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About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
About Peachtree Green Advisors2009
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About Peachtree Green Advisors2009

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Greentech Investment Banking firm Peachtree

Greentech Investment Banking firm Peachtree

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  • 1. 2009 Introduction to PEACHTREE GREEN ADVISORS A Division of Peachtree Media Advisors, Inc. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS
  • 2. Discussion I. About Peachtree Green Advisors II. Clean Tech Defined & Market Trends III. M&A Environment IV. Public Market Company Valuations V. Why Peachtree Green Advisors, Inc. VI. The Peachtree Sale Process This introductory About Us presentation is an evolving work in progress and will be updated frequently GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 2
  • 3. ABOUT PEACHTREE GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 3
  • 4. About Peachtree Peachtree provides investment banking services on growth and smaller middle market transactions in the media, tech and clean-tech/renewable energy sectors Over 22 completed transactions Focus on maximizing value at each stage of the process Substantial insight in core industry markets – 12+ years of focus in media and tech industries Senior level access to leading industry executives, investors and entrepreneurs In-depth technical and financial skills for value-enhancing deal structuring Insight Insight Service Service Focus Focus GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 4
  • 5. About Peachtree Services Capital Raise –– Peachtree has aasubstantial amount of experience helping Capital Raise Peachtree has substantial amount of experience helping companies raise growth and acquisition financing from venture capital and private companies raise growth and acquisition financing from venture capital and private equity firms; equity firms; DOE Grant Advisory ––Peachtree offers unparalleled federal grant writing expertise, DOE Grant Advisory Peachtree offers unparalleled federal grant writing expertise, transforming ideas into optimal proposals that provide the best opportunity to obtain transforming ideas into optimal proposals that provide the best opportunity to obtain government funding; government funding; Mergers and Acquisitions –– Peachtree maximizes value for sell side clients as Mergers and Acquisitions Peachtree maximizes value for sell side clients as well as strategic and financial buyers seeking add-on or platform acquisitions; well as strategic and financial buyers seeking add-on or platform acquisitions; Sales and Divestitures –– Peachtree maximizes value on the sale of properties or Sales and Divestitures Peachtree maximizes value on the sale of properties or the divestiture of non-strategic assets through aacontrolled auction process; and the divestiture of non-strategic assets through controlled auction process; and Strategic Partner/Business Development –– With unprecedented insight into end Strategic Partner/Business Development With unprecedented insight into end user needs, an ability to navigate markets and analyze revenue models, Peachtree is user needs, an ability to navigate markets and analyze revenue models, Peachtree is able to assist lower-middle market companies in developing strategic relationships in able to assist lower-middle market companies in developing strategic relationships in order to drive revenue growth. order to drive revenue growth. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 5
  • 6. ENERGY TRENDS GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 6
  • 7. Energy in the US in 2008 U.S. Fuel Sources Used in Electricity Generaton 2005 Three primary uses of energy Gas Electricity Heat Oil Coal Transportation In 2008, the U.S. consumed 99.2 quadrillion BTUs Nuclear An average of 339.2 million BTU per person (relatively consistent for the past 30 yrs) Hydro Fossil fuels (coal, natural gas, and petroleum) Source: Energy Information Administration 2005 accounted for 84% of this consumption (83.4 quadrillion BTUs) 2008 US Energy Consumption CONSUMPTION BY TYPE (IN QUADRILLION BTUS) COAL 22.5 NATURAL GAS 23.8 PETROLEUM 37.1 NUCLEAR 8.5 RENEWABLE 7.3 SOURCE: EIA, 2009. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 7
  • 8. U.S. Primary Energy Consumption by Source and Sector, 2008 (Quadrillion Btu) 1) Does not include the fuel ethanol portion of motor gasoline—fuel ethanol is included in "Renewable Energy“; 2) Excludes supplemental gaseous fuels; 3) Includes less than 0.1 quadrillion Btu of coal coke net imports; 4) Conventional hydroelectric power, geothermal, solar/PV, wind, and biomass; 5) Includes industrial combined-heat-and-power (CHP) and industrial electricity-only plants; 6) Includes commercial combined-heat-and-power (CHP) and commercial electricity- only plants; 7) Electricity-only and combined-heat-and-power (CHP) plants whose primary business is to sell electricity, or electricity and heat, to the public. Note: Sum of components may not equal 100 percent due to independent rounding. Source: Energy Information Administration, Annual Energy Review 2008, Tables 1.3, 2.1b-2.1f , 10.3, and 10.4. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 8
  • 9. Foreign Dependency on Oil and Price Volatility US consumes 25% of global oil but only produces 3% 58% of US oil consumption is imported from foreign countries This number is expected to grow to 68% by 2025 Finite nature of fossil fuels renders US reluctant to deplete oil reserves What is the long-term outlook of fossil fuels? Source: Energy Information Administration (EIA), Annual Energy Review 2007, June 2008. Foreign dependency causes US to be extremely vulnerable to oil price volatility US is affected by investment and production decisions by OPEC OPEC’s willingness to cut supply to increase or maintain high prices of oil GREEN TECHNOLOGY US ENERGY TRENDS PEACHTREE GREEN ADVISORS 9
