Company

Symbol

P/E*

Price

11.25.05

Earn

ings/

share

Sales/

Income

B=billion

M=million

52-wk high/

52-wk low

Market Cap/#

Shares

Debt/

Equity Ratio

Insider Trading

Book Value

Institu-tional Investors

Energy Conversion Device

ENER

23.70

32.43

1.57

155.7 M

43.5 M

46.87

15.63

954.3 M

29.43 M

00.00

$17.5 M sold

$65,000 bought

5.42

43.9%

Distributed Energy Corporation

DESC

N/A

10.03

-.47

$45.3 M

-16.8 M

10.70

2.16

369.1 M

36.8 M

.09

$3 million sold.

2.39

33.4%

Evergreen Solar

ESLR

N/A

12.32

-.21

$42.10M

-$16.10M

12.69

3.02

755.5M

61.32M

.98

$2 million sold

1.49

60.8%

Magnetek

MAG

N/A

2.90

-1.04

$242.40M

-$26.90M

7.59

1.90

84.35 M

29.09 M

.54

None Filed

1.57

56.8%

SunPower Solar

(Majority owned by Cypress Semi: CY)

SPWR

N/A

26.00

IPO

11.17.05

$49.4 M**

28.01

24.80

1.555 B

59.81 M

IPO

Not Available

IPO

11.17.05

IPO

11.17.05

Wilderhill Clean

Energy

Portfolio

PBW

--

16.54

--

--

18.44

12.65

2.1 M shares outstanding

--

--

--

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Company

Description

News and Comments

Distributed Energy Corporation

Hydrogen generators, manufactured and delivered to commercial customers, and regenerative fuel cell systems, which are in development. Designs, manufactures and installs reliable, cost-efficient distributed generation power systems using fossil fuel, solar energy and wind energy. Develops, manufactures and installs utility grade wind turbines.

Briefing.com notes that "co is growing rapidly and margins are steadily expanding, but profitability is probably still two years away," saying that investors should wait for a better buy-in price. On 11.7.05, 3Q revenue came in at $12.3 million, compared with $4.8 million one year ago. Net loss lowered to $3,587,000, or -$0.10 per share, from $5,780,000, or -$0.16 per share, same Q 2004. Revenue growth derived largely from power installations for building and industrial applications. Revenue has tripled this year, and the losses are being trimmed dramatically. Through nine months of 2005, Distributed Energy Systems had revenue of $33.9 million, and a net loss of $12.8 million, or $0.36 per share. Working capital is $42.7 million.

Energy Conversion Device

Energy Conversion Devices, Inc. (ECD) is a technology, product development and manufacturing company engaged in the invention, engineering, development and commercialization of new materials, products and production technology in the fields of alternative energy technology and information technology. Has dominant patent position in NIMH batteries.

Shares are under heavy accumulation by financial institutions. Positive for a small company like ENER. On 8.11.05, United Solar Ovonic unit was awarded an 18-month $6.7 mln contract from the Air Force Research Laboratory in Kirtland AFB, New Mexico to continue the development of its ultra-lightweight, high-efficiency solar cell technology for use in space and airship vehicles addressing defense and homeland security applications. Projecting sustained profitability by July 2006. Transitioning from R&D company to products company. Defense Contract Audit Agency has stated that there could be penalties imposed for alleged problems with Solar Ovonic and ECD’s R&D costs paid by the Defense Dept. (source 10Q, end 3.31.05) Net loss for the 1Q fiscal 2006 was $6.5 million compared to net income of $1.3 million in the quarter ended September 30, 2004 (due to a one-time $8.0 million distribution following the settlement of patent infringement disputes and counterclaims in July 2004 to partially reimburse the Company for legal expenses). photovoltaic product sales increased 40% to $18.1 million, and the product is sold out. (Co. plans to double mfg.)

Evergreen Solar

Develops, manufactures and markets solar power products that provide reliable and environmentally clean electric power throughout the world. Wafer, cell and module mfg. with patents in all 3 areas.

