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<= span style=3D'mso-bookmark:OLE_LINK1'>17 – 24 July 2006

<= span lang=3DEN-GB style=3D'font-family:Arial'>Issue – 090

<= span lang=3DEN-GB style=3D'font-family:Arial'>
<= span style=3D'mso-bookmark:OLE_LINK1'>Previous editions >>>= <= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>

 

New Energy Fina= nce released an updated analysis of investment in the clean energy markets, showing that estimated total investment in clean energy fell 1.5% in H1 2= 006 compared with H2 2005 (see release <= span style=3D'mso-bookmark:OLE_LINK1'>here<= span class=3DNEFWeekBodyChar1>). Although minor, the fall from USD 19.6bn in H2 2005 to USD 19.3= bn in H1 2006 indicates that the industry has hit a barrier to rapid growth,= caused by continued supply bottlenecks in many sectors. The market’s respo= nse to this trend was evident last week, as investment in wind and solar focu= ses further on companies with specific strategies for dealing with these prob= lems.

In the solar ma= rket, two types of solar PV companies are successfully raising money; those produci= ng thin-film or non-silicon PV cells, and those with access to the cheap lab= our and rapidly expanding silicon manufacturing capacity of Asia. =

The first type = was exemplified last week by US startups, Calisolar and Nstructures, which are each developing an undisclosed type of PV cell. Calisolar has raised at l= east USD 4.6m in first-round financing from US venture capital firms, Advanced Technology Ventures and Globerspan Capital Partners. Meanwhile, Nstructures has raised USD 3.2m from VC firms, Braemar Energy Ventures and Khosla Ventures, and has said it hopes to raise a further USD 3.2m. =

These early sta= ge investments suggest that investors still see considerable opportunity in thin-film and material-efficient solar PV companies. The hope is that they will either outperform existing players, or be bought up by the more established and relatively cash-rich crystalline silicon solar companies which raised money in H2 2005.

Asian solar com= panies which raised money or announced plans to raise money last week included Chinese silicon wafer and PV module manufacturer, Zhejiang Yuhui Solar, T= hai transformer maker Ekarat Engineering’s solar group, and Chinese crystalline silicon module manufacturer, CEEG Nanjing PV-tech.=

Zhejiang Yuhai = plans an IPO on AIM in summer 2006, to raise USD 80.0m. Ekarat plans to raise THB = 546m (USD 14.2m) in an IPO on the Stock Exchange of Thailand to fund developme= nt of Ekarat Solar, its crystalline silicon PV cell manufacture subsidiary. = CEEG Nanjing has raised USD 100m in private equity, prior to a NYSE IPO planned for early 2007.

In the public m= arkets, however, there are some signs that investor expectations are falling. US copper indium gallium selenide (CIGS) cell and module manufacturer, Ascent Solar, saw its share price fall 4.5% in the first four days of trading on= the NASDAQ-CM, after a USD 16.5m IPO. German PV module manufacturer, Aleo Sol= ar, which has some exposure to CIGS technology through a stake in Johanna Sol= ar, placed its 7.0m shares at the lower end of its EUR 13.50- EUR 16.50 bookbuilding price in a Frankfurt IPO.

The Asian cryst= alline silicon PV companies may find that the Western markets continue to show a strong appetite for their shares. They have an advantage over groups such= as SunPower, Q-Cells and Evergreen Solar in terms of access to cheap labour.= In addition, many of the silicon supply contracts being announced are with A= sian suppliers, suggesting that the region may be better off for silicon manufacturing capacity than the US and Europe, which have been moving away from heavy industry.

In the wind sec= tor, UK-headquartered energy giant, BP, signed a long-term partnership with US wi= nd project developer and turbine manufacturer, Clipper Windpower. This partnership includes the joint development of five wind projects in the U= S, and crucially, the delivery of at least 300MW and up to 900MW of Clipper turbines for use in BP-owned wind farms. Although shares in AIM-listed Clipper rose nearly 50% on the news of the alliance with an industry lead= er, given the growing turbine supply issue, it could be BP’s wind proje= ct division which benefits more in the long run.

The importance = of the supply issue is also reflected in the performance of the NEX constituents, seen in the NEX update below. A steady dampening of investor exuberance, however, may prove positive in the long run for an industry where extrava= gant promises have been made over the past year, some of which will prove undeliverable. The advantage of supply-side dampening rather than demand-= side problems in the industry is that it will continue to drive technological innovation, and that a gradual fall in overheated valuations may prevent a rapid, widespread loss of confidence.<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK1'>

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3D"*"   <= span lang=3DEN-GB style=3D'font-size:10.0pt;font-family:Arial;color:#CC6666'>I= nterested in Fuel Cells?