  • 10. Greenhouse Gas Emissions Potential carbon reductions The United States accounts for only 4% of the world’s (in MtC/yr in 2030) based on population and produces 25% of its greenhouse gases the middle of the range of carbon conversions Half of our country’s electricity is still produced by burning coal, a rich domestic resource but a major Energy Type MtC/yr contributor to global warming Energy Efficiency 688 Carbon Emissions Concentrating Solar Increased more than 15% between 1990 and 2006 63 Power Must be reduced by 60% by 2030 to effect global Photovoltaics 63 warming (Intergovernmental Panel on Climate Change) Wind 181 Energy consumption is responsible for over 60% of CO2 Biofuels 58 emitted into the atmosphere Biomass 75 Potential regulatory policies to address climate change are Geothermal 83 in various stages of development at the State, regional, and Federal levels Source: ASES, 1/2007 For electric power companies, policy changes could be MtC MegaTons Carbon made to limit or reduce GHG emissions GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 10
  • 11. Less Energy Used in the US in 2008 Americans used more solar, nuclear, biomass and wind energy in 2008 than 2007 The nation used less coal and petroleum during the same time frame and only slightly increased its natural gas consumption Geothermal energy use remained the same Est. U.S. energy use in 2008 equaled 99.2 quadrillion BTUs (“quads”), down from 101.5 quads in 2007 (A BTU or British Thermal Unit is a unit of measurement for energy, and is about 1.055 kilojoules) The chart also shows the amount of energy rejected by the United States Of the 99.2 quads consumed, only 42.15 ended up as energy services Energy services are “things that make our lives better…the energy that makes your a move and the energy that comes out of a light bulb.” (Source: LLNL) The ratio of energy services to the total amount of energy used is a measure of the country's energy efficiency. The remainder, is simply rejected. For example, some rejected energy shows up as waste heat from power plants. Once energy is rejected, it is no longer useful. But more efficient power plants, automobiles and even light bulbs really do reject less energy while providing the same energy services. Source: Lawrence Livermore National Laboratory. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 11
  • 12. Energy use decreased in 2008 versus 2007 Source:  Lawrence Livermore National Laboratory 2009.  Data based on DOE numbers and does not include self‐generated electricity. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 12
  • 13. The drivers that have propelled investment in the sustainable energy The drivers that have propelled investment in the sustainable energy sector for the past five years, however, are still at work ––climate sector for the past five years, however, are still at work climate change, energy insecurity, fossil fuel depletion and new change, energy insecurity, fossil fuel depletion and new technologies. As well, political support remains strong, with an technologies. As well, political support remains strong, with an estimated $180 billion of fiscal stimulus committed to sustainable estimated $180 billion of fiscal stimulus committed to sustainable energy. energy. UN Environmental Program, UN Environmental Program, Global Trends in Sustainable Global Trends in Sustainable Energy Investment 2009 Energy Investment 2009 GREEN TECH  TRENDS GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 13
  • 14. TRENDS Economy Trends & Green Tech Despite global recession, global investment in the sustainable energy grew 5% in 2008 From $148 billion in 2007 to around $155 billion in 2008 Lower interest rates = lower cost of capital Central banks lowering their interest rates has reduced the cost of financing for renewable energy projects Limited financing available though due to credit crisis Growth rate in demand for electricity slipped to 2.4% in 2008 from 2.7% growth in 2007 However, renewable energy’s share of the overall power generation market increased from 3.9% to 4.4% Share prices of clean energy stocks fell almost 70%, more sharply than the overall stock market and has since only made up a fraction of the sell off in 2009 General flight from risk and growth sectors in late 2008 UNEP Sources: www.sefi.unep.org and www.unepfi.org GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 14
  • 15. Policy Drives Increased Use of Renewable Energy Well-developed conditions for innovation, markets for clean energy through public Well-developed conditions for innovation, markets for clean energy through public procurement, energy efficiency standards and stable and simple policies are procurement, energy efficiency standards and stable and simple policies are essential to meet the climate change challenge (UNEP) essential to meet the climate change challenge (UNEP) Strong growth in the use of renewable energy for electricity generation spurred by Renewable fuel standard in the Energy Independence and Security Act of 2007 (EISA2007) Renewable Portfolio Standard (RPS) programs at the State level EISA2007 36 billion gallons of qualifying credits from biofuels to be produced by 2022 (from 4.7 billion gallons in 2007) RPS Requirements In the US, 30 states have developed and adopted renewable portfolio standards, which require a pre-determined amount of a state’s energy portfolio (up to 20%) to come exclusively from renewable sources by as early as 2010 (DOE) GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 15
