnment Services Canadas, now Public Services and Procurement Canada,contract award decision for the Medium Support Vehicle System Standard Military Pattern procurement. TheMSVS SMP contract award was announced in July 2015 and valued at $834 million. The challenge process,which is the legal process designed to provide an independent review of Canadian Governmentprocurements, was initiated by Oshkosh on J anuary 6, 2016 and the CITT has now accepted the inquiry basedon Oshkoshs filing.

FUEL TECH AWARDED AIR POLLUTION CONTROL ORDERS TOTALING $5.0 MILLION

http://www.businesswire.com/ news/home/20160111005223/en/ Fuel-Tec h-Awarded-Air-Pollution-Control-OrdersFuel Tech, Inc. announced the rec eipt of multiple air pollution control (APC ) contracts from customers in the US,Europe and C hina. These awards have an aggregate value of approximately $5.0 million. In the UK, a contrac tfor Fuel Techs Advanced NOxOUTSelec tive Non-Catalytic Reduction (ASNCR) technology was received for alarge coal-fired unit. This follows the order received last year for multiple units for our new ASNCR technology atthis same plant location. The ASNCR system utilizes proprietary state-of-the-art injec tors and injec tion controls incombination with advanced temperature measurement techniques to provide nitrogen oxide (NOx) reductionefficiency well beyond conventional SNCR in difficult furnac e environments. In addition to the order for the newunit, change orders were received on the original c ontract. Equipment delivery for the new system is expec tedto occur in the first quarter of 2016.

VIETNAM'S PV G AS SELECTS HONEYWELL MODULAR G AS PROCESSING PLANT AND AUTOMATION TO PRODUCELIQUEFIED PETROLEUM G AS (LPG)

http:/ /finance.yahoo.com/news/vietnams-pv-gas-selects-honeywell-140000632.htmlHoneywell announced that it will supply a 250 million standard cubic feet per day (mmscfd) modular gasprocessing plant and advanced automation systems to PetroVietnam subsidiary, PV Gas. PV Gas, Vietnam'sprimary gas provider, will use Honeywell UOP's modular gas processing plant to separate liquefied petroleumgas (LPG) from natural gas at its Ca Mau fac ility near the southern tip of Vietnam. Honeywell Proc ess Solutions(HPS) will serve as the integrated main automation c ontractor (I-MAC ) and supply the integrated controls andsafety systems for the facility and terminal. PV Gas's total capital investment for the project is approximately$498 million.

HONEYWELL UOP XCEED TECHNOLOGY TO HELP HOLLYFRONTIER MEET STRICTER WASTEWATER REGULATIONS
http://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452603602nMKWVqh7La-20160112-0-MKW%26DF%3D%26SERV%3DWI%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452603602nMKWVqh7La-20160112-0-MKW%26DF%3D%26SERV%3DWI%26alert_type%3Demailhttp://www.pennenergy.com/marketwired-power/2016/01/12/franklin-electric-donates-34-water-transfer-pumps-to-local-community-for-future-flood-relief-efforts.htmlhttp://www.pennenergy.com/marketwired-power/2016/01/12/franklin-electric-donates-34-water-transfer-pumps-to-local-community-for-future-flood-relief-efforts.htmlhttp://ctt.marketwire.com/?release=1238435&id=8149120&type=1&url=http%3a%2f%2fwww.franklin-electric.com%2fhttp://ctt.marketwire.com/?release=1238435&id=8149123&type=1&url=http%3a%2f%2fwww.franklinwater.com%2fhttp://ctt.marketwire.com/?release=1238435&id=8149126&type=1&url=http%3a%2f%2fwww.cityoffortwayne.org%2fhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452781380nBw84TjXma-20160114-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452781380nBw84TjXma-20160114-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452607242nPn7XWDxX-20160112-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452607242nPn7XWDxX-20160112-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://finance.yahoo.com/news/vietnams-pv-gas-selects-honeywell-140000632.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452693644nPn6rhP3n-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452693644nPn6rhP3n-20160113-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://finance.yahoo.com/news/vietnams-pv-gas-selects-honeywell-140000632.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452607242nPn7XWDxX-20160112-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452607242nPn7XWDxX-20160112-0-PRN%26DF%3D%26SERV%3DPRN%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452781380nBw84TjXma-20160114-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452781380nBw84TjXma-20160114-0-BSW%26DF%3D%26SERV%3DBUS%26alert_type%3Demailhttp://ctt.marketwire.com/?release=1238435&id=8149126&type=1&url=http%3a%2f%2fwww.cityoffortwayne.org%2fhttp://ctt.marketwire.com/?release=1238435&id=8149123&type=1&url=http%3a%2f%2fwww.franklinwater.com%2fhttp://ctt.marketwire.com/?release=1238435&id=8149120&type=1&url=http%3a%2f%2fwww.franklin-electric.com%2fhttp://www.pennenergy.com/marketwired-power/2016/01/12/franklin-electric-donates-34-water-transfer-pumps-to-local-community-for-future-flood-relief-efforts.htmlhttp://www.pennenergy.com/marketwired-power/2016/01/12/franklin-electric-donates-34-water-transfer-pumps-to-local-community-for-future-flood-relief-efforts.htmlhttp://www.thomsonone.com/workspace/cgw.aspx?SubId=1995551&thomletid=201&redirect=%2FNews.Web%2FThomletGateway.aspx%3FThomletId%3D%7BF554BBED-D296-4fc1-B4F3-DE82C4C95278%7D%26ORIGIN%3DALT%26PKEY%3D1452603602nMKWVqh7La-20160112-0-MKW%26DF%3D%26SERV%3DWI%26alert_type%3Demailhttp://www.thomsonone.com/w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http://www.prnewswire.com/ news-releases/honeywell-uop-xceed-technology-to-help-hollyfrontier-meet-stricter-wastewater-regulations-300203279.htmlHoneywell announced that industrial wastewater technology from Honeywell UOP will help a Wyoming refineryremove c ontaminants from its wastewater to meet new environmental requirements. HollyFrontier CheyenneRefining LLC has selec ted Honeywell UOP's XCeed bioreactor technology to remove selenium fromwastewater at its 52,000 barrel-per-day refinery in Cheyenne, Wyo. The high-performance unit will processapproximately 1 million gallons per day of wastewater when it goes online this year. Honeywell UOP's XCeedbioreactor technology removes organic and inorganic contaminants to help industrial, manufacturing and

