ENERGY & ENVIRONMENTAL TECHNOLOGIES PRACTICE

The Weekly Watch- February 24, 2014

Overview
E&ET Index. This week (ending 2/21/2014), the Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was up 0.2% week-over-week (vs. the S&P 500 Index decrease of 0.1%, Russell 2000 increase of 1.3% and NASDAQ Composite increase of 0.5%). This compares to an increase of 1.0% for the Industrial Technologies index. The E&ET Index is +1.2% YTD vs. -0.7% for the S&P 500, +0.1% for the Russell 2000 Index, and +2.1% 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 21.5x, vs. S&P 500 of 15.4x. Since 2000, the historical P/E has average 16.4 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. Februarys flash reading of the HSBC China Manufacturing PMI moderated further as new orders and production contracted. Chinas manufacturing sector hit a 7-month low in February, according to the preliminary reading of the HSBC/Markit PMI index. The index decreased to 48.3, compared to the final reading of 49.5 in January and 50.5 in December. U.S. manufacturing ACTIVITY rebounds strongly in February. February PMI data suggested a solid rebound in U.S. manufacturing business conditions following the slowdown recorded during the previous month. The Markit Flash U.S. Manufacturing PMI indicated an increase from the final reading of 53.7 in January to 56.7 in February. The latest reading pointed to the fastest overall improvement in U.S. manufacturing business conditions since May 2010. The Earnings Season for the E&ET Space to Date Has Been Mixed with 21 beats, 10 misses and 4 in-line compared to consensus estimates. In terms of management expectation, two companies raised FY14 guidance, five companies reaffirmed guidance, and one company lowered guidance for FY14. Nineteen companies issued upside to in-line guidance for FY14, while three companies issued downside guidance vs. consensus estimates. Consensus Estimates Change. For the week ending 2/21/2014, there were 16 increases and 9 declines in 2014 revenue estimates, and 17 increases and 11 declines in 2014 EPS consensus estimates. This compares to last weeks 11 increases and 13 declines in 2014 consensus revenue estimates, and15 increases and 12 declines in 2014 consensus EPS estimates. Weekly Diesel Consumption. Diesel fuel product supplied averaged over 3.94 million barrels per day over the last four weeks. The most recent datapoint the week ending February 14 shows diesel demand up 4.4% y/y on a 4-week moving average basis, down from 8.6% last week. 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/

Summary
This week (ending 2/21/2014), the TBG Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was up 0.2% week-over-week (vs. the S&P 500 Index decrease of 0.1%, Russell 2000 increase of 1.3% and NASDAQ Composite increase of 0.5%). This compares to an increase of 1.0% for the Industrial Technologies index. The E&ET Index is +1.2% YTD vs. -0.7% for the S&P 500, +0.1% for the Russell 2000 Index, and +2.1% for the Nasdaq Composite. In terms of sub-sectors, four of the seven indices we track outperformed the broader market this week. Alternative Energy Conversion Other, Environmental Services, Solar, and Energy Conversion Technology posted positive gains of 2.7%, 0.8%, 0.4%, and 0.2% on the week, respectively, vs. -0.1% for the S&P 500, +1.3% for the Russell 2000, and +0.5% for Nasdaq Composite. Clean Transportation (-0.1%) and Water Value Chain (0.1%) performed in-line with the S&P 500 on the week. Emission Controls (-3.2%) underperformed the broader market this week, vs. -0.1% for the S&P 500 and +1.3% for the Russell 2000.
Figure 1: The TBG E&ET Index- Relative Performance (Week Ending 2/21/2014)

Source: Thomson Reuters, The Blueshirt Group

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Figure 2: The Energy & Environmental Technologies Sub-sector Performance (Week Ending 2/21/2014)

Source: Thomson Reuters, The Blueshirt Group

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

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

Figure 5: Sector Market Cap Summary (Week Ending 2/21/2014)

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 -9 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 2014. For the week ending 2/21/2014, there were 16 increases and 9 declines in 2014 revenue estimates, and 17 increases and 11 declines in 2014 EPS consensus estimates. This compares to last weeks 11 increases and 13 declines in 2014 consensus revenue estimates, and15 increases and 12 declines in 2014 consensus EPS estimates. In terms of subsectors, Figures 10 11 highlight the number of companies with week-over-week consensus estimate change in revenue and EPS by sub-sector for full-year 2014. For the week ending 2/21/2014, there were 4 companies in Water Value Chain, 4 in Solar, 3 companies in Energy Conversion Technology, 2 companies in Clean Transportation, 2 companies in Environmental Services and 1 in Alternative Energy Conversion (Other) with increases in 2014 consensus revenue estimates. Additionally, there were 3 companies in Water Value Chain, 2 in Clean Transportation, 2 in Environmental Services, 1 in Solar and 1 in Emissions Control with declines in 2014 consensus revenue estimates. For 2014 EPS consensus estimates, there were 5 companies in Water Value Chain, 5 in Environmental Services, 3 in Solar, 2 in Energy Conversion Technology, 1 in Emissions Control and 1 in Clean Transportation with increases in consensus estimates week-over week change. There were 3 companies in Clean Transportation, 3 in Solar, 2 in Water Value Chain, 1 in Energy Conversion Technology, 1 in Emissions Control, and 1 in Environmental Services with declines in 2014 EPS consensus estimate week-over-week change this week.
Figure 8: 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 9: Components in the E&ET Index 2014 EPS Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

Figure 10: 2014 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

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Figure 11: 2014 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

Exhibit 12 illustrates the performance of selected companies in the TBG E&ET index this earnings season. Overall, expectations into earnings were high in the Energy & Environmental Technologies industry and even solid beats resulted in modest stock price appreciation (1-5%) post earnings.
Figure 12: 4Q13 Earnings Season: Performance Overview

Source: Thomson Reuters, The Blueshirt Group

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In terms of valuation, Figure 13 shows the historical valuation of the TBG E&ET Index, while Figure 14 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 1.40x, which is outside one standard deviation of the average (0.75x to 1.35x).
Figure 13: TBG E&ET Index- Historical NTM P/E

Source: Thomson Reuters, The Blueshirt Group

Figure 14: TBG E&ET Index- Historical NTM P/E Relative to S&P 500

Source: Thomson Reuters, The Blueshirt Group

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Figure 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 positive industry and company announcements, which included: 1) FuelCell Energy announced a series of updates about the Asian market including completion of the world's largest fuel cell park in South Korea, the sale of 3.7 megawatts of fuel cell modules to POSCO Energy in the first quarter of 2014 to meet increasing demand, and a 19.6 megawatt fuel cell park to be constructed in Seoul City, South Korea. , 2) PMFG has been awarded two contracts from an Italian EPC contractor for equipment to be installed in the Ourhoud field in Algeria. The equipment consists of a production separator for the separation of oil, water and gas, as well as our Skimovex water processing equipment. The project orders have a combined value of over $7.0 million, 3) Veolia has been awarded the contract by Shell Canada to design and supply a water treatment facility to recycle the water used for steam generation at Shell s Carmon Creek heavy oil project in Alberta, Canada, 4) SunEdison announced that it confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission (SEC) relating to the proposed initial public offering of the common stock of a yieldco vehicle. The number of shares of common stock to be sold and the price range for the proposed offering has not yet been determined, and 5) JA Solar announced that its multi-crystalline silicon ("multi-Si") solar cells have surpassed 19% conversion efficiency. On the earnings front, the earnings season for the Energy & Environmental Technologies (E&ET) space to date has been mixed with 21 beats, 10 misses and 4 in-line compared to consensus estimates. In terms of management expectation, two companies raised FY14 guidance, five companies reaffirmed guidance, and one company lowered guidance for FY14. Nineteen companies issued upside to in-line guidance for FY14, while three companies issued downside guidance vs. consensus estimates.