  • 16. The American Recovery and Reinvestment Act of 2009 The US has one of the largest and most clearly defined stimulus packages with $66 billion in funding available for sustainable energy, energy efficiency and transmission investments * Tax Relief - includes $15 B for Infrastructure and Science, $61 B for Protecting the Vulnerable, $25 B for Education and Training and $22 B for Energy, so total funds are $126 B for Infrastructure and Science, $142 B for Protecting the Vulnerable, $78 B for Education and Source: Recovery.gov Training, and $65 B for Energy GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 16
  • 17. TRENDS American Recovery and Reinvestment Act of 2009 $787bn stimulus package signed February 17, 2009 and includes about $90bn in energy-related funding to encourage development of green technology $60bn of loan guarantees to offset costs manufacturing renewable energy equipment; developing renewable power projects; and building electric transmission lines 30% investment tax credit available for companies that make equipment for renewable energy systems, energy storage equipment, smart grid, energy-efficient lighting, electric transmission and distribution and carbon capture and sequestration Clean energy tax credits extended and "recession proofed" by offering choices in how investors take the credit The ‘bonus’ 50% depreciation extended to the end of 2009 that allows developers to expense a major portion of the projects’ capital costs in the first year GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 17
  • 18. Global Stimulus Spending Allocated to Renewable $184.9 billion in stimulus money from 14 government entities allocated to renewable NEF tallied up all of the spending stimuli from participating government entities and their allocations by renewable energy segment appear below Green Stimulus allocations to Sustainable Energy by Sector, April 2009, % share Source: New Energy Finance GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 18
  • 19. Renewable Energy Sources Still Small Portion 7.3 quadrillion BTUs of renewable energy consumed in 2008 represents 7.4% of total energy (up from 6.8% in 2007) Biomass and Hyrdro represent the overwhelming majority of % of renewable energy consumed in 2008 Solar and Wind are the fastest growing, but remain a small % of energy landscape Renewable Energy Consumption in the Nation’s Energy Supply, 2008 Source: Energy Information Administration, Office of Coal, Nuclear, Electric and Alternate Fuels GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 19
  • 20. Competitive Pricing Helps Drive Use of Renewable Energy Renewable energy technologies are becoming cheaper as they reach scale and operating experience The overwhelming consensus is that wind is competitive with fossil fuels and by far the most commercially viable renewable energy source Although the costs of developing and producing solar energy are falling, solar is still expensive (see next page) Solar is beginning to be competitive in favorable scenarios Grid proximity Location (Southwestern US, California) with abundance of sunshine Tax credits (Source: Lux Research and RenewableEnergyWorld.com) According to the World Economic Forum (WEF) Solar PV electricity costs may become comparable with daytime retail electricity prices in sunny areas within 12 to 36 months GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 20
  • 21. Level-“ized” Energy Cost Comparison by $ per MegaWatt hour Clean Energy and Traditional Technologies – Energy Levelized Cost Range of Levelized Costs of Energy, December 2008, US$/MWh Coal Fired Geothermal $33-74/MWh Natural Gas OCGT Carbon Capture US$ over $100 per and Storage ton of CO2 Geothermal - Flash Plant Uneconomical, per  Onshore wind $89-126/MWh Geothermal - Binary Plant World Economic Forum Offshore wind $158-205/MWh Wind - Onshore Extremely uneconomical  Sugar-based Competitive with oil Wind - Offshore now, but should decrease  ethanol $45 per barrel in half by 2010 Biomass - Municipal Solid Waste Cellulosic and n/a next gen biofuels Solar Thermal - Trough Solar PV - Crystaline Solar thermal $241-299/MWh $0 $100 $200 $300 $400 $500 $600 Solar PV $341-549/MWh US$/MWh Source: New Energy Finance, World Economic Forum, January 2009. Note:  Levelized Cost of Energy (LCOE) allows different energy generation technologies to be compared, taking into  account their cost of production and generation efficiency.  Figures indicate the required range of generation price for  each clean energy technology to be competitive.  Levelized costs exclude any subsidies. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 21
  • 22. Cost comparison analysis renewable energy sources Coal is approx 5 cents per kilowatt-hour Typical Energy Costs Technology Typical Characteristics (U.S. cents/kilowatt-hour) Power Generation Large hydro Plant size: 10 megawatts (MW) - 18,000 MW 3-4 Small hydro Plant size: 10 megawatts (MW) - 18,000 MW 4-7 On-shore wind Turbine size: 1 - 3 MW 5-8 Blade diameter: 60-100 meters Off-shore wind Turbine size: 1.5 - 5 MW 8 - 12 Blade diameter: 70-125 meters Biomass power Plant size: 1 - 20 MW 5 - 12 Geothermal power Plant size: 1 - 100 MW Type: binary, single- and 4-7 double-flash, natural steam Solar PV (module) Cell type and efficiency: single-crystal 17%; polycrystalline 15%; amorphous silicon 10%; thin film 9-12% Rooftop solar PV Peak capacity: 2-5 kilowatts-peak 20 - 80 Concentrating solar thermal Plant size: 50-500 MW (trough), 10-20 MW 12 - 18 power (CSP) (tower); Types: trough, tower, dish Source: Ren21.net compiled from IEA and various sources. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 22