groundwater remediation facilities meet contaminant removal specifications for wastewater discharge orreuse. This advanced biological technology is based on Honeywell UOP's expertise in reactor design, appliedmicrobiology and process control that enables long biomass retention time, resulting in efficient seleniumremoval with low sludge production, low energy consumption, low maintenance and minimal operatorattention. Other Honeywell UOP separations technologies have been commercially proven in many waterapplications, including the removal of radioactive contaminants from water at the Fukushima Daiichi nuclearplant in J apan.

BIOFUELS AND CHEMICALS

BIOAMBER INC. ANNOUNCES PRICING OF $13.0 MILLION PUBLIC OFFERINGhttp:// investor.bio-amber.com/2016-01-15-C-O-R-R-E-C-T-I-O-N-from-source-BioAmber-Canada-IncBioAmber Inc. announced that it has priced an underwritten public offering of 2,600,000 shares of its common

stock at a price of $5.00 per share. The gross proceeds to the C ompany will be $13.0 million. The offering isexpec ted to c lose on January 22, 2016, subjec t to customary closing c onditions. Rodman & Renshaw, a unitof H.C. Wainwright & Co., LLC, is acting as the sole book running manager for the offering. Raymond J ames &Associates, Inc. is acting as co-manager for the offering. Net proceeds, after underwriting discounts andcommissions and other estimated fees and expenses payable by BioAmber will be approximately $11.8 million.BioAmber intends to use the net proceeds of the offering for working capital and other general corporatepurposes.

AMYRIS LAUNCHES PATHWAYS PROGRAM, PROVIDES PARTNERS WITH LOW-COST, LOW-RISK OPPORTUNITY TOAC CESS TRANSFORMATIONAL TECHNOLOGY PLATFORMhttp://globenewswire.com/ news-release/2016/01/15/802282/0/en/Amyris-Launches-Pathways-Program.html?f=22&fvtc=7Amyris, Inc. announced the availability of its Pathways Program, a program that provides partners a low-cost,

low-risk opportunity to access Amyris's industry-leading synthetic biology technology. Through the PathwaysProgram, partners can, with a small initial investment, sponsor and sec ure a molecule they are interested inhaving Amyris produce using the next-generation tools and technologies being developed through thecompany's recently announced technology investment agreement with the Defense Advanced ResearchProjects Agency (DARPA). Amyris expects the powerful combination of its existing core technology andbioengineering advancements enabled by its project with DARPA will significantly reduce the time and cost ofbringing new molecules to market using industrial biotechnology. The Pathways Program allows partners toaccess these latest developments and explore bio-synthetic production opportunities with minimal risk andcommitment.
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The Blueshirt Group- Comp Tables

Figure 35: Emerging Energy Tech Comparables


Figure 36: Industrial Energy Tec h Comparables


Market Enterprise TTM EBITDA EV/EBITDA FY14 FY15 FY16 EV / Rev EV / Rev EV / Rev FY14 FY15 FY16 P/E P/E P/E

Com pany Tic ker Pr ic e Cap ($M) Value ($M) ($M) Revenue Revenue Revenue FY14 FY15 FY16 EPS EPS EPS FY14 FY15 FY16

Sector: Emerging Energy Tech

Active Power ACPW $1.08 25.0 $20 -$4 -4.8x $47.8 $62.6 $70.9 0.4x 0.3x 0.3x ($0.59 ) ($0.20 ) ($0.14) N.M. N.M. N.M.