Economic News
CHINA PMI (PRELIMINARY READING) 48.3; BUSINESS CONDITIONS DETERIORATE AT MODERATE PACE IN FEBRUARY http://www.hsbc.com/news-and-insight/2014/flash-pmi-at-seven-month-low Chinas manufacturing sector hit a 7-month low in February, according to the preliminary reading of the HSBC/Markit PMI index. The index decreased to 48.3, compared to the final reading of 49.5 in January and 50.5 in December. Commenting on the Flash China Manufacturing PMI survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said, Februarys flash reading of the HSBC China Manufacturing PMI moderated further as new orders and production contracted, reflecting the renewed destocking activities. The building-up of disinflationary pressures implies that the underlying momentum for manufacturing growth could be weakening. We believe Beijing policy makers should and can fine-tune policy to keep growth at a steady pace in the coming year. U.S. MANUFACTURING ACTIVITY REBOUNDS STRONGLY IN FEBRUARY http://www.markiteconomics.com/Survey/PressRelease.mvc/c7542a2e11a34e0eb2dc6d0da06fef6e February data suggested a solid rebound in U.S. manufacturing business conditions following the slowdown recorded during the previous month. This was highlighted by a rise in the Markit Flash U.S. Manufacturing PMI from the final reading of 53.7 in January to 56.7 in February. The latest reading pointed to the fastest overall improvement in U.S. manufacturing business conditions since May 2010.

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Weekly Diesel Consumption Diesel fuel product supplied averaged over 3.94 million barrels per day over the last four weeks. The most recent datapoint the week ending February 14 shows diesel demand up 4.4% y/y on a 4-week moving average basis. This is down from 8.6% last week.
Figure 21: Diesel Consumption Trend

Source: U.S. Department of Energy, The Blueshirt Group

Industry News
Energy Conversion Technology WORLD'S LARGEST FUEL CELL PARK COMPLETED IN SOUTH KOREA http://online.wsj.com/article/PR-CO-20140219-909196.html FuelCell Energy, Inc., a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, announced a series of updates about the Asian market including completion of the world's largest fuel cell park in South Korea, the sale of 3.7 megawatts of fuel cell modules to POSCO Energy in the first quarter of 2014 to meet increasing demand, and a 19.6 megawatt fuel cell park to be constructed in Seoul City, South Korea. The Gyeonggi Green Energy fuel cell park, located in Hwasung City, South Korea, is fully operational. The largest fuel cell park in the world, the facility consists of 21 FuelCell Energy DFC3000 power plants, rated at 2.8 megawatts each, requiring only about 5.1 acres of land for 59 megawatts of new and renewable power. The fuel cell park provides continuous baseload electricity to the South Korean electric grid and usable high quality heat for a district heating system. POSCO Energy commenced construction on this project in November 2012 and finished in only 13 months, illustrating the ability to rapidly construct multi-megawatt fuel cell installations that enhance grid resiliency. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 14

Emissions Control PMFG, INC. AWARDED ORDERS TO PROVIDE SEPARATION AND WATER POLLUTION EQUIPMENT OF OVER $7.0 MILLION http://www.globenewswire.com/news-release/2014/02/19/611473/10068982/en/PMFG-Inc-Parent-of-PeerlessMfg-Co-Awarded-Orders-to-Provide-Separation-and-Water-Pollution-Equipment-of-Over-7-0-Million.html The co. has been awarded two contracts from an Italian EPC contractor for equipment to be installed in the Ourhoud field in Algeria. The equipment consists of a production separator for the separation of oil, water and gas, as well as our Skimovex water processing equipment. The project orders have a combined value of over $7.0 million. The products will be installed in an oil refining facility within the next year. ADVANCED EMISSIONS SOLUTIONS UPDATE; CCS JV FINALIZES CONTRACT WITH NEW REFINED COAL INVESTOR; LEASED AND SOLD RC FACILITIES EXPECTED TO GENERATE MORE THAN $100 MILLION IN ANNUAL REVENUES TO CCS http://globenewswire.com/news-release/2013/09/10/572471/10047874/en/Advanced-Emissions-SolutionsProvides-Refined-Coal-Update.html Co announced Clean Coal Solutions, LLC, a joint venture among its subsidiary ADA-ES, an affiliate of NexGen Resources Corporation, and an affiliate of The Goldman Sachs Group, Inc., has transferred the membership interests of a special purpose entity holding a Refined Coal facility in exchange for fixed and variable payments that provide to CCS similar economics to those of its other leased and sold RC facilities in full-time operation. The limited liability company is 49.9% owned by a new RC investor with certain CCS affiliates, including an affiliate of the co, holding the remaining equity. During January and the first part of February, CCS had 13 of its 28 RC facilities operating at coal-fired power plants that have historically burned more than 38 million tons per year. Nine of these RC facilities are now fully or partially leased or sold to four different RC investors, and are expected to generate more than $100 million in annual revenues to CCS.

Environmental Services
VEOLIA HAS BEEN AWARDED THE CONTRACT FOR THE WATER TREATMENT FACILITY AT SHELL CANADAS CARMON CREEK HEAVY OIL PROJECT http://online.wsj.com/article/PR-CO-20140218-903786.html Veolia (Paris:VIE) has been awarded the contract by Shell Canada to design and supply a water treatment facility to recycle the water used for steam generation at S hells Carmon Creek heavy oil project in Alberta, Canada. The Shell Carmon Creek Project, under construction, will produce up to 80,000 barrels per day of oil using enhanced oil recovery methods, where steam is injected into the underground reservoir to help produce the heavy oil. The water co-produced with the oil recovered from underground will be treated and re-used to generate steam. This approach maximizes the amount of process water recycled (approximately 99%). Veolias engineering and design expertise has produced a treatment system that will allow production of up to 50,000 tons of steam per day critical to the oil production process. Proprietary water technologies that include the separation of hydrocarbons, warm-lime softening, after filters, ion exchange and evaporation will offer a comprehensive solution for recovering and recycling of the produced water. Veolia previously supplied Shell with a sustainable water management solution for its Pearl GTL complex in Qatar that also involved a highly integrated water treatment system aimed at maximum water recovery. BUENOS AIRES CONTRACTS PROACTIVA TO MANAGE THE CITYS WASTE MANAGEMENT SERVICES http://online.wsj.com/article/PR-CO-20140220-903645.html The municipality of Buenos Aires (Argentina) has just contracted the management of its waste management services to Proactiva Medio Ambiente, a Veolia Environnement (Paris:VIE) subsidiary in charge of its activities in Latin America. For Veolia, this ten-year contract represents cumulative revenues of 500 million (531 million Argentine pesos a year). Under the contract signed with the Autonomous City of Buenos Aires, Proactiva will be responsible for collecting solid household waste and urban cleaning services in Zone 1 of the Argentinian capital starting in September 2014. This central sector of Buenos Aires includes the Retiro, San Nicols, Puerto Madero, San Telmo, Monserrat and Constitucin districts. It is a dense and complex urban area with significant numbers of people and transportation passing through it, together with major economic and tourist activities. To improve both service performance and health conditions, Proactiva will implement a complete waste containerization system throughout the area. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 15

