1. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 1 Investment Drivers in Energy and Clean Tech

2. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 2 NEESC NEESC provides support for fuel cell and hydrogen companies for technical, marketing and financial growth Liddy Karter focuses on strategic planning and financing Provide information on financing sources Review business plans Make introductions

3. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 3 Clean Tech and Energy Investing

4. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 4 Clean Tech and Crude Oil

5. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 5 CleanTech Energy 15x Under Invested Relative to underlying industry size, the venture capital industry has underinvested in energy/cleantech (by approximately 15x) Five Year VC Funding $B Industry Size $B Funding as a Percentage of Industry Size Energy10.515450.68% Telecom/IT57.855110.49% Ratio: Energy as a Percent of IT 18.2%280.4%6.5%

6. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 6 Small $ compared with VC $

7. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 7 Minor Correlation with VC $

8. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 8 Low, Irregular Returns for Clean Tech

9. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 9 Innovation and Implementation Energy Innovation has limited upside Capital requirements are high Implementation $ are volatile Venture Model fails for clean tech

10. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 10 Enough Regulatory Incentives? ARPA-E and SBIR Investment Tax Credit ITCs for Renewable Energy Investment Advanced Energy Manufacturing Credit Accelerated Depreciation Feed in tariffs, RECs, renewable portfolio stds, biofuel incentives Regional and state tax incentives Federal or state loan guarantee programs – DOE, USDA, SBA Over $100 BILLION Incentives available in 2012.

11. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 11 Wind More Stable than Incentives “The ideal state will have high average KWh electricity costs, high annual wind speeds and attractive state incentives. Annual average windspeeds and average electricity costs are relatively constant. However, state incentives are constantly changing. As a result, XXXXXXX’s team is committed to regularly tracking the available state incentives and will adjust its marketing strategy accordingly.” Funding memo for wind developer

12. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 12 Incentives are Gravy

13. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 13 Who Gets the Funding?  Ability to do $10MM+ projects  Use proven technology  Project developers who derisk »Supply contracts in place »Put up 40% equity »Get Power purchase agreements

14. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 14 Summary Market drivers trump incentives Public sector as best customer Combine regional incentives and demand Standardize and Simplify

15. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 15 Thank you Liddy Karter Managing Director, Enhanced Capital Executive Director, Crossroads Venture Group 203 376 7958

16. Lkarter@enhancedcapital.com / 203 376 7958 / www.enhancedcapital.com 16 Resource Links www.pwcmoneytree.com www.nvca.org www.cvg.org www.enhancedcapital.com