American D g ADGE $0.31 15.8 $32 -$2 -13.9x N/A N/A N/A N.A. N.A. N.A. ($0.08 ) ($0.03 ) N/A N.M. N.M. N.A

Amer Superco nduc AMSC $6.39 89.5 $63 -$20 -3.1x $84.1 $70.0 $86.7 0.7x 0.9x 0.7x ($5.65 ) ($4.77 ) ($2.47) N.M. N.M. N.M.

Aspen Aeroge ls ASPN $5.53 127.8 $98 -$1 -161.9x $100 .5 $120 .9 $120 .8 1.0x 0.8x 0.8x ($5.42 ) ($0.32 ) ($0.14) N.M. N.M. N.M.

Ballard Power BLDP $1.27 199.1 $157 -$27 -5.9x $70.1 $57.0 $93.1 2.2x 2.8x 1.7x ($0.13) ($0.11) ($0.10) N.M. N.M. N.M.

Clearsign CLIR $3.28 42.2 $29 -$7 -4.1x N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Caps tone Turbine CPST $1.18 20.2 $25 -$30 -0.8x $135.5 $ 120.9 $92.2 0.2x 0.2x 0.3x ($0.97) ($1.20) ($1.52) N.M. N.M. N.M.

Energy Recovery ERII $6.37 332.7 $310 -$12 -24.9x $34.2 $68.0 $109.9 9.1x 4.6x 2.8x ($0.23) $0.14 $0.57 N.M. 47.2x 11.1x

Fuelcell Energy FCEL $4.93 153.8 $165 -$25 -6.6x $178.7 $156.2 $194.9 0.9x 1.1x 0.8x ($1.68) ($1.21) ($1.06) N.M. N.M. N.M.

Hydrogens HYGS $6.75 84.7 $89 -$6 -15.8x $45.1 $35.1 $57.0 2.0x 2.5x 1.6x ($0.49) ($1.10) ($0.37) N.M. N.M. N.M.

Lightbridge LTBR $0.86 16.0 $14 -$5 -3.0x N/A $1.2 $1.2 N.A. 12.0x 1 2.0x N/A ($0.29) ($0.23) N.A. N.M. N.M.

Me2c MEEC $0.53 25.0 $30 -$3 -10.2x $3.5 $20.0 $60.0 8.8x 1.5x 0.5x ($0.17) $0.01 $0.20 N.M. 53.0x 2.6x

Opt OPTT $1.41 2.6 -$8 -$14 0.5x $2.1 $4.0 $1.9 -3.7x -1.9x -4.1x ($10.70) ($8.80) ($5.65) N.M. N.M. N.M.

Plug Power PLUG $1.66 298.8 $225 -$45 -5.0x $69.1 $ 100.6 $150.7 3.2x 2.2x 1.5x ($0.19) ($0.25) ($0.17) N.M. N.M. N.M.

Pioneer Pwr Soln PPSI $3.49 29.8 $47 $0 105.4x $90.5 $105.6 $135.0 0.5x 0.4x 0.3x $0.58 $0.07 $0.58 6.0x 49.9x 6.0x

Synthesis Energy SYMX $0.68 59.1 $41 -$16 -2.6x N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Ensync ZBB $4.70 38.7 -$17 -$13 1.3x N/A $2.1 $9.9 N.A. -8.0x -1.7x N/A ($0.36) ($0.29) N.A. N.M. N.M.

Average 2.1x 1.4x 1.2x N.A. N.A. N.A

Market Enterprise TTM EBITDA EV/EBITDA Dividend FY14 FY15 FY16 EV / Rev EV / Rev EV / Rev FY14 FY15 FY16 P/E P/E P/ECom pa ny Tic ke r Pr ic e Cap ($M) Val ue ($M) ($M) Yi el d (%) Reven ue Reven ue Reven ue FY14 FY1 5 FY16 EPS EPS EPS FY1 4 FY1 5 FY16

Sector: Industrial Energy Tech

Advanced ADES $5.35 116.6 $135 $9 14.6x N/A $389.1 $552.2 $759.2 0.3x 0.2x 0.2x $0.52 $2.35 $2.40 10.3x 2.3x 2.2x