Clean Transportation
POWER SOLUTIONS INTERNATIONAL ANNOUNCES STRATEGIC SUPPLY AGREEMENT WITH NACCO MATERIALS HANDLING GROUP, INC. http://online.wsj.com/article/PR-CO-20140218-907270.html Co. announced today a multi-year supply agreement with NACCO Materials Handling Group, Inc. ("NMHG"), the global forklift manufacturer. PSI will supply NMHG with alternatively-fueled power systems. The NMHG agreement marks the launch of PSI's long-term 2.0-liter and 2.4-liter power system program, which has been in progress for two years. PSI's new engine displacements provide more power and torque and improved fuel efficiency at lower speeds. In late 2012, PSI earned US Environmental Protection Agency and California Air Resources Board certification for both systems for large spark-ignited (LSI) engines for mobile applications running on propane and natural gas. EXCESS WIND POWER TURNED INTO GAS IN DENMARK USING HYDROGENICS TECHNOLOGY http://www.marketwatch.com/story/excess-wind-power-turned-into-gas-in-denmark-using-hydrogenicstechnology-2014-02-18?reflink=MW_news_stmp Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and hydrogenbased power modules, today announced that it will be a participating partner of the Power-to-Gas Biological Catalysis ("BioCat") Project in Denmark. The "BioCat" installation will use hydrogen made from excess wind power to convert biogas from sewage sludge into cleaner methane gas. This new Danish energy project will illustrate how future energy systems can be better integrated. The "BioCat" project has received 27.6 million DKK (EUR3.7 million) in funding from the Danish research pool ForskEL. The consortium is led by Electrochaea, a developer of methanation technologies for Power-to-Gas applications, and the Danish transmission system operator for power and gas, Energinet. Other partners in the BioCat consortium include Hydrogenics, Audi, NEAS Energy, HMN Gashandal, Spildevandscenter Avedore, and Insero Business Services. SAFT DELIVERS HIGH-POWER LI-ION BATTERY SYSTEM TO ECO-H TECHNOLOGIES, INC. FOR HYBRID POWER MANAGEMENT SYSTEM http://www.marketwatch.com/story/saft-delivers-high-power-li-ion-battery-system-to-eco-h-technologies-incfor-hybrid-power-management-system-2014-02-19?reflink=MW_news_stmp Saft, the worlds leading designer and manufacturer of advanced technology batteries for industry, has been awarded a contract from ECO-H Technologies, Inc. for the delivery of the first Intensium Flex Li-ion battery system to power and store energy for the ECO-H System. This initial contract will lead to other potential system deliveries upon success. The ECO-H System is a patent-pending Hybrid Power Management System for the oil and gas industry developed by ECO-H Technologies and distributed by Tesco Corporation. Through its ability to provide power and store energy using Saft Li-ion batteries, the system allows for immediate on-demand power and the levelling of power usage peaks for rigs. Additionally, the system is equipped with a power management control system to regulate gensets and optimize efficiency. The ECO-H System offers both financial and environmental benefits to the oil and gas sector through the reduction of fuel consumption, fuel emissions and operating expenses. The contract allows Saft to be an integral part of a first-to-market hybrid genset and battery system. ECO-Hs global distributor will purchase 10 systems for installation within the first year of validation at a rate of one system per month.

Solar Technology SUNEDISON ANNOUNCES CONFIDENTIAL SUBMISSION OF DRAFT REGISTRATION STATEMENT BY YIELDCO VEHICLE http://www.sunedison.com/wps/portal/memc/investors/financialinformation/pressreleases/ Co announced that it confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission (SEC) relating to the proposed initial public offering of the common stock of a yieldco vehicle. The number of shares of common stock to be sold and the price range for the proposed offering has not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
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JA SOLAR MULTI-SI SOLAR CELLS SURPASS 19% CONVERSION EFFICIENCY http://online.wsj.com/article/PR-CO-20140218-905365.html Co. announced that its multi-crystalline silicon ("multi-Si") solar cells have surpassed 19% conversion efficiency. This latest improvement in efficiency, achieved using advanced cell technology recently developed by JA Solar's R&D team, follows the Company's announcement in August 2013 that its multi-Si cells had achieved 18.3% conversion efficiency, an industry record at the time.

Alternative Conversion Technology-Other LIGHTBRIDGE OBTAINS KEY U.S. PATENT FOR ITS METALLIC FUEL DESIGN http://online.wsj.com/article/PR-CO-20140218-906268.html Co. announced that the USPTO has approved and issued to Lightbridge the key patent covering Lightbridge's multi-lobed metallic fuel rod design and fuel assemblies. The patent number is 8,654,917 and is available on the USPTO website.
Industrial FOSTER WHEELER AWARDED STUDY FOR STATOIL SNHVIT IMPROVEMENT PROJECT IN NORWAY http://www.businesswire.com/news/home/20140217005107/en/Foster-Wheeler-Awarded-Study-StatoilSn%C3%B8hvit-Improvement#.UwUXzfldVqU Foster Wheeler AG announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Statoil Petroleum AS to perform a study for the Snhvit Improvement Project 2 at Melkya, 450 kilometers north of the Arctic Circle in Norway. The Foster Wheeler contract value was not disclosed and will be included in the companys fourth-quarter 2013 bookings. Foster Wheeler will define long-term solutions to achieve the Snhvit partnerships objectives of increasing the operating performance of the LNG facility and increasing the capacity and feed gas flexibility of the plant. This concept study is scheduled for completion in the third quarter of 2014. TRINITY INDUSTRIES ANNOUNCES THE ACQUISITION OF PLATINUM ENERGY SERVICES http://www.marketwatch.com/story/trinity-industries-inc-announces-the-acquisition-of-platinum-energyservices-2014-02-10?reflink=MW_news_stmp Co announced that it has acquired the assets of Platinum Energy Services Corporation through a newly formed subsidiary. Platinum, based in Alberta, Canada, manufactures and resells oil and gas process and storage equipment, including various types of containers, separators, and treaters used at the well-site and in midstream locations. The company operates out of two leased facilities in Calgary and one owned facility in Redcliff, Alberta. Initial annual revenues are expected to be in the range of approximately $40 million to $45 million. REGAL BELOIT CORPORATION ANNOUNCES IT HAS ACQUIRED HY-BON http://www.prnewswire.com/news-releases/regal-beloit-corporation-announces-it-has-acquired-hy-bon244384971.html Co. announced it has acquired Hy-Bon Engineering Company, Inc., a leader in vapor recovery solutions for oil and gas applications. With revenues of approximately $57 million, Hy-Bon will be a nice strategic addition to our existing Unico business, allowing us to further grow both businesses with a stronger combined sales and service infrastructure,"stated Mark Gliebe, Chairman and CEO. For 2014 and 2015, Hy-Bon is anticipated to be accretive to earnings per share by $0.03 to $0.06 and $0.08 to $0.12, respectively.

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Financing News Environmental Services COVANTA ANNOUNCES PRICING OF SENIOR NOTES DUE 2024 http://online.wsj.com/article/PR-CO-20140220-913926.html CVA announced the pricing of its underwritten registered public offering of $400 million aggregate principal amount of senior notes due 2024. Interest on the notes is payable semiannually on March 1 and September 1, beginning on September 1, 2014; the notes will mature on March 1, 2024. The notes will be issued at 100% of par value, with a coupon of 5.875%. Co intends to use the net proceeds of the Note Offering, together with direct borrowings under Covanta Energy Corporation's revolving credit facility as well as additional proceeds it may raise in future debt financings, which may include the issuance of additional debt securities, for general corporate purposes, including to repay at maturity its 3.25% Cash Convertible Notes; however, the Company will have broad discretion in the application of the net proceeds it receives from the Note Offering and it may apply the net proceeds and any additional such proceeds for a variety of corporate purposes. Pending other uses, until the maturity date of the 3.25% Cash Convertible Notes on June 1, 2014, the Company intends to use the net proceeds of the Note Offering to repay amounts outstanding under Covanta Energy Corporation's revolving credit facility and hold the remaining net proceeds as cash or cash equivalents. Barclays, BofA/Merrill, Citigroup, J.P. Morgan, Morgan Stanley and RBS are acting as joint bookrunning managers in the Note Offering.