  • 23. Cost comparison analysis renewable energy sources Price of a barrel of crude at $72.54 and national average of $2.62 per gallon of gas (Sep 2009) One gallon = 3.7854118 liters, which is ~ 69 cents per liter Typical Energy Costs Technology Typical Characteristics (U.S. cents/kilowatt-hour) Hot Water/Heating Biomass heat Plant size: 1-20 MW 1-6 Solar hot water/heating 2 2 2 - 20 household Size: 2-5 m (household); 20-200 m (medium/multi-family); 0.5-2 MWth (large/district 1 - 15 medium heating); 1-8 large Types: evacuated tube, flat-plate Geothermal heating/cooling Plant capacity: 1-10 MW; Types: heat pumps, 0.5 - 2 direct use, chillers Biofuels Ethanol Feedstock: sugar cane, sugar beets, corn, 25-30 cents/liter (sugar) cassava, sorghum, wheat (and cellulose in the 40-50 cents/liter (corn) future) gasoline equivalent Biodiesel Feedstock: soy, rapeseed, mustard seed, palm, 40-80 cents/liter jatrapha, or waste vegetable oils (diesel equivalent) Source: Ren21.net compiled from IEA and various sources. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 23
  • 24. Solar Solar photovoltaics (PV) convert light into electricity using semiconductor materials Remains less than 0.1% of US energy consumption Disadvantages: High cost and inconsistency Cost of silicon is decreasing, lowering costs of solar energy and driving demand from project developers and rooftop systems Spot silicon prices have fallen from $332/kg in Oct 2008 to $136/kg in Mar 2009 (New Energy Finance) While manufacturers’ margins are squeezed, the cost of generating solar power is cheaper GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 24
  • 25. Solar PV is expected to dramatically reduce costs through new technologies, increased manufacturing scale, a decrease in the price of silicon PV is also expected to break into new areas of energy demand over the coming decades PV is a gateway or distribution channel for storage, efficiency, smart grid metering and other enabling technologies Stand-Alone PV System (Off Grid) Grid Connected PV System Diagram of a typical AC, battery- based system. Source: DOE. Source: DOE. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 25
  • 26. Solar Solar PV Technology Gaps Continued scale-up of entire crystalline silicon supply chain; process engineering to reduce costs Mass manufacture of scalable, high-efficiency thin film on flexible substrates Jump to next generation of super-efficient cells Bottlenecks Capital Access to transmission grid Refined silicon, formerly bottleneck about to go into oversupply Solar Thermal Tech Gaps and Bottlenecks Proof of concept for most up-and-coming technologies Availability of steam turbines Links to transmission grid Permitting A parabolic trough is the most widely  Source: New Energy Finance. deployed type of solar thermal power plant  GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 26
  • 27. Wind In 2008, wind projects generated 1.3% of U.S. electricity Over 8,500 megawatts (MW) of new wind power capacity brought online, increasing the U.S. cumulative total by 50% to over 25,300 MW U.S. Wind Capacity Growth (1981-2008) 25,000 20,000 Capacity MW 15,000 10,000 5,000 0 84 3 87 6 90 9 93 2 5 96 97 98 99 00 01 02 03 04 05 06 07 08 19 98 19 98 19 98 19 99 99 19 19 19 19 20 20 20 20 20 20 20 20 20 -1 -1 -1 -1 -1 81 19 Net Capacity Additions Cumulative Capacity Source:  American Wind Energy Assoc  2009. GREEN TECHNOLOGY WIND PEACHTREE GREEN ADVISORS 27
  • 28. Wind U.S. on pace to generate 20% of the nation’s electricity by 2030 from wind energy (American Wind Energy Association) Turbine pricing continues to decrease and the emergence of secondary turbine markets are enabling higher expected rates of return Technology Gaps Onshore Power storage (to reduce impact of intermittency) Existing technology adequate, drive train improvements required to increase reliability and decrease costs Ever-larger turbines Weakness of electricity grid Offshore Reliability of offshore turbines still a key concern New dedicated marinized technology at larger scale being rolled out over next 5 years Source: New Energy Finance. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 28
  • 29. Biofuel Biodiesel is renewable, nontoxic, and biodegradable Produced from agricultural resources such as vegetable oils Biofuels blend with gasoline or diesel to make them cleaner-burning to reduce emissions or used as a direct substitute Food vs. Fuel WEF estimates that biofuels can increase from current 1% to 5% of transport fuels without impacting food availability Global Biofuel Market Analysis US Ethanol and Biodiesel Production, 2000-2007 Global ethanol production will grow at a CAGR of 6.04% during 2009-2018 to reach 33,895 million gallons Source: REN21, 2007 GREEN TECHNOLOGY BIOFUEL PEACHTREE GREEN ADVISORS 29
  • 30. Ethanol The period 2004-2006 saw US investment in biofuels soar, with $9.2 billion pouring into the sector (World Economic Forum) Most flowed into corn-based ethanol Disadvantage: corn is a food staple and feedstock around the world Brazilian sugar cane-based ethanol is competitive with oil at $40 per barrel No shortage of land (deforestation) without jeopardizing food production Source: DOE. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 30
  • 31. Biomass and Waste to Energy Biomass – Energy from plant and animal matter Rural: agricultural waste, forest products waste, collected fuel wood and animal dung burned in furnaces to provide heat energy for cooking, heating and industrial processing 200+ producers of biomass power product in the US More than two-thirds use forest products, and just under one-third use landfill gas as the primary fuel source Modern biomass consists of new technologies such as biomass co-generation for power and heat, biomass gasification, biogas anaerobic digesters and liquid biofuels for vehicles Waste-to-Energy Plants: similar to coal fired plants except use garbage instead of coal to create high pressure heat steam to generate electricity through a turbine Disadvantages: Environmental cost GREEN TECHNOLOGY BIOMASS PEACHTREE GREEN ADVISORS 31