Azz AZZ $49.22 1271.7 $1,576 $165 9.6x 1.3% $762.7 $824.5 $879.5 2.1x 1.9x 1.8x $2.34 $2.50 $3.02 21.0x 19.7x 16.3x

Calgon Carbon CCC $15.34 789.3 $837 $108 7.7x 0.9% $554.5 $ 533.6 $577.3 1.5x 1.6x 1.4x $0.92 $0.84 $1.03 16.6x 18.3x 14.9x

Ceco Environm ent CECE $6.91 235.3 $405 $40 10.1x 2.1% $264.9 $ 385.2 $488.5 1.5x 1.1x 0.8x $1.01 $1.00 $0.98 6.9x 6.9x 7.0x

Colfax CFX $20.03 2488.4 $4,017 $538 7.5x N/A $4,688.8 $3,926.7 $3,671.0 0.9x 1.0x 1.1x $2.11 $1.53 $1.44 9.5x 13.1x 13.9x

Clarcor CLC $46.45 2317.6 $2,622 $271 9.7x 1.9% $1,515.9 $1,482.3 $1,391.8 1.7x 1.8x 1.9x $2.88 $2.65 $2.65 16.1x 17.6x 17.5x

Donalds on DCI $27.10 3594.8 $4,027 $342 11.8x 2.2% $2,460.7 $2,356.5 $2,237.0 1.6x 1.7x 1.8x $ 1.74 $1.55 $1.56 15.6x 17.5x 17.4x

Flows erve FLS $36.01 4712.6 $6,170 $793 7.8x 1.1% $4,890.8 $4,417.1 $4,231.3 1.3x 1.4x 1.5x $3.73 $3.10 $3.01 9.6x 11.6x 12.0x

Fuel Tech FTEK $1.65 38.2 $24 -$2 -13.4x N/A $82.8 $77.5 $82.5 0.3x 0.3x 0.3x ($0.01) ($0.17) ($0.08) N.M. N.M. N.M.

Graham GHM $15.51 154.3 $92 $22 4.2x 1.4% $105.5 $127.2 $96.8 0.9x 0.7x 1.0x $1.08 $1.35 $0.66 14.4x 11.5x 23.6x

Global Pwr Equip GLPW $3.20 54.9 $91 $27 3.4x 2.8% $533.4 $ 537.5 $534.1 0.2x 0.2x 0.2x $0.63 $0.50 $0.57 5.1x 6.4x 5.6x

Ge ne rac H ldg GN RC $27 .35 1 83 6.9 $ 2,84 5 $ 25 8 1 1.0 x N /A $1 ,41 6.4 $ 1,3 06 .1 $1 ,3 58.6 2 .0 x 2.2x 2 .1 x $3.14 $ 2.7 9 $3 .01 8.7x 9 .8 x 9 .1x

Chart Indus tries GTLS $14.77 451.1 $594 $143 4.2x N/A $1,159.6 $1,008.8 $909.7 0.5x 0.6x 0.7x $ 2.47 $1.07 $0.69 6.0x 13.9x 21.5x

Mistras Group MG $19.61 566.5 $675 $69 9.8x N/A $610.8 $721.6 $720.0 1.1x 0.9x 0.9x $0.75 $0.61 $0.79 26.1x 32.0x 24.7x

Powell Inds POWL $23.92 270.7 $230 $38 6.1x 3.0% $633.3 $ 656.4 $538.5 0.4x 0.4x 0.4x $1.35 $1.32 $0.78 17.8x 18.1x 30.7x

Powers ecure POWR $11.62 261.3 $254 $17 14.8x N/A $245.8 $422.8 $518.0 1.0x 0.6x 0.5x ($0.31) $0.24 $0.65 N.M. 47.6x 17.8x

Power Solu Int PSIX $13.23 142.3 $283 $27 10.4x N/A $346.2 $396.9 $449.2 0.8x 0.7x 0.6x $1.39 $0.48 $0.99 9.5x 27.6x 13.4x

Thermon Grp THR $15.24 490.9 $539 $71 7.6x N/A $282.8 $304.7 $282.3 1.9x 1.8x 1.9x $1.25 $1.42 $0.99 12.2x 10.8x 15.3x

Team TISI $25.63 559.7 $881 $81 10.9x N/A $749.2 $840.8 $1,082.9 1.2x 1.0x 0.8x $1.45 $2.00 $2.07 17.7x 12.8x 12.4xAverage 10.1x 1.1x 1.1x 1.0x 13.1x 16.5x 15.3x


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Figure 37: Solar Energy Comparables


Market Enterprise TTM EBITDA EV/EBITDA Dividend FY14 FY15 FY16 EV / Rev EV / Rev EV / Rev FY14 FY15 FY16 P/E P/E P/E