Earnings News
Emissions Control DONALDSON BEATS BY $0.03, MISSES ON REVENUE; REAFFIRMS FY14 EPS GUIDANCE, REVENUE GUIDANCE http://www.marketwatch.com/story/airstrip-launches-airstrip-one-industrys-first-complete-enterprise-widemobile-interoperability-solution-2013-02-21?reflink=MW_news_stmp Co. reported 2Q earnings of $0.39 per share, vs. consensus $0.36. Revenue decreased 2.4% y/y to $581.6 million vs. consensus $597.94 million. Co. reaffirmed guidance for FY14 with EPS expected to be in the range of $1.65-1.85 vs. consensus $1.78) and FY14 revenue of $2.45-2.55 vs. consensus $2.5 billion. Gross margin was 34.7% for the quarter and 35.2% year-to-date, compared to prior year margins of 33.4% and 33.5%, respectively. Co. has adjusted its Industrial Products' sales outlook for FY14 as the recovery for business investment for industrial filtration systems has been slow to develop and several of our gas turbine projects that were scheduled for shipment this year have been rescheduled by its customers for early in our FY15.

Solar SUNEDISON REPORTS 4Q RESULTS, MISSES ON REVENUE http://www.sunedison.com/wps/portal/memc/investors/financialinformation/pressreleases/ Co. reported 4Q loss of $0.48 per share, vs. consensus $0.24. Revenues increased 36.4% y/y to $960.7 million vs. consensus $1075.67 million. Cash Flow o Operating cash used in the 2013 fourth quarter was $413.3 million and was primarily the result of changes in working capital related to project construction, partially offset by cash generated in the Semiconductor Materials segment. Free cash flow was $(46.0) million and was largely influenced by solar energy project financing and solar project construction activities, and capital expenditures. See the reconciliation of free cash flow in the financial statement tables at the end of this press release. o Capital expenditures were $31.9 million in the fourth quarter of 2013. Similar to the 2013 third quarter, the majority of 2013 fourth quarter capital expenditures were incurred in the Semiconductor Materials segment.
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Co ended the year with cash and cash equivalents of $573.5 million and cash committed for construction projects of $258.0 million, totaling $831.5 million, resulting from the net cash inflows from term debt refinancing in connection with the convertible senior note offering, inflows from solar project financing and working capital management, partially offset by outflows from solar project construction. Additional Highlights: o Solar Energy recognized non-GAAP revenue related to 206 MW of solar energy systems, retained 127 MW of solar energy systems and ended the quarter with 504 MW under construction o Projects retained on balance sheet represented an estimated $257.0 million of retained value o Solar project pipeline grew to 3.4 GW and backlog remained at 1.1 GW o Semiconductor Materials generated positive operating cash flow Outlook o The company announced it will provide its 2014 first quarter and full year outlook, as well as detailed commentary regarding its strategy and 2014 business plan at its Capital Markets Day on February 25, 2014. o

ENPHASE ENERGY REPORTS EPS IN-LINE, REVENUE IN-LINE; GUIDES Q1 REVENUE IN-LINE http://investor.enphase.com/releasedetail.cfm?ReleaseID=826415 Co. reported 4Q loss of $0.02 per share, excluding non-recurring items, vs. consensus estimate of ($0.02); revenues rose 16.6% year/year to $67.1 million vs. consensus $66.47 million. Co issues in-line guidance for Q1, sees Q1 revenue of $54 to $57 million vs. consensus $55.04 million. "Looking forward, we expect revenues for the first quarter of 2014 to be within a range of $54 million to $57 million, and for gross margin to be within a range of 30 percent to 33 percent," said Kris Sennesael, CFO of Enphase. "The strong business momentum from the fourth quarter of 2013 is carrying over into the first quarter of 2014. At the midpoint of the revenue outlook range, revenue is up 22 percent compared to the first quarter of 2013. We also expect operating expenses for the first quarter of 2014 to be up approximately 5 to 8 percent compared to the fourth quarter of 2013, as we continue to invest in the growth of the company." VEECO INSTRUMENTS MISSES BY $0.09, BEATS ON REVENUE; GUIDES Q1 REVENUE ABOVE CONSENSUS http://www.businesswire.com/news/home/20131108005346/en/Veeco-Reports-Quarter-2013-FinancialResults-Announces#.UwUxcPldVqU Co. reported 4Q loss of $0.42 per share, vs. consensus ($0.33). Revenues fell 31.5% y/y to $73.2 million vs. consensus $70.14 million. Guidance: Co issued upside guidance for 1Q with revenue of $85-$95 million (vs. consensus $82.10 million) and gross margin of 33-35% and operating spending of $42-$43 million.

Clean Transportation MAXWELL TECH MISSES BY $0.04, BEATS ON REVS; SEES Q1 REVENUE ROUGHLY IN-LINE WITH CONSENSUS http://investors.maxwell.com/phoenix.zhtml?c=94560&p=irol-newsArticle&ID=1901979&highlight= Co. reported 4Q loss of $0.05 per share, vs. consensus estimate of ($0.01). Revenue decreased 12.4% y/y to $39 million vs. consensus $36.51 million. Management commented that the company is experiencing strengthening demand in the wind market due to new design wins and increased purchasing activity from existing customers. In addition, the co. is in the early phases of an anticipated ramp for plug-in hybrid buses in China. Based on customer inputs, the company expects 1Q total revenue to be flat to slightly up compared with 4Q13, vs. consensus $39.2 million. Alternative Energy Conversion- Other ACTIVE POWER REPORTS Q4 RESULTS http://ir.activepower.com/phoenix.zhtml?c=122065&p=irol-newsArticle&id=1900631 Co reported Q4 EPS of ($0.21) vs. consensus estimate of ($0.15). Revenue came in at $13.9 million vs. consensus estimate of $12.5 million. Gross margin in the fourth quarter of 2013 was 30.0%, flat from the previous quarter and compared to 39.5% in the fourth quarter of 2012. The decrease in gross margin compared to the fourth quarter of 19 The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch

2012 was primarily due to strong margins on ancillary products in the 2012 period and higher unabsorbed production costs in 2013.

Water Value Chain CALGON CARBON BEATS BY $0.01, MISSES ON REVENUE http://www.calgoncarbon.com/media/images/site_library/373_4Q13_Earnings_Release_with_financials.pdf Co. reported 4Q earnings of $0.20 per share, vs. consensus $0.19. Revenue decreased 6.1% y/y to $133.1 million vs. consensus $138.13 million. Co. achieved significant improvement in profitability despite a challenging sales environment in certain markets and the negative impact of a strong U.S. dollar. It also utilized its balance sheet to increase value by conducting an open market share repurchase program. In addition, the companys Board approved $85 million for 2014 capital spending that should increase carbo n production capacity and reduce costs. WATTS WATER TECH. MISSES BY $0.06, BEATS ON REVENUE http://www.businesswire.com/news/home/20140218006877/en/Watts-Water-Technologies-ReportsFourth-Quarter-Full#.UwPl-fldVqU Co. reported 4Q adjusted earnings of $0.57 per share, vs. consensus Estimate of $0.63. Revenues increased 6.1% year/year to $376 million vs. consensus $371.31 million. Share Buyback: During the fourth quarter, the company spent approximately $3.0 million to repurchase its shares on the open market as part of the $90.0 million share repurchase program announced in April 2013. The company repurchased approximately 52.1 thousand shares during the fourth quarter and for the full year 2013 spent approximately $23 million to repurchase 453.9 thousand shares. Commentary: "In the Americas, we made significant progress with our lead free conversion program, successfully transitioning both our manufacturing processes and our customers' product requirements. In EMEA, although organic sales decreased for year, the rate of decline decreased sequentially as the year progressed. We are undertaking both a restructuring effort and a business transformation initiative in Europe to drive more profitable growth. And we were very pleased with our continued progress in Asia Pacific, as the team delivered 20.5% organic growth in 2013 on top of 18% organic growth in 2012. For 2014, we expect to benefit from a continued residential construction recovery and a steady repair and replacement market, we believe there should be some stabilization in the European markets and we expect that we would continue to participate in the market expansion opportunities that we see in Asia Pacific." Environmental Services HERITAGE-CRYSTAL CLEAN, INC. ANNOUNCES 2013 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS http://www.globenewswire.com/news-release/2014/02/21/612083/10069331/en/Heritage-Crystal-Clean-IncAnnounces-2013-Fourth-Quarter-and-Full-Year-Financial-Results.html Revenues for the quarter increased 18.5%, to $92.0 million, compared to $77.6 million in the fourth quarter of fiscal 2012. For fiscal 2013, revenues increased 12.1% to $283.1 million, compared to $252.5 million in fiscal 2012. This increase was due to organic growth and acquisitions in the Environmental Services segment and the expansion of our re-refining capacity in the Oil Business segment. The Environmental Services segment includes parts cleaning, containerized waste, vacuum services, and antifreeze recycling. During the fourth quarter, Environmental Services revenues increased $5.5 million, or 12.4% compared to the fourth quarter of fiscal 2012. During fiscal 2013, Environmental Services segment revenues increased $18.1 million, or 13.0% when compared to fiscal 2012. Industrial ZEBRA TECH BEATS BY $0.04, BEATS ON REVS; GUIDES Q1 EPS ABOVE CONSENSUS, REVENUE ABOVE CONSENSUS http://online.wsj.com/article/PR-CO-20140219-903218.html Co. reported 4Q earnings of $0.82 per share, vs. consensus $0.78.
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Revenues rose 12.4% y/y to $284.5 million vs, consensus $267.81 million. Results included exit, restructuring and acquisition costs that reduced earnings by $0.09 per share. Net sales growth of 12.4% included sales growth in North America, Asia Pacific and the Europe, Middle East and Africa regions. The higher sales occurred across all product and service categories. Guidance: Co issued upside guidance for Q1with EPS of $0.77-0.87 vs. consensus $0.65 and revenue of $276-286 million vs. consensus $262.50 million.