  • 32. Geothermal & Hydro Geothermal is 0.3% of US energy consumption Geothermal energy is produced by drilling into the earth and using steam or hot water to heat a building or generate electricity Recent advances mean that geothermal energy can play an increasing role worldwide New drilling techniques tap into resources previously too deep to access New ways of extracting useful power from lower temperature geothermal fields allow productive use of resources that could not have been used economically in the past Hydro, Ocean, and Tidal are 2.4% of US energy consumption Hydro is power generated from water, primarily from large-scale dams Accounts for approximately 20% of global energy production Disadvantage: potential impact on wildlife and agriculture downstream from the dam Tidal and wave power are being developed on a much smaller scale Tidal power harnesses the energy of either currents created by the tides Wave power is in a much earlier stage of development than the technology for harnessing tidal power GREEN TECHNOLOGY GEOTHERMAL PEACHTREE GREEN ADVISORS 32
  • 33. Enabling Technologies Enabling technologies influence the way energy is distributed, stored and consumed These investment opportunities are critical to shifting to a low-carbon energy system Four key enablers for a shift to clean energy are: Energy efficiency The cheapest way to reduce CO2 is to use less energy Smart grids Decentralized power supply that fluctuates with demand-side applications and software for energy management Energy storage Both hybrid cars and bulk storage for homes to balance short term grid fluctuations Carbon capture and storage Removing CO2 from processes that utilize fossil fuels for power or industrial applications, then trapping it in subsurface geological formations or using the gas for other purposes Limited government incentives GREEN TECHNOLOGY ENABLING TECHNOLOGIES PEACHTREE GREEN ADVISORS 33
  • 34. Energy Efficiency The quickest way to reduce greenhouse emissions is to close the gap between energy demand and energy supply through energy efficiency McKinsey Global Institute reported $170 billion in efficiency investments that could return and average of 17% IRR per year for investors Policy is still needed to drive/change consumer and business behavior Energy efficiency standards, regulations and incentives Energy efficiency sectors of opportunity Industrial sector (49%) Residential (23%) Transportation (15%) Commercial (15%) - Source: World Economic Forum. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 34
  • 35. ENABLING EFFICIENCY SMART GRID STORAGE CARBON Smart Grid The US electric grid - the power infrastructure - is overtaxed and rapidly running up against limitations Smart (or Smarter) Grid Comparable to the construction of the interstate highway system or the development of the Internet Why? Reliability (period) The Northeast blackout of 2003 resulted in a $6 billion economic loss to the region (DOE) Smart Grid Technology Focuses On… Ensuring reliability to degrees never before possible Maintaining affordability Reinforcing US global competitiveness Fully accommodating renewable and traditional energy sources Potentially reducing our carbon footprint GREEN TECHNOLOGY ENERGY EFFICIENCY PEACHTREE GREEN ADVISORS 35
  • 36. Smart Grid It’s all about integration Integrating a variety of technologies aimed to optimize energy supply and demand Modern Grid: A System of Integrated Technologies There are no “silver bullets”; the very act of looking for them costs money The answer is a “silver buckshot” (DOE) Analysis showed that significant modernization results from smartly integrating suites of technology that deliver the principal characteristics, which improve grid performance Sensing and Advanced Control Improved Interfaces & Measurement Methods Decision Support IC IC IC Advanced Components IC = Integrated Communication Source: (National Energy Technology Laboratory) GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 36
  • 37. ENABLING EFFICIENCY SMART GRID STORAGE CARBON Energy Storage Batteries and energy storage technologies become key enablers Intermittent reality of many renewable energy and emerging energy technologies Policy: Electric Drive Battery and Component Manufacturing Initiative As of July 2009, more than 100 companies applied $2.4 billion set to be divided into 32 to 35 grants in seven different categories The cost of storing 1MWh of electricity ranges from $50 to $180 Though energy storage is currently expensive, it can increasingly be used to smooth the supply of power or to bridge the gap between peak and night-time electricity rates Batteries & Flywheels Plug-in hybrids (PHEVs) will most likely use lithium ion batteries Sodium sulfur batteries implemented for peak power load leveling and storage of intermittent wind energy Flywheels are being explored as an option for high power density applications, such as balancing short-term grid fluctuations GREEN TECHNOLOGY ENERGY EFFICIENCY PEACHTREE GREEN ADVISORS 37
  • 38. GREEN TECH  M&A ENVIRONMENT GREEN TECHNOLOGY MERGERS AND ACQUISITIONS PEACHTREE GREEN ADVISORS 38