Com pany Ti ck er Pr ic e Cap ($M) Valu e ($M) ($M) Yiel d (%) Re ve nue Revenue Revenue FY14 FY15 FY16 EPS EPS EPS FY14 FY15 FY16

Sector: Solar Technology

Silicon

Daqo New Energy DQ $12.90 135.2 $421 $49 8.6x N/A $179.3 $187.3 $231.2 2.3x 2.2x 1.8x $2.48 $1.66 $2.06 5.2x 7.8x 6.3x

Gcl 3800-HK $1.09 20260.5 $69,426 $9,706 7.2x N/A $33,962.4 $36,8 67.6 $3 3,903.3 2.0x 1.9x 2 .0x $0.13 $0.13 $0.17 8.3x 8.3x 6.4x

Ferroglobe GSM $8.75 858.2 $934 $84 11.1x N/A $753.0 $808.3 $688.4 1.2x 1.2x 1.4x $0.50 $0.78 $0.38 17.6x 11.2x 23.0x

Rec REC-OS $1.34 3396.0 $477 $58 8.3x N/A $499.3 $350.7 $448.5 1.0x 1.4x 1.1x ($0.01) ( $0.01) ( $0.01) N.M. N.M. N.M.

Solargiga Energy 757-HK $0.17 533.2 $2,432 $400 6.1x N/A $1,920.6 N/A N/A 1.3x N.A. N.A. $0.02 N/A N/A 8.3x N.A N.A

Tokuyama 4043-TO $233.00 81473.5 $251,974 $38,880 6 .5x N /A $284,183.0 $306,100.0 $302,920.0 0 .9x 0 .8x 0 .8x $29.83 ($214.88) $44 .26 7 .8x N.M. 5 .3x

Wa cke r C he mi e WCH -XE $ 65 .8 3 3 42 6.4 $ 4,6 89 $ 87 3 5 .4 x 0 .5 % $ 4,7 94 .2 $ 5,3 01 .8 $ 5,6 43 .2 1 .0 x 0 .9 x 0 .8 x $4 .1 0 $ 3.3 5 $ 3.7 6 16 .0 x 1 9.6 x 1 7.5 x

7.6x 1.4x 1.4x 1.3x 10.5x 11.7x 11.7xWafer

Green Ene Tech 3519-TW $20.95 8678.8 $16,521 -$65 -254.0x N /A $14,684.0 $15,299.0 $16,613.3 1 .1x 1 .1x 1 .0x ($0.16) ( $3 .84) ( $2 .03) N .M. N .M. N .M.

C om te c So la r 7 12 -HK $ 0.6 3 8 76 .9 $ 1,1 51 -$ 22 3 -5 .2 x N/A $ 1,1 93 .0 $ 1,1 79 .0 $ 1,4 69 .0 1 .0 x 1 .0 x 0 .8 x $ 0.0 3 ($ 0.1 6) $ 0.0 3 2 1.2 x N .M. 1 8.5 x

Pv Crystalox PVCS-LN $8.75 14.0 $2 -$18 -0.1x N/A $40.3 $45.0 $45.0 0.0x 0.0x 0.0x ($0.14) ($0.01) $0.00 N .M. N.M. N.A

Renes ola SOL $1.46 489.0 $813 $101 8.0x N/A $ 1,529.6 $1,269.3 $1,247.9 0.5x 0.6x 0.7x ($0.38) ($0.19) ($0.04) N.M. N.M. N.M.

Si no Amer ican 5483-OT $42.00 24361.3 $27,001 $3,862 7 .0x 2 .1% $27,705.3 $28,443.0 $31,720.4 1 .0x 0 .9x 0 .9x $3 .00 $1.45 $2.68 14.0x 28.9x 15.7x

Wafer Works 6522939 $ 11.35 4692.2 $11,755 $523 22.5x N/A $ 6,757.0 N/A N/A 1.7x N.A. N.A. $0.66 N/A N/A 17.3x N.A N.A

9.4x 0.9x 0.7x 0.7x 17.5x 28.9x 17.1x

Cell

E-ton Solar Tech 3 452-OT $10.90 8496.0 $7,953 -$102 -78.2x N/A $5,184.0 N/A N/A 1.5x N.A. N.A. ($0.18) N/A N/A N.M. N .A N.A

Gi ntech Energy 3514-TW $30.90 13890.1 $16,543 $645 25.6x N /A $15,389.8 $15,766.4 $18,151.6 1 .1x 1 .0x 0 .9x ($0 .70) ($0.45) $2.79 N .M. N.M. 11.1x