FRANKLIN ELECTRIC REPORTS EPS IN-LINE, BEATS ON REVS; GUIDES Q1 EPS IN-LINE WITH SINGLE ESTIMATE, REVS ABOVE SINGLE ESTIMATE http://www.marketwatch.com/story/franklin-electric-reports-record-fourth-quarter-2013-sales-and-earnings2014-02-19?reflink=MW_news_stmp Co. reported 4Q earnings of $0.30 per share, excluding non-recurring items, in-line with consensus of $0.30. Revenue increased 11.9% y/y to $229.7 million vs the $218.2 million consensus. For Q1, co. sees revenue and adjusted EPS YoY growth pf 6-8% for both. For adjusted EPS, this computes to $0.35-0.36 vs. $0.35 single analyst estimate; for Q1 revenue, this computes to approximately $236-240 million vs. $234 million single estimate. TEREX BEATS BY $0.16, REPORTS REVENUE IN-LINE; GUIDES FY14 EPS BELOW CONSENSUS, REVENUE IN-LINE http://www.businesswire.com/news/home/20140218006941/en/Terex-Announces-Fourth-Quarter-Full-Year2013#.UwU6uPldVqU Co. reported 4Q earnings of $0.65 per share, excluding non-recurring items, vs. consensus $0.49. Revenue increased 11.9% y/y to $1.81 billion vs. consensus $1.81 billion. Co issued mixed guidance for FY14 with EPS of $2.50-2.80, excluding non-recurring items, vs. consensus $2.90, and revenue of $7.3-7.7 billion vs. consensus $7.71 billion. Backlog for orders deliverable during the next twelve months was approximately $1,828 million at December 31, 2013, an increase of approximately 1.8% from September 30, 2013 and a decrease of approximately 7.5% from December 31, 2012. ALTRA INDUSTRIAL MOTION REPORTS EPS IN-LINE, BEATS ON REVS; GUIDES FY14 EPS IN-LINE, REVENUE IN-LINE http://online.wsj.com/article/PR-CO-20140219-906041.html Co. reports 4Q earnings of $0.38 per share, excluding non-recurring items, in-line with consensus of $0.38. Revenues rose 1.9% y/y to $180.5 million vs consensus $176.19 million. Co. issued in-line guidance for FY14 and with EPS of $1.85-2.00, excluding non-recurring items, vs. consensus $1.96 and revenue of $800-825 million vs. consensus $807.48 million. VALMONT MISSES BY $0.01, MISSES ON REVENUE; GUIDES Q1 EPS BELOW CONSENSUS; GUIDES FY14 EPS BELOW CONSENSUS http://www.prnewswire.com/news-releases/valmont-announces-fourth-quarter-and-fiscal-year-2013-results246416151.html Co. reported 4Q earnings of $2.66 per share, excluding non-recurring items, vs. consensus $2.67. Revenue increased 1.6% y/y to $827.89 million vs. consensus $842.92 million. EPS figure excludes a noncash after-tax loss in the amount of $12.0 million or $0.45 cents per share resulting from the deconsolidation of Delta EMD and Valmont's proportionate share of the after-tax Delta EMD fixed asset impairment in the amount of $4.6 million, or $0.17 per diluted share. Co. issued downside guidance for Q1 with EPS expected to be in the range of -25% y/y (~$2.17), excluding non-recurring items, vs. consensus $2.61. Co. issued downside guidance for FY14 with EPS expected to be slightly below $10.97, excluding nonrecurring items, vs. consensus $11.10. AMERICAN RAILCAR INDUSTRIES BEATS BY $0.14, REPORTS REVENUE IN-LINE http://online.wsj.com/article/PR-CO-20140219-916033.html Co. reported 4Q earnings of $1.14 per share, vs. consensus $1.00. Revenue decreased 5.1% y/y to $197.2 million vs. consensus $196.86 million. The decrease in consolidated revenues was due to a decrease in direct sale railcar shipments in the fourth quarter of 21

The Blueshirt Group - Energy & Environmental Technologies Practice

The Weekly Watch

2013 compared to the fourth quarter of 2012, as a result of building more railcars for our lease fleet. This was partially offset by increased revenues for the railcar services and railcar leasing segments. Total manufacturing - segment revenues for the fourth quarter of 2013 were $252.5 million, an increase of 7% over the $236.5 million for the same period in 2012. o The primary reason for the increase was a higher mix of tank railcars sold, which generally sell at higher prices due to more material and labor content, and at higher margins than covered hopper railcars. Total leasing - segment revenues for the fourth quarter of 2013 were $9.5 million, an increase of 86% over the $5.1 million for the same period in 2012. o The primary reason for the increase in revenue was an increase in the number of railcars on lease and an increase in the average lease rate. ARI had approximately 4,450 railcars in the Company's lease fleet at the end of 2013, compared to approximately 2,590 railcars at the end of 2012. Backlog o ARI's backlog as of December 31, 2013 was approximately 8,560 railcars, with an estimated market value of $1,040.1 million. o This backlog includes approximately 2,330 railcars for lease with an estimated market value of $326.7 million.

MRC GLOBAL MISSES BY $0.09, BEATS ON REVS; GUIDES FY14 REVENUE IN-LINE http://www.marketwatch.com/story/mrc-global-announces-fourth-quarter-and-full-year-2013-results-andintroduces-2014-guidance-2014-02-20?reflink=MW_news_stmp Co. reported 4Q earnings of $0.32 per share, excluding non-recurring items, vs. consensus $0.41. Revenue increased 2.9% y/y to $1.34 billion vs. consensus $1.31 billion. Co. issued in-line guidance for FY14 with revenue of $5.5-5.8 billion vs. consensus $5.7 billion. Upcoming Earnings Announcements HARSCO BEATS BY $0.05, BEATS ON REVS; SEES 2014 OPERATING INCOME INCREASING AT A LOW DOUBLE-DIGIT RATE COMPARED WITH THE 2013 http://www.harsco.com/news/news-releases-detail.aspx?id=3547 Co. reported 4Q earnings of $0.25 per share, vs. consensus $0.20. Revenue decreased 11.1% y/y to $681 million vs. consensus $628.56 million. The Company expects 2014 operating income from its three business segments to increase at a low double-digit rate compared with the 2013 level (excluding special items in both periods). Remaining corporate costs previously allocated to the divested Infrastructure segment are expected to largely offset this increase. Operating income is expected to range from $160 million to $180 million. Free cash flow is expected to range from ($15) million to $15 million. Included in this projection is the expectation that capital spending in Metals & Minerals will remain high due to an unusually large number of attractive contract renewals. Cash flow from operations is expected to increase at a double-digit rate versus 2013. TITAN INTL MISSES BY $0.18, MISSES ON REVENUE; REAFFIRMS 2014 REVENUE GUIDANCE http://online.wsj.com/article/PR-CO-20140220-906902.html Co. reported 4Q loss of $0.03 per share, vs. consensus $0.15. Revenue increased 0.2% y/y to $494.4 million vs. consensus $526.36 million. Co reaffirmed 2014 revenue of $2.4-2.7 billion vs consensus $2.37 billion. Gross profit for Q4 2013 was $49.3 million, or 10.0% of net sales, compared to $51.5 million in Q4 2012, or 10.4% of net sales.