NEF is currently running its annual survey of the global fuel cell market.  

To fin= d out more, click <= span style=3D'mso-bookmark:OLE_LINK1'>here<= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>.

<= ![if !supportLists]>3D"*"   = Interested in NEF’s latest report on VC and PE investment? Click<= span style=3D'mso-bookmark:OLE_LINK1'> here<= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>.<= span style=3D'mso-bookmark:OLE_LINK1'>

<= ![if !supportLists]>3D"*"   NEF is recruiting. See <= span style=3D'mso-bookmark:OLE_LINK1'>here<= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'> for details.

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3D"*"=   <= span lang=3DEN-GB style=3D'font-family:Arial'>VC/PE News<= /span><= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>
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3D"*"=   Funds<= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>
3D"*"=    <= span lang=3DEN-GB style=3D'font-family:Arial'>Projects & Asset Finance New= s<= span style=3D'mso-bookmark:OLE_LINK1'><= span style=3D'mso-bookmark:OLE_LINK1'>
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<= span lang=3DEN-GB style=3D'font-family:Arial'>=   <= span lang=3DEN-GB style=3D'font-family:Arial'>Other News<= /span><= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>

Upcoming Events

<= span style=3D'mso-bookmark:OLE_LINK3'>World Renewable Energy Congress IX and Exhibition 
<= span lang=3DEN-GB style=3D'font-family:Arial;font-weight:normal;mso-bidi-font-= weight: bold'>19 – 25 August 2006
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NEX update<= /span>

<= span lang=3DEN-GB style=3D'font-family:Arial'>Click <= span style=3D'mso-bookmark:OLE_LINK3'><= span lang=3DEN-GB style=3D'mso-bidi-font-size:8.0pt;font-family:Arial;mso-bidi= -font-weight: bold'>here<= /span><= span style=3D'mso-bookmark:OLE_LINK3'> to check today’s changes in the NEX.

<= span lang=3DEN-GB style=3D'font-family:Arial'> <= /span>

<= span lang=3DEN-GB style=3D'font-family:Arial'>NEF Fuel Cell Study=

NEF is currently running its annual survey of the global fuel cell market. We would be most grateful if you c= ould take the time to complete the survey, = here<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>.

As a thank you for your participat= ion in the survey, we would like to offer you three complimentary copies of t= he NEF Briefing. For existing Briefing and Desktop Subscribers, a small disc= ount will be available upon renewal. Should you wish to take up this offer, pl= ease email ken.bruder@newenergyfinance.com<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>, quoting FCR Survey.

<= span lang=3DEN-GB style=3D'font-size:10.0pt;font-family:Arial;color:#CC6666'><= o:p> 

VC/PE News<= /span>

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>CEEG Nanjing PV-te= ch raises USD 100m, plans NYSE IPO<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>

20 Jul 2006

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Calisolar raises a= t least USD 4.6m in first round financing<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>

18 Jul 2006

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>NStructures half w= ay to USD 6.3m first round funding goal<= span style=3D'mso-bookmark:OLE_LINK3'><= span style=3D'mso-bookmark:OLE_LINK3'>

18 Jul 2006

Public Markets News

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Ekarat Engineering expects its IPO by mid-August= <= span style=3D'mso-bookmark:OLE_LINK3'>

18 Jul 2006

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Solar Integrated shares fall further as Director defers appointment<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>

17 Jul 2006

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Ascent Solar falls 4.5% on NASDAQ-CM debut<= span style=3D'mso-bookmark:OLE_LINK3'>

17 Jul 2006

Joint Venture News

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Jiangsu Sunshine signs polysilicon JV<= span style=3D'mso-bookmark:OLE_LINK3'>

21 Jul 2006

Company Results

<= span style=3D'mso-bookmark:OLE_LINK3'>SunPower posts USD 5.4m profit, expects 22% cell efficiencies by 2007<= span style=3D'mso-bookmark:OLE_LINK3'>

21 Jul 2006

<= /span><= span style=3D'mso-bookmark:OLE_LINK3'>Global Cogenix changes name to Highwater Power<= span style=3D'mso-bookmark:OLE_LINK3'>=

17 Jul 2006

M&A News=

<= span style=3D'mso-bookmark:OLE_LINK3'>PetroSun acquires ETC Energy<= span style=3D'mso-bookmark:OLE_LINK3'>

20 Jul 2006

Fu= nds