Hanwha Q Cell s HQCL $ 15.64 1300.8 $ 1,904 $ 105 18.2x N/A $885 .8 $1,995.5 $2,5 87.8 2.1 x 1.0x 0.7x ($9.70) $0.77 $1 .43 N.M. 20.3x 10.9x

Ja Solar JASO $8.00 403.8 $5,766 $827 7.0x N/A $ 1,778.3 $2,049.7 $2,269.4 3.2x 2.8x 2.5x $0.97 $1.57 $1.65 8.2x 5.1x 4.8x

Motech 6244-OT $35 .15 17107.2 $ 20,970 $7 44 28.2x N /A $20,043.0 $23,914.3 $30,481.2 1 .0x 0 .9x 0 .7x ($1 .57) ( $2 .53) $2.67 N .M. N.M. 13.2x

Ns p 3 57 6-TW $ 2 0.1 5 1 72 93 .3 $ 21 ,7 12 $ 36 5 5 9.5 x 1 .1 % $ 27 ,5 99 .0 $ 21 ,5 86 .4 $ 24 ,5 29 .3 0 .8 x 1 .0 x 0 .9 x $0 .8 6 ($ 1.5 5) ($ 0.2 0) 2 3.4 x N.M. N.M.

10.0x 1.6x 1.3x 1.2x 15.8x 12.7x 10.0x

Module

Can adian Sola r CSIQ $18 .79 1051.6 $2,446 $36 6 6.7x N/A $2,920.6 $3,297.0 $3,277.9 0.8x 0.7x 0.7x $4.12 $2.54 $2.45 4.6x 7.4x 7.7x

Chi na Sunerg y CSUN $0.84 12.5 $602 -$18 -34 .1x N/A $367.8 $518.8 $477.5 1.6x 1.2x 1.3x ($2.86 ) ( $1.87) ($1.36) N.M. N.M. N.M.

Firs t Sol ar FSLR $61.32 6188.4 $4,664 $839 5.6x N/A $3 ,663.5 $3,576.1 $3,862.4 1.3x 1.3x 1.2x $2.77 $4.3 9 $4.11 22.1x 14.0x 14.9x

Jinkos ol ar JKS $18.14 565.9 $14,754 $1,093 13.5x N/A $ 1,618.4 $2,255.8 $2,613.7 9.1x 6.5x 5 .6x $2.51 $3.28 $4.61 7.2x 5.5x 3.9x

Sol Ene Y Med Am SLR-MC $0.65 71.2 $170 $13 13.5x N/A $146.0 $146.0 N/A 1.2x 1.2x N.A. ($0.02) $0.02 N/A N.M. 32.5x N .A

Solarworld SWVK-XE $7.33 111.9 $366 $15 24.3x N/A $584.4 $750.4 $875.0 0.6x 0.5x 0.4x ($4.51) ($2.21) $0.05 N.M. N.M. N.M.

Sunpower SPWR $22.71 3102.0 $3,854 $211 18.3x N/A $2,615.3 $2,52 4.4 $3 ,407.9 1.5x 1.5x 1.1x $1.32 $1.99 $1.6 5 17.3x 11.4x 13.8x

Trina TSL $8.88 818.5 $1,701 $111 15.3x N/A $2,251.2 $ 2,902.6 $ 3,307.7 0.8x 0.6x 0.5x $0.81 $0.74 $1.36 11.0x 12.0x 6.5x

Yi ng li Gre en YGE $ 3.5 0 6 3.6 $ 12 ,5 44 -$ 15 3 -8 2.2 x N/A $ 2,1 03 .2 $ 1,6 13 .4 $ 1,5 20 .5 6 .0 x 7 .8 x 8 .2 x ($ 8.5 5) ($ 31 .3 0) ($ 5.0 0) N.M. N .M. N .M.

Solar3d SLTD $2.39 42.5 $36 $1 28.0x N/A N/A $50.2 $95.4 N.A. 0.7x 0.4x N/A ($0.03) $0.08 N.A. N.M. 31.9x

2.3x 2.5x 2.2x 2.2x 12.4x 13.8x 13.1x

Integrators/Developers

Andalay Solar WEST $0.00 0.5 $1 -$3 -0.3x N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Phoenix Solar PS4-XE $3.63 26.4 $57 -$6 -10.0x $45.0 $140.2 $162.8 1.3x 0.4x 0.4x ($1.58) ($0.69) ($0.28) N.M. N.M. N.M.

Real Goods Solar RGSE $0.53 7.7 $8 -$19 -0.4x $100.1 $105.2 $194.4 0.1x 0.1x 0.0x ($22.00) ($15.60) $1.00 N .M. N.M. 0.5x

Sunrun RUN $7.75 783.4 $1,395 -$142 -9.8x N/A $311.3 $437.0 N.A. 4.5x 3.2x N/A ($2.36) ($2.19) N.A. N.M. N.M.