  • 39. Global M&A Trends Acquisition transactions by type, 2002-2008, $ According to New Energy Finance, Global billions M&A dropped 16% in 2008 The $21.7 billion in M&A in 2008 is significantly down from $25.9 billion in 2007 Clean tech M&A was curbed by global credit crisis (access to acquisition capital limited) The majority of change of control transactions were asset acquisitions or refinancing transactions A decrease in VCs exiting into the public markets (low valuations) Source: New Energy Finance Slight increase in private equity buy- outs in 2008 as well Peachtree Media Advisors, Inc. is currently building its internal transactions database for its Green Tech M&A Round Up 2009 Report focusing on U.S. transactions only GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 39
  • 40. Global M&A Trends Acquisition transactions by technology, 2008, and growth on 2007, $ billions Wind experienced the lion’s share of the volume of M&A transactions in 2008 Consolidation swept through Europe’s wind market (UNEP) In 2008, the 42 transactions in the wind sector represented 38% growth over 2007 Solar had 11 transactions globally, representing a 29% increase over the previous year Biofuel transaction volume decreased by Note: Total values include estimates for undisclosed deals 38% to five transaction in 2008 Source: New Energy Finance, UNEP SEFI Manufacturing and technology supply chain acquisitions In 2008, 29.5% of all renewable energy deals were for such assets – up from11% in 2007 (source New Energy Finance) Companies seeking to secure an end-to-end supply chain footprint E-mail JohnD@PeachtreeGreenAdvisors.com to receive the 2009 Green Tech M&A Round Up Report in January 2010 GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 40
  • 41. Global M&A Trends Global Acquisition transactions by sector. 2002-2008, Solar was the only sector to see an $ billions increase in M&A spending Solar increased 60% from $4 billion in 2007 to $6.4 billion in 2008 Biofuels had the largest decrease Biofuels decreased 27% from $2.6 billion in 2007 to $1.9 billion in 2008 Equipment manufacturing had the largest level of M&A activity ($9.4 billion) Deals targeting developers saw the largest increase ($7.3 billion in 2008 and increase of 156% over 2007) Source: New Energy Finance M&A activity is likely to increase as well-capitalized players take advantage of lower energy company valuations and some distressed opportunities Factors the will drive M&A are increasing valuations, an improving economy (demand for energy) and a the continuation of favorable renewable energy policies GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 41
  • 42. Venture Capital & Private Equity Global VC/PE new investment by stage, 2002 - 2008, $ billions VC/PE invested $19.3 billion in renewable energy and energy efficiency companies in 2008, an increase of 43% compared with 2007 The majority of global transactions in the renewable sector were PE expansion capital investments Globally, more than 500 funding rounds too place during 2008 VCs were more active in the second and third quarters of 2008 with a sharp decline in Q4 2008 AVA Solar $104m Series B round led by DCM Venture Capital Early-stage investment in biofuels was Note: Buy-outs are not included as new investment. Total focused on firms exploring ground- values include estimates for undisclosed deals. breaking technologies Source: New Energy Finance, UNEP, SEFI. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 42
  • 43. Venture Capital & Private Equity Financial new investment by technology, 2008, and growth on Leading sustainable energy sectors 2007, $ billions Wind attracted the highest amount of new investment $52 billion The most mature and best – established sustainable energy generation technology Solar received $34 billion of new investment, up 49% over 2007 Biofuels received $17 billion of new investment, down 9% from 2007 Note: New investment volume adjusts for re-invested equity. Total values include estimates for undisclosed deals Source: New Energy Finance, UNEP SEFI GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 43
  • 44. Total Transaction Value New Investment in Sustainable Energy, 2002-2008 $ billion In 2008, total global transaction value in the renewable energy sector was $155 billion, representing a 5% increase over 2007, according to NEF and UNEP The increase in total transaction value of 5% was well below the 59% increase in 2007 over 2006 UNEP Source: www.unepfi.org S/RP = small/residential projects. New investment volume adjusts for re- invested equity. Total values include estimates for undisclosed deals NEF Source: www.newenergyfinance.com Source: New Energy Finance GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 44
  • 45. U.S. Green Tech M&A Trends GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 45
  • 46. 2008 M&A Activity Greentech transaction volume was 2008 Greentech M&A Transaction Volume (#) and Value ($mil) resilient in first half of 2008 amidst a credit crisis and economic downturn Segment Transactions Value Solar 89 $3,461 Drop off after Sep 2008 Biofuel 69 2,016 Biomass 8 255 In 2008, Solar and Biofuel were the Hydro, Ocean Tidal 4 1,915 two largest segments Geothermal 8 167 More than half of total combined Wind 21 777 Diversified Renewables 13 164 deal volume in the sector (55%) Smart Distribution 11 274 Solar power and biofuel producers Energy Storage 16 291 require more capital to build Energy Efficiency 43 507 Carbon Capture and Sequestration 4 27 production facilities Hydrogen and Fuel Cell 6 78 These two segments secured Total 292 $9,932 twelve raises exceeding $100 Source: Peachtree Media Advisors, Inc. million in 2008 GREEN TECHNOLOGY TYPES OF ALTERNATIVE ENERGY PEACHTREE GREEN ADVISORS 46