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Upcoming Earnings Announcements

Date 2/24 2/24 2/25 2/25 2/25 2/25 2/26 2/26 2/26 2/26 2/26 2/26 2/27 2/27 2/27 2/27 2/27 2/28 2/28 2/28 3/3 3/4 3/5 3/6 3/7 3/11 3/11 3/13 Company Time Polypore International (PPO) 4:45 pm ET Solarcity Corp. (SCTY) 5:00 pm ET Astec Industries (ASTE) 10:00 am ET EMCOR Group (EME) 10:30 am ET Chart Industries, Inc. (GTLS) 10:30 am ET First Solar, Inc. (FSLR) 4:30 pm ET Nordson Corporation (NDSN) 8:30 am ET Clean Harbors (CLH) 9:00 am ET Dycom Industries (DY) 9:00 am ET Aegion Corporation (AEGN) 9:30 am ET Ballard Power Systems (BLDP) 11:00 am ET Westport Innovations (WPRT) 5:00 pm ET FARO Technologies (FARO) 8:30 am ET Circor International (CIR) 10:00 am ET Stantec (STN) 4:00 pm ET Clean Energy Fuels (CLNE) 4:30 pm ET Power Solutions (PSIX) 4:30 pm ET Kaman Corp. (KAMN) 8:00 am ET KRB, Inc. (KBR) 9:00 am ET Comfort Systems (FIX) 11:00 am ET JinkoSolar (JKS) 8:00 am ET Trina Solar (TSL) 8:00 am ET Energy Recovery (ERII) 10:30 am ET Casella Waste Systems (CWST) 10:00 am ET Hydrogenics Corporation (HYGS) 10:00 am ET Fuel Tech (FTEK) 9:00 am ET Hill International (HIL) 11:00 am ET Advanced Emissions Solutions (ADES) 5:00 pm ET Conference Call Details Dial-in: (631) 291-4526; Passcode: 31358725 Dial-in: (877) 407-0784 Dial-in: (877) 407-9210 Dial-in: TBA Dial-in: (877) 312-9395 Dial-in: TBA Dial-in: TBA Dial-in: (877) 709-8155 Dial-in: (800) 230-1074 Dial-in: (877) 312-8824; Passcode: 49690253 Dial-in: (604)638-5340 Dial-in: (800) 319-4610 Dial-in: (866) 952-1906; Passcode: FARO Dial-in: (877) 407-5790 Dial-in: (800) 820-0231; Passcode: 7828397 Dial-in: (877) 407-4018 Dial-in: (888) 695-0612; Passcode: 3365163 Dial-in: (877) 546-5019; Passcode: 45219647 Dial-in: TBA Dial-in: (888) 713-4205; Passcode: 73081748 Dial-in: (855) 298-3404; Passcode: JinkoSolar Dial-in: (800) 884-2382; Passcode: 18576365 Dial-in: (877) 941-8609; Access Code: 4666962 Dial-in: (877)548-9590 Dial-in: (877) 307-1373 Dial-in: (877) 280-4962; Passcode: FUEL TECH Dial-in: (877) 423-9820 Dial-in: (877) 709-8150

Investor Events

Date 2/25

Company SunEdison Capital Markets Day

Time 9:00 am ET

Location New York, NY

Conference Calendar

Date February 26 February 27 February 27-28 March 3 March 3-4 March 3-6 March 4 March 4-5

Title of Conference Gabelli & Co. 24th Annual Industrial Flow & Infrastructure Conference Stifel Industrials Conference Simmons & Co. 14th Annual Energy Conference Morgan Stanley Utilities Conference JMP Securities Technology Conference Morgan Stanley Technology, Media & Telecoms Conference Global Hunter Securities Energy Day 1x1 Series UBS Natural Gas & Utilities One-on-One Conference

Location New York, NY New York, NY New York, NY New York, NY San Francisco, CA San Francisco, CA Dallas, TX Boston, MA

The Blueshirt Group - Energy & Environmental Technologies Practice

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Figure 22: Top 5 Performers for the Week Ending 2/21/014

Source: Thomson Reuters, The Blueshirt Group

Figure 23: Bottom 5 Performers for the Week Ending 2/21/2014

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

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Figure 24: 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 $53.93 10.8 573.5 $601 $287.9 $545.4 2.1x 1.1x ($0.27) $2.71 N.M. 19.9x American Dg ADGE $1.97 49.2 98.4 $109 N/A N/A N.A. N.A. ($0.10) ($0.06) N.M. N.M. Calgon Carbon CCC $18.99 54.6 1128.7 $1,056 $553.5 $571.9 1.9x 1.8x $0.83 $0.96 22.8x 19.9x Colfax CFX $69.94 122.3 8510.1 $9,957 $4,140.0 $4,597.0 2.4x 2.2x $1.99 $2.58 35.1x 27.1x Ceco Environment CECE $15.54 25.6 397.5 $476 $198.5 $289.2 2.4x 1.6x $0.96 $0.99 16.3x 15.6x Clarcor CLC $56.82 50.4 2814.7 $2,622 $1,138.2 $1,431.6 2.3x 1.8x $2.49 $2.71 22.8x 21.0x Capstone Turbine CPST $1.71 310.1 505.5 $513 $128.5 $138.2 4.0x 3.7x ($0.07) ($0.05) N.M. N.M. Donaldson Co DCI $42.65 145.3 6109.9 $6,019 $2,427.8 $2,510.7 2.5x 2.4x $1.62 $1.78 26.4x 23.9x Fuelcell Energy FCEL $1.71 236.5 433.4 $470 $177.3 $201.2 2.6x 2.3x ($0.18) ($0.12) N.M. N.M. Fuel Tech FTEK $5.73 22.4 131.8 $106 $113.4 $116.4 0.9x 0.9x $0.27 $0.22 21.2x 26.3x Graham GHM $35.63 10.1 344.8 $295 $103.9 $105.5 2.8x 2.8x $1.02 $1.08 34.9x 33.1x Global Pwr Equip GLPW $17.68 17.0 301.0 $309 $479.6 $552.4 0.6x 0.6x $0.58 $1.04 30.3x 17.0x Generac Hldg GNRC $55.23 68.6 3788.4 $4,834 $1,470.7 $1,568.3 3.3x 3.1x $4.12 $3.76 13.4x 14.7x Chart Industries GTLS $89.83 30.4 2728.7 $2,938 $1,195.8 $1,384.8 2.5x 2.1x $2.96 $3.81 30.3x 23.6x Lightbridge LTBR $3.44 15.1 44.9 $51 N/A N/A N.A. N.A. N/A N/A N.A. N.A Mistras Group MG $23.40 28.4 668.1 $744 $530.2 $604.2 1.4x 1.2x $0.66 $0.91 35.3x 25.7x Alter Nrg NRG-T $1.05 112.5 115.9 $113 $13.7 $18.8 8.3x 6.0x ($0.12) ($0.08) N.M. N.M. Pmfg PMFG $6.46 21.1 136.3 $103 $134.4 $138.9 0.8x 0.7x $0.07 ($0.10) 99.4x N.M. Power Solu Int PSIX $73.05 10.5 744.2 $773 $237.4 $320.9 3.3x 2.4x $0.89 $1.38 81.7x 52.9x Synthesis Energy SYMX $1.66 63.7 107.7 $97 $0.8 N/A 118.2x N.A. ($0.33) N/A N.M. N.A Thermon Grp THR $24.82 31.8 781.9 $848 $287.3 $283.2 3.0x 3.0x $0.97 $1.25 25.5x 19.9x Team TISI $42.78 20.3 862.5 $930 $711.9 $769.7 1.3x 1.2x $1.56 $1.71 27.5x 25.0x Average 8.3x 2.2x 34.9x 24.4x