Spi SOPW $1.68 1051.6 $1,105 -$60 -18.3x N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Solarcity SCTY $35.20 3422 .9 $6,274 -$420 -14.9x $2 53.4 $389.4 $647.1 24.8x 16.1x 9.7x ($3.77) ( $8.00) ( $8.90) N.M. N.M. N.M.

Su ne di so n In c SU NE $ 2.7 4 8 68 .4 $ 13 ,3 18 -$ 20 7 -6 4.3 x $ 2,4 16 .9 $ 1,9 57 .5 $ 3,5 22 .9 5 .5 x 6 .8 x 3 .8 x ($ 1.1 0) ($ 3.8 1) ($ 1.8 8) N .M. N .M. N.M.

Vivint Solar VSLR $9.12 971.6 $1,409 -$176 -8.0x $24.5 $68.0 $123.1 57.4x 2 0.7x 1 1.4x ($0.81) ($2.54) ($2.32) N.M. N.M. N.M.

China Solar Ener 155-HK $0.18 276.9 $388 -$78 -5.0x N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

China Suntien 956-HK $ 1.09 4 049.5 $1 4,065 $1,733 8.1x $5,219.5 $5,288.3 $6,0 08.9 2.7 x 2.7x 2.3x $0.09 $0.11 $0.14 11 .5x 10.1x 8.0x

Hn Renewables 958-HK $1.80 17510.4 $57 ,890 $6,4 27 9.0x $6,280.6 $8,066.6 $9,9 37.2 9.2x 7.2x 5.8x $0.12 $0.18 $0.23 15 .2x 9.8x 8.0x

Xys 968-HK $2.90 19571.5 $20 ,834 $1,1 09 18.8x $2,463.3 $4,885.6 $6,36 7.6 8.5x 4.3x 3.3x $ 0.0 8 $0.19 $0.27 35.2x 15.2x 10.7xN/A 17.8x 8.1x 4.8x N/A N/A N/A

Solar Capital Equipment

Applied Material AMAT $16.08 18478.1 $18,055 $2,068 8.7x 2.4% $9,069.3 $9,623.0 $9,474.7 2.0x 1.9x 1.9x $1.06 $1.18 $1.21 15.1x 13.6x 13.3x

Amtech Systems ASYS $5.26 69.2 $52 -$10 -5.5x N/A $52.8 $103.8 $118.4 1.0x 0.5x 0.4x ($1.25) ($1.14) ($0.64) N.M. N.M. N.M.

Centrotherm Phot CTNK $3.61 76.4 $45 $36 1.3x N/A $175.0 $208.6 $229.4 0.3x 0.2x 0.2x $0.42 $0.56 $0.64 8.6x 6.5x 5.6x

Manz M5Z-XE $28.95 156.9 $202 -$52 -3.9x N/A $307.0 $208.1 $278.0 0.7x 1.0x 0.7x ($3.19) ($10.72) $0.22 N.M. N.M. N.M.

Meyer Burger MBTN $5.41 489.7 $606 -$73 -8.3x N/A $331.1 $356.1 $515.6 1.8x 1.7x 1.2x ($1.46) ($1.27) ($0.28) N.M. N.M. N.M.

5.0x 1.1x 1.1x 0.9x 11.9x 10.0x 9.5x

Inverters

Advncd Energy AEIS $25.99 1066.7 $868 $50 17.3x N/A $576.6 $505.4 $412.7 1.5x 1.7x 2.1x $1.66 $1.78 $2.07 15.7x 14.6x 12.5x

Enphas e Energy ENPH $2.19 99.3 $94 $8 12.1x N/A $339.1 $368.8 $400.8 0.3x 0.3x 0.2x $0.00 ($0.11) ($0.18) N.M. N.M. N.M.

Sm a Sol ar S92-XE $41.24 1 388.0 $1,202 $9 139.4x N/A $820.4 $9 71.9 $ 1,066.8 1.5x 1 .2x 1 .1x ($2.72) $0.63 $2.29 N.M. 65.6x 18.0x

Solaredge Tech SEDG $24.96 981.0 $837 $43 19.3x N/A N/A $321.9 $483.1 N.A. 2.6x 1.7x N/A $0.54 $1.51 N.A. 45.9x 16.6x

47.0x 1.1x 1.5x 1.3x 15.7x 42.0x 15.7x

Power Producer s/YieldCo's

8point3 Energy CAFD $15.33 1088.5 $1,632 -$6 -279.7x N/A N/A $13.2 $60.0 N.A. 123.7x 27.2x N/A ($0.02) $0.51 N.A. N.M. 29.9x