  • 47. 2009 M&A Activity In the first seven months of 2009, 101 transactions were completed for a reported $2.29 billon in deal value versus 171 transactions and $4.90 billion for the same period in 2008 Deal volume declined 40.9% and deal value declined 53.3% in the 1st seven months of 2009 vs 2008 Average deal size decreased as well in this same period comparison Transaction Volume by Segment in First Seven Months Transaction Value by Segment in First Seven Months ($mil) 1st 7 mo. 1st 7 mo. Segment 2009 2008 Segment 2009 2008 Solar 29 51 Solar $877 $1,909 Biofuel 19 48 Biofuel 644 1,598 Biomass 5 5 Biomass 57 33 Hydro, Ocean Tidal 2 1 Hydro, Ocean Tidal 22 3 Geothermal 0 3 Geothermal 0 94 Wind 7 14 Wind 41 655 Diversified Renewables 2 5 Diversified Renewables 7 43 Smart Distribution 6 6 Smart Distribution 94 73 Energy Storage 7 8 Energy Storage 252 124 Energy Efficiency 21 25 Energy Efficiency 223 330 Carbon Capture and Sequestration 1 2 Carbon Capture and Sequestration 50 14 Hydrogen and Fuel Cell 2 3 Hydrogen and Fuel Cell 21 27 Total 101 171 Total $2,288 $4,904 Source: Peachtree Media Advisors, Inc. Source: Peachtree Media Advisors, Inc. GREEN TECHNOLOGY TYPES OF ALTERNATIVE ENERGY PEACHTREE GREEN ADVISORS 47
  • 48. Venture Capital & Private Equity VCs less willing to take risks on early-stage pre-profitable businesses Significantly longer time to get to commercialization, if at all The impact of the Recession ‘08 on clean tech – people less receptive to new technologies during a downturn VCs (and nearly everyone else) retrenched to positions where they felt more comfortable VCs moved down the value chain to later-stage investment opportunities Lower valuations and a down M&A market limited exit opportunities Without a clear exit strategy (healthy buyers), VCs are hesitant to fund start ups Large UK investors APAX and 3i recently announced that they were abandoning early-stage investments GREEN TECHNOLOGY MERGERS AND ACQUISITIONS PEACHTREE GREEN ADVISORS 48
  • 49. Public Market Company Valuations GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 49
  • 50. Greentech Public Market Values Comparable Public Company Multiples ($ millions, except multiples) LTM LTM Rev EBITDA Company Market Cap Total Debt Cash EV Revenue EBITDA Mulitple Multiple SOLAR Akeena Solar, Inc. 38 1 3 36 36 (22) 1.0x n/a EMCORE Corporation 107 16 15 108 246 (42) 0.4x n/a Energy Conversion Devices, Inc. 730 316 423 624 351 77 1.8x 8.1x Evergreen Solar Inc. 381 314 57 639 145 (39) 4.4x n/a First Solar, Inc. 16,355 228 625 15,958 1,468 626 10.9x 25.5x GT Solar International, Inc. 1,039 0 94 945 535 170 1.8x 5.6x Premier Power Renewable Energy, Inc. 98 0 3 95 44 (0) 2.1x n/a SunPower Corporation 2,672 468 149 2,990 1,375 242 2.2x 12.3x Suntech Power Holdings Co. Ltd. 2,561 1,717 508 3,770 1,924 224 2.0x 16.8x MEAN 3.0x 13.7x BIOFUEL Bluefire Ethanol Fuels, Inc. 39 0 2 38 1 (13) 33.3x n/a Green Plains Renewable Energy, Inc. 110 337 54 393 473 4 0.8x 99.5x Verenium Corporation 59 126 16 169 69 (65) 2.5x n/a MEAN 12.2x 99.5x WIND Broadwind Energy, Inc. 883 41 6 918 235 (1) 3.9x n/a MEAN 3.9x - Sources: CapitalIQ; Company SEC Filings. Stock Price 7-29-09. GREEN TECHNOLOGY PUBLIC MARKET VALUES PEACHTREE GREEN ADVISORS 50
  • 51. Greentech Public Market Values Comparable Public Company Multiples ($ millions, except multiples) LTM LTM Rev EBITDA Company Market Cap Total Debt Cash EV Revenue EBITDA Mulitple Multiple BIOMASS Covanta Holding Corporation 2,371 1,982 159 4,193 1,634 504 2.6x 8.3x MEAN 2.6x 8.3x GEOTHERMAL LSB Industries Inc. 331 102 52 381 739 69 0.5x 5.5x Ormat Technologies Inc. 1,737 465 43 2,159 375 132 5.8x 16.3x WaterFurnace Renewable Energy, Inc. 255 0 6 249 138 24 1.8x 10.4x MEAN 2.7x 10.7x EFFICIENCY AeroVironment, Inc. 595 0 102 494 236 38 2.1x 13.1x Composite Technology Corporation 76 8 3 81 62 (35) 1.3x n/a Comverge, Inc. 225 30 28 227 78 (12) 2.9x n/a Echelon Corporation 298 26 29 296 117 (24) 2.5x n/a EnerNOC, Inc. 487 5 54 437 106 (29) 4.1x n/a Lime Energy Co. 52 8 9 51 69 (7) 0.7x n/a Orion Energy Systems, Inc 79 4 36 47 73 2 0.6x 27.1x PowerSecure International, Inc. 78 6 23 61 122 10 0.5x 6.2x MEAN 1.9x 15.5x HYDRO, OCEAN & TIDAL Ocean Power Technologies, Inc 71 0 8 63 5 (20) 14.0x n/a MEAN 14.0x - Sources: CapitalIQ; Company SEC Filings. Stock Price 7-29-09. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 51
  • 52. Greentech Public Market Values Comparable Public Company Multiples ($ millions, except multiples) LTM LTM Rev EBITDA Company Market Cap Total Debt Cash EV Revenue EBITDA Mulitple Multiple ENERGY STORAGE Advanced Battery Technologies Inc. 215 0 34 182 46 19 4.0x 9.6x Axion Power International Inc. 38 0 3 34 1 (8) 43.4x n/a Ener1, Inc. 758 27 4 781 15 (35) 52.2x n/a EnerSys 929 436 105 1,260 2,162 215 0.6x 5.8x Kinder Morgan Management LLC 3,674 0 - 3,674 NA NA n/a n/a Polypore International Inc. 466 793 96 1,163 574 148 2.0x 7.8x Ultralife Corp. 123 22 1 144 245 19 0.6x 7.5x Valence Technology Inc. 268 54 8 313 29 (15) 10.7x n/a MEAN 16.2x 7.7x WASTE MANAGEMENT American Ecology Corp. 349 0 24 325 165 41 2.0x 8.0x Casella Waste Systems Inc. 64 582 3 643 576 121 1.1x 5.3x Waste Management, Inc. 13,574 8,789 947 21,416 12,932 3,390 1.7x 6.3x MEAN 1.6x 6.5x DIVERSIFIED RENEWABLE Energy Composites Corporation 189 7 3 194 10 (1) 19.6x n/a GreenHunter Energy, Inc. 20 71 1 90 8 (31) 11.3x n/a Satcon Technology Corporation 107 6 7 106 66 (13) 1.6x n/a MEAN 10.8x - OVERALL RENEWABLE MEAN 6.6x 15.3x Sources: CapitalIQ; Company SEC Filings. Stock Price 7-29-09. OVERALL RENEWABLE MEDIAN 2.1x 8.2x GREEN TECHNOLOGY PUBLIC MARKET VALUES PEACHTREE GREEN ADVISORS 52