Source: Thomson Reuters, The Blueshirt Group

Figure 25: 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 $28.88 $0.70 $9.87 $39.25 $5.84 $7.91 $56.88 $10.38 $30.96 $3.02 $1.03 $3.81 $3.58 $33.96 $75.52 $16.37 $15.16 $40.21 $6.29 $93.35 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 40.0 60.5 9.6 53.8 14.8 42.0 99.4 43.3 30.8 84.9 169.5 38.5 86.8 121.6 91.0 266.6 78.9 39.3 156.6 52.2 1154.7 42.4 95.6 2112.2 86.6 339.3 5656.1 449.0 945.0 258.0 174.6 147.8 489.0 4128.3 6873.0 4201.7 1170.4 1578.3 959.9 4957.1 $1,019 $45 $64 $2,865 $645 $303 $4,353 $4,766 $8,690 $5,877 $2,948 $143 $1,212 $4,422 $7,212 $6,939 $1,850 $1,010 $20,589 $5,695 $545.2 $1.2 $38.1 $1,666.6 $277.3 $230.4 $3,514.0 $1,124.2 $1,146.1 $663.9 $517.0 $104.9 $1,462.2 $2,547.0 $159.7 $2,660.3 $1,785.5 $328.2 $2,235.3 $4,476.0 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $619.8 $12.0 $56.9 $2,691.4 $420.0 $283.1 $3,761.8 $1,317.4 $1,407.7 $885.8 $748.0 $132.5 $1,577.6 $2,575.9 $262.9 $3,502.4 $2,237.3 $422.8 $2,597.0 $4,823.4 Average 1.9x 37.4x 1.7x 1.7x 2.3x 1.3x 1.2x 4.2x 7.6x 8.9x 5.7x 1.4x 0.8x 1.7x 45.2x 2.6x 1.0x 3.1x 9.2x 1.3x 7.0x 1.6x 3.7x 1.1x 1.1x 1.5x 1.1x 1.2x 3.6x 6.2x 6.6x 3.9x 1.1x 0.8x 1.7x 27.4x 2.0x 0.8x 2.4x 7.9x 1.2x 3.9x FY13 EPS $0.43 ($0.49) ($2.32) $0.87 ($4.31) ($0.45) $4.41 ($1.28) $0.30 ($2.48) ($3.35) ($0.36) ($0.79) $1.40 ($1.79) ($0.10) ($1.19) ($0.64) ($1.37) $0.22 FY14 EPS $1.91 ($0.27) ($0.41) $3.41 ($1.49) ($0.01) $3.44 $0.14 $2.52 ($0.97) ($1.79) ($0.14) ($0.13) $1.19 ($1.68) $0.16 $0.51 ($0.10) ($0.31) $2.39 P/E FY13 67.2x N.M. N.M. 45.4x N.M. N.M. 12.9x N.M. N.M. N.M. N.M. N.M. N.M. 24.2x N.M. N.M. N.M. N.M. N.M. N.M. 37.4x P/E FY14 15.1x N.M. N.M. 11.5x N.M. N.M. 16.6x 76.9x 12.3x N.M. N.M. N.M. N.M. 28.5x N.M. N.M. 30.0x N.M. N.M. 39.1x 28.7x

Source: Thomson Reuters, The Blueshirt Group

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Figure 26: Clean Transportation Comparables

Company Ticker Sector: Clean Transportation Advanced Battery ABAT 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 $28.75 $4.98 $2.14 $2.53 $9.65 $1.77 $0.70 $68.32 $0.02 $12.89 $89.61 $24.86 $30.25 $8.76 $30.01 $73.23 $8.98 $26.00 $3.71 $1.62 $16.69 $0.76 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 76.1 223.3 11.6 12.6 9.3 89.4 310.1 71.0 47.2 25.6 20.1 30.4 9.0 128.5 29.6 44.9 10.5 21.7 25.9 17.5 40.4 62.7 53.5 28.9 64.8 59.3 26.5 24.6 867.7 530.3 51.1 3273.0 0.4 264.7 2728.7 224.0 38.9 271.0 1347.1 768.6 194.1 672.2 63.8 68.3 1168.1 39.0 -$44 $57 $66 $164 $31 $1,080 $531 $48 $3,338 $2 $186 $2,931 $215 $35 $231 $1,972 $774 $201 $799 $48 $59 $1,051 $40 N/A $81.7 $115.2 N/A $54.6 $361.4 $128.5 $4.5 $2,285.7 $53.9 $403.7 $1,195.7 $42.2 $1.0 $191.1 $632.9 $237.5 $29.9 $625.9 $105.1 $7.4 $161.9 $0.0 FY14 EV / Rev EV / Rev Revenue FY13 FY14 N/A N/A N/A N/A $58.1 $431.0 $138.2 $15.0 $2,464.5 $50.0 $388.2 $1,375.3 $53.7 $7.0 $179.4 $692.5 $320.9 $56.1 $670.0 N/A $12.5 $223.4 $0.0 Average N.A. 0.7x 0.6x N.A. 0.6x 3.0x 4.1x 10.8x 1.5x 0.0x 0.5x 2.5x 5.1x 35.2x 1.2x 3.1x 3.3x 6.7x 1.3x 0.5x 8.0x 6.5x N.A. 4.5x N.A. N.A. N.A. N.A. 0.5x 2.5x 3.8x 3.2x 1.4x 0.0x 0.5x 2.1x 4.0x 5.0x 1.3x 2.8x 2.4x 3.6x 1.2x N.A. 4.7x 4.7x N.A. 2.6x FY13 EPS N/A $13.31 $0.72 N/A ($0.66) ($0.38) ($0.07) ($0.06) $3.52 ($0.36) $0.18 $2.96 ($0.84) ($4.70) $0.28 $1.03 $0.89 ($1.04) $1.37 $0.03 ($0.26) ($2.18) ($0.04) FY14 EPS N/A N/A N/A N/A ($0.34) ($0.64) ($0.05) $0.01 $3.87 ($0.43) $0.23 $3.75 ($0.18) ($1.70) $0.20 $1.50 $1.38 ($0.07) $1.59 $0.16 ($0.14) ($1.41) ($0.02) P/E P/E FY13 FY14 N.A. 2.2x 6.9x N.A. N.M. N.M. N.M. N.M. 19.4x N.M. 72.0x 30.3x N.M. N.M. 31.3x 29.1x 81.9x N.M. 19.0x N.M. N.M. N.M. N.M. 32.5x N.A N.A N.A N.A N.M. N.M. N.M. 70.0x 17.6x N.M. 55.8x 23.9x N.M. N.M. 44.9x 20.0x 53.1x N.M. 16.4x 23.2x N.M. N.M. N.M. 36.1x