Abengoa Yield ABY $16.62 1665.6 $8,810 $537 16.4x 3.1% $396.9 $767.6 $924.9 22.2x 11.5x 9.5x $0.05 $0.82 $1.48 N.M. 20.2x 11.2x

Hannon Arm strong HASI $17.14 655.9 $1,400 $12 117.3x 6.3% $30.2 $ 34.5 $55.2 46.4x 40.6x 25.4x $ 0.90 $1.07 $1.24 19.0x 16.1x 13.8x

Nextera Partners N EP $26.68 2842.7 $2,823 $272 10.4x 1.9% $300.8 $47 9.5 $809.4 9.4x 5.9x 3.5x $ 0.69 $0.69 $1.2 7 38.7x 38.6x 21.1x

Nrg Yi eld NYLD $12.64 2 216.4 $6,982 $476 14.7x 3.0% $590.6 $848 .9 $1,057.9 11.8x 8.2x 6.6x $0.77 $0.60 $1.1 7 16.5x 21.1x 10.8x

Sky Solar SKYS $4.39 274.5 $249 -$27 -9.2x N/A $32.0 $50.8 $118.2 7.8x 4.9x 2.1x ($1.40) $0.12 $0.54 N.M. 36.6x 8.1xTerraform Power T ERP $9.41 1371.6 $4,550 $252 18.0x 3.4% $13 9.7 $485.4 $ 809.1 32.6x 9.4x 5.6 x ($0.14) ($0.49) $ 0.50 N.M. N.M. 18.9x

Terraform Global GLBL $3.82 915.7 $1,369 $53 25.9x N/A N/A $159.5 $461.1 N.A. 8.6x 3.0x N/A ( $0.62) $0.26 N.A. N.M. 14.7x

-10.8x 21.7x 26.6x 10.4x 24.7x 26.5x 16.1x

Average 6.5x 4.3x 5.0x 2.6x 15.5x 20.8x 13.3x


30/32


Figure 38: Clean Transportation Comparables


Figure 39: Water Value C hain Comparables


Figure 40: Energy Services Comparables


Market Enterprise TTM EBITDA EV/EBITDA Dividend FY14 FY15 FY16 EV / Rev EV / Rev EV / Rev FY14 FY15 FY16 P/E P/E P/E

Company Ti ck er P r ic e Cap ($M) Va lue ($M) ( $M) Yi el d (%) Revenue Revenue Revenue FY14 FY15 FY16 EPS EPS EPS FY14 FY15 FY16

Sector: Clean Transportation

Advanced Ba ttery ABAT $0.04 3.1 -$71 $47 -1.5x N/A N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Afc Energy AFC-LN $24.25 76.3 $72 -$2 -40.0x N/A $3.6 $1.7 $3.6 20.1x 42.6x 20.1x ($1.80) ($0.90) ($1.80 ) N.M. N.M. N.M.

Altair Nano ALTI $0.03 0.3 $9 -$13 -0.7x N/A N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Bak CBAK $2.10 36.0 $42 -$3 -13.5x N/A N/A N/A N/A N.A. N.A. N.A. N/A N/A N/A N.A. N.A N.A

Clean Dies el CDTI $0.58 10.3 $18 -$10 -1.9x N/A $43.8 $40.3 $40.5 0.4x 0.5x 0.5x ($0.70) ($0.70) ($0.40) N.M. N.M. N.M.

Clea n En rg y Fue l C LNE $ 2.6 3 2 38 .2 $ 67 3 $ 5 14 6.9 x N/A $ 40 6.5 $ 37 2.4 $4 01 .9 1 .7x 1.8 x 1 .7x ($1 .0 7) ($ 1.0 2) ($0 .68 ) N.M. N.M. N.M.

Electrovaya EFL-T $0.73 59.1 $43 -$2 -21.3x N/A $15.0 $42.9 $46.2 2.8x 1.0x 0.9x $0.01 $1.20 N/A 73.0x 0.6x N.A

En ers ys ENS $5 2.4 0 2 326 .4 $2 ,68 4 $ 33 1 8.1 x 1 .0% $2 ,46 6.9 $2 ,50 9.9 $ 2,3 10 .2 1 .1x 1.1 x 1 .2x $3 .8 9 $ 4.3 1 $3 .97 1 3.5x 1 2.2 x 13 .2xFuel Sys tem s FSYS $3.27 59.2 -$2 -$8 0.2x N/A $328.7 $ 262.1 $286.8 0.0x 0.0x 0.0x ($0.52) ($1.13) ($0.18) N.M. N.M. N.M.

Highpower HPJ $2.18 32.9 $78 $7 11.7x N/A $152.0 $160.4 $181.3

Documents

The Blueshirt Group- EEIT Weekly Watch_2016.01.19