$70 Million Sales Agreement with PowerLight Corporation, which could go up to $170 million, announced on 11.4.05. Evergreen Solar's patented String Ribbon wafer technology enables the Company to manufacture solar wafers, cells and modules more efficiently than conventional methods. This proprietary technology generates nearly one-and-a-half times as much power per pound of refined silicon as conventional methods. PowerLight delivers reliable, clean power solutions for business, government and residential customers. PowerLight has built and operates many of the largest solar electric systems in North America and Europe. For 3Q 2005, product revenues were $11.1 million, nearly double the $5.6 a year earlier and an increase of 4 percent from $10.7 million in 2Q 2005. Net loss was -$4.6 million, or $0.07 per share, same as 3Q 2004. Constructing a plant in Thalheim, Germany. ESLR joined the Russell 2000(R) and Russell 3000(R) indexes on June 24, 2005.

Magnatek

Magnetek, Inc. supplies digital power electronic products used in information technology, industrial, communications, alternative energy, consumer and other markets. These products usually take the form of sub-systems using controllable, reliable, energy-efficient power.

Revenue growth in 2005 was just 5% over 2004 (much lower than the projected "double-digit" growth), due to a slowdown in the telecommunications and information technology sectors, according to CEO. Smart Appliance Modules (SAMs) and a Frigidaire contract are projected to total $16 million. Ole K. Nilssen was awarded $23.4 million on May 4, 2005 for a patent infringement lawsuit. In a cash-negative company (a company that is still losing money, not profitable), with only $84.35 million in its market capitalization, an award of $23.4 million could significantly compromise its ability to compete efficiently. Credit lines have been secured by Magnatek to pay off this award, and though the 2005 annual letter to shareholders from the CEO, released on 11.15.05, says that the company is fighting the decision, another press release from 5.4.05 said that the award was final.

Sunpower Solar

solar cells, solar panels and inverters that convert sunlight to electricity. The co is currently focusing on residential and commercial applications. In addition, the co makes imaging detectors based on its solar power technology, primarily for medical imaging applications. Began production in late 2004.

Sales for the first 9 mos of 2005 were $49.4 mln, outpacing sales from Evergreen Solar. A potential concern is that there is an industry-wide shortage of polysilicon, an essential raw material, which has resulted in significant price increases. 52.0 million shares or 87% of company is owned by Cypress Semiconductors (CY). 3 new board members have credentials that include presidential appointee, Nasdaq nominating committee and the past Chairman of the Federal Energy Regulatory Commission. CFO is from the Phillipines (where main mfg. facility is located). Founder is CTO. In terms of talent, there appear to be brains and experience leading the recruiting, more than cronyism. The University of Colorado, champion of the first Dept. of Energy’s Solar Decathlon, chose to use SunPower to defend their title … and WON on 10.16.05! Also, an easy to remember stock symbol is a great, subtle advantage. (No one forgets DNA: which has helped Genentech tremendously in marketing to investors…)

Wilderhill Clean

Energy

Portfolio

An exchange-traded fund with a relatively low (.6%) expense ratio that invests in a broad range of alternative energy stocks, including some larger and established companies with a clean energy component.

This fund appears to be a "smart" fund. Magnatek was a major holding, prior to the $23.4 million award (in May 2005), but has since been removed from the top 10 list. Major holdings now include: Zoltek Cos Inc. 3.71%; Energy Conversion Devices, Inc. 3.27%; Maxwell Technologies Inc 3.20%; Evergreen Solar Inc 3.20%; Emcore Corp. 3.14%; Cypress Semiconductor Corp. 3.12%; Ultralife Batteries Inc 3.03%; Active Power, Inc. 3.03%; Distributed Energy Systems Cor 3.01%; Quantum Fuel Sys Tech Worldwide, Inc. 2.99%; Percentage of holdings 31.70%.