Source: Thomson Reuters, The Blueshirt Group

Figure 27: 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 $3.42 19.4 66.2 $58 $60.3 $67.6 1.0x 0.9x ($0.37) ($0.35) N.M. N.M. Lightbridge LTBR $3.44 15.1 44.9 $51 N/A N/A N.A. N.A. N/A N/A N.A. N.A Opt OPTT $4.59 12.2 53.0 $39 $4.2 $2.8 9.3x 14.3x ($1.45) ($1.29) N.M. N.M. Ballard Power BLDP $2.30 109.4 251.5 $243 $62.1 $80.3 3.9x 3.0x ($0.22) ($0.11) N.M. N.M. Fuelcell Energy FCEL $1.71 236.5 433.4 $470 $177.3 $201.2 2.6x 2.3x ($0.18) ($0.12) N.M. N.M. Plug Power PLUG $3.70 117.0 420.1 $426 $26.1 $63.7 16.4x 6.7x ($0.48) ($0.11) N.M. N.M. Average 6.6x 5.4x N.A. N.A

Source: Thomson Reuters, The Blueshirt Group

Figure 28: 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 $53.93 $18.99 $15.54 $56.82 $8.58 $42.65 $5.73 $6.46 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 10.8 54.6 25.6 50.4 8.8 145.3 22.4 21.1 573.5 1128.7 397.5 2814.7 83.6 6109.9 131.8 136.3 $601 $1,056 $476 $2,622 $72 $6,019 $106 $103 $287.9 $553.5 $198.5 $1,138.2 N/A $2,427.8 $113.4 $134.4 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $545.4 $571.9 $289.2 $1,431.6 N/A $2,510.7 $116.4 $138.9 Average 2.1x 1.9x 2.4x 2.3x N.A. 2.5x 0.9x 0.8x 1.8x FY13 EPS FY14 EPS P/E P/E FY13 FY14 19.9x 19.9x 15.6x 21.0x N.A 23.9x 26.3x N.M. 21.1x

1.1x ($0.27) $2.71 N.M. 1.8x $0.83 $0.96 22.8x 1.6x $0.96 $0.99 16.3x 1.8x $2.49 $2.71 22.8x N.A. N/A N/A N.A. 2.4x $1.62 $1.78 26.4x 0.9x $0.27 $0.22 21.2x 0.7x $0.07 ($0.10) 99.4x 1.5x 34.8x

Source: Thomson Reuters, The Blueshirt Group

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Figure 29: 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 $52.24 $20.48 $49.13 $52.97 $18.99 $77.93 $0.28 $4.65 $43.19 $31.51 $1.07 $73.27 $35.27 $17.38 $88.84 $9.03 $24.73 $28.93 $15.80 $1.44 $60.07 $38.71 Shares Market Enterprise FY13 Out (MM) Cap ($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 12.9 159.2 22.7 101.0 26.0 8.5 35.3 184.5 5046.1 785.9 4440.8 753.4 1128.7 1336.9 42.5 237.7 2057.8 797.3 36.8 5917.7 1380.8 345.6 1153.7 1423.1 562.5 2875.9 404.5 12.2 2114.4 6940.4 FY14 EV / Rev EV / Rev Revenue FY13 FY14 0.5x 1.0x 1.9x 2.5x 1.9x 1.5x N.A. 5.2x 2.2x 2.0x 2.3x 3.1x 0.8x 0.4x 1.4x 1.7x 1.9x 2.3x 1.5x 0.3x 1.5x 2.1x 1.8x 0.5x 0.8x 1.8x 2.3x 1.8x 1.5x N.A. 4.2x 2.1x 1.9x 1.6x 2.9x 0.9x 0.5x 1.5x 1.6x 1.4x 2.2x 1.4x N.A. 1.4x 2.0x 1.7x FY13 EPS FY14 EPS P/E P/E FY13 FY14

$5,324 $10,784.9 $10,450.7 $1,070 $1,099.9 $1,298.0 $4,188 $2,159.7 $2,372.0 $824 $334.0 $359.2 $1,056 $553.5 $571.9 $1,334 $868.5 $910.8 $49 N/A N/A $216 $41.7 $51.2 $2,138 $954.4 $1,036.4 $805 $395.3 $425.3 $89 $38.5 $55.1 $6,278 $2,024.0 $2,132.2 $1,652 $1,952.1 $1,879.4 $436 $1,096.5 $885.5 $996 $698.1 $654.4 $1,931 $1,127.1 $1,210.7 $651 $343.0 $461.0 $4,708 $2,009.7 $2,094.0 $936 $639.7 $684.8 $32 $116.8 N/A $2,161 $1,476.4 $1,548.8 $7,850 $3,790.5 $3,965.0 Average

$5.95 $5.53 8.8x 9.4x $1.29 $1.64 15.9x 12.5x $2.05 $2.31 23.9x 21.3x $1.70 $2.21 31.2x 23.9x $0.83 $0.96 22.8x 19.9x $3.19 $3.94 24.4x 19.8x N/A N/A N.A. N.A ($0.11) $0.02 N.M. N.M. $1.72 $1.96 25.2x 22.1x $1.24 $1.44 25.5x 22.0x ($0.35) ($0.13) N.M. N.M. $3.06 $3.39 23.9x 21.6x $2.29 $1.55 15.4x 22.7x $1.09 ($3.39) 15.9x N.M. $5.56 $4.29 16.0x 20.7x $0.17 $0.33 51.7x 27.1x ($1.45) $0.24 N.M. N.M. $0.97 $1.36 30.0x 21.4x ($9.41) ($0.76) N.M. N.M. $1.39 N/A 1.0x N.A $2.26 $2.87 26.6x 21.0x $1.63 $1.96 23.7x 19.8x 22.5x 20.3x

Source: Thomson Reuters, The Blueshirt Group

Figure 30: 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 $3.63 22.1 79.9 $74 $22.0 $29.7 3.4x 2.5x ($1.55) ($0.49) N.M. N.M. Progressive Wst BIN $24.85 115.2 3140.8 $4,383 $2,024.6 $2,024.9 2.2x 2.2x $1.07 $1.10 23.2x 22.5x Clean Harbors CLH $53.94 60.7 3261.7 $4,415 $3,525.7 $3,739.9 1.3x 1.2x $2.00 $2.64 27.0x 20.5x Covanta Hldng CVA $17.62 130.4 2289.9 $4,507 $1,638.0 $1,598.0 2.8x 2.8x $0.38 $0.40 46.3x 44.5x Casella Waste CWST $5.50 40.0 220.0 $728 $471.0 $488.3 1.5x 1.5x ($0.74) ($0.32) N.M. N.M. Us Ecology ECOL $35.44 21.1 749.0 $780 $199.1 $207.5 3.9x 3.8x $1.75 $1.57 20.3x 22.6x Heritage-crystal HCCI $16.81 18.4 310.1 $302 $284.1 $335.4 1.1x 0.9x $0.26 $0.71 64.2x 23.7x Nuverra Enrntml NES $15.80 26.0 404.5 $936 $639.7 $684.8 1.5x 1.4x ($9.41) ($0.76) N.M. N.M. Perma Fix PESI $3.60 11.4 40.6 $58 $105.3 $72.0 0.5x 0.8x ($0.08) $0.03 N.M. N.M. Shanks Group SKS-LN $116.75 397.7 464.3 $748 $681.4 $634.6 1.1x 1.2x $3.77 $5.51 30.9x 21.2x Severn Trent SVT-LN $1,798.00 238.9 4296.1 $8,682 $1,828.0 $1,874.1 4.7x 4.6x $87.54 $84.99 20.5x 21.2x Veolia Environ VE $17.35 548.9 6965.2 $18,677 $31,042.1 $31,934.0 0.6x 0.6x ($0.05) $0.38 N.M. 46.3x Vertex Energy VTNR $3.45 21.2 76.1 $83 $145.3 $156.8 0.6x 0.5x $0.25 $0.30 13.8x 11.7x Waste Connection WCN $42.94 123.6 5334.6 $7,440 $1,928.2 $2,053.9 3.9x 3.6x $1.78 $2.00 24.1x 21.4x Average 2.1x 2.0x 30.0x 25.6x

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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