  • 53. Greentech Public Market Values Comparable Public Company Multiples ($ millions, except multiples) LTM LTM Rev EBITDA Company Market Cap Total Debt Cash EV Revenue EBITDA Mulitple Multiple DIVERSIFIED ENERGY Avista Corp. 859 1,166 36 1,990 1,668 286 1.2x 7.0x Calpine Corp. 5,467 10,475 1,626 14,316 9,663 1,804 1.5x 7.9x Chevron Corp. 131,927 12,194 9,150 134,971 225,440 43,543 0.6x 3.1x ConocoPhillips 67,574 29,379 802 96,151 202,079 35,355 0.5x 2.7x Exelon Corp. 31,548 13,164 2,149 42,563 19,064 7,043 2.2x 6.0x IdaCorp, Inc. 1,086 1,512 89 2,508 976 305 2.6x 8.2x Integrys Energy Group, Inc. 2,075 2,941 332 4,684 13,259 473 0.4x 9.9x PNM Resources Inc. 804 1,715 70 2,448 1,981 248 1.2x 9.9x Progress Energy Inc. 9,847 12,365 632 21,580 9,543 2,797 2.3x 7.7x Rentech, Inc. 100 106 63 143 202 (16) 0.7x n/a Sunoco Inc. 3,557 2,513 206 5,864 45,230 2,155 0.1x 2.7x The AES Corporation 6,340 17,957 1,267 23,030 15,367 4,169 1.5x 5.5x Valero Energy Corp. 11,552 7,576 1,715 17,413 104,167 5,411 0.2x 3.2x Wisconsin Energy Corp. 4,428 4,887 17 9,297 4,396 1,078 2.1x 8.6x Xcel Energy Inc. 7,810 8,564 301 16,072 10,870 2,385 1.5x 6.7x Syntroleum Corp. 168 0 17 151 24 5 6.4x 33.2x MEAN 1.6x 8.2x OVERALL MEAN 5.1x 12.2x Sources: CapitalIQ; Company SEC Filings. Stock Price 7-29-09. OVERALL MEDIAN 2.0x 7.9x GREEN TECHNOLOGY PUBLIC MARKET VALUES PEACHTREE GREEN ADVISORS 53
  • 54. The WilderHill New Energy Global Innovation Index (NEX) NEX is a benchmark index of 88 clean energy stocks In late 2008, the index dropped 291 points or 68.8% in the six month period between Jul 2008 and Dec 2008 The index has since recovered and appears to have an upward trajectory GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 54
  • 55. WHY PEACHTREE? GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 55
  • 56. Why Peachtree Media Advisors? A small investment bank with a global network Extensive knowledgebase of companies in the clean energy sector More than 20 closed transactions Specialization in the rapidly growing clean tech and Interactive media sectors Personal relationships with digital media, tech and green tech investors A growing global network of investor contacts (U.S., Brazil, China, Australia and the UK) Extensive tracking of all strategic buyers, investors and transactions in clean tech sector Combining investment banking expertise with Department of Energy Grant writing Substantially better service and lower fees than competition Expert M&A Advisory practice for smaller and mid-size technology companies Financial advisory services for green tech – project finance, debt, lease financing, partnerships, venture capital and Department of Energy grant writing Competition is unwilling to navigate outside of comfort zone A growing team with a solid reputation in new media, technology and now green tech GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 56
  • 57. THE PEACHTREE M&A SALE PROCESS GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 57
  • 58. Peachtree Transaction Process Five primary phases (4 to 6 month process) Information memorandum Marketing/expressions of interest Management presentations Due diligence/letter of intent Final negotiations/close GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 58
  • 59. Information memorandum – Month 1 Initial information request Develop strategic positioning Most compelling investment merits Highlight buyer interests Create information memorandum Exec Summary Investment Merits Market Served Products & Services Operations Growth Opportunities Finance Management & Organization Buyer target list GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 59
  • 60. Marketing/expressions of interest – Months 2 and 3 Initial contact with senior level decision makers Non-disclosure agreement Dissemination of information memorandum Process letter requesting non-binding expression of interest Terms Initial valuation Preliminary deal structure Source of capital Review bids GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 60
  • 61. Management presentations – Month 4 Select/invite prospects to go to the next round Management presentation An informative presentation given by management to select bidders Q&A session Discussion of process and next steps Second round process letter sent to management presentation attendees Request for Letter of Intent (LOI) Terms of deal structure Indicate initial terms of purchase and sale agreement Bidder proposed capital structure GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 61
  • 62. Due Diligence – Month 5 Due diligence Continued discussion with management via conference call Extensive review of data room, legal documents, agreements and operating contracts GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 62
  • 63. Letter of Intent/Final Negotiation/Closing – Month 6 Review of LOIs Comparison of final bids Final negotiations with top bidders Choosing the final bidder Confirmatory due diligence Closing GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 63
  • 64. About John Doyle Established by John Doyle, Peachtree Media Advisors, Inc. serves the interactive marketing, digital and out-of-home sectors of media. Mr. Doyle has more than twelve years of media investment banking experience, having worked as a senior level investment banker at Veronis Suhler Stevenson and JEGI. After graduating from Dartmouth College In 1995 with a double major of Engineering and Economics, Mr. Doyle specialized in the business information services and specialty media and marketing services at Veronis Suhler Stevenson (VSS). While at VSS, Mr. Doyle performed M&A advisory services to sell-side and buy-side clients, in addition to developing platform acquisition strategies, performing leveraged buy out analysis and conducting due diligence for the VSS private equity funds. In 2000, Mr. Doyle successfully launched a digital production company in Los Angeles, CA, developing both online and offline digital content. In 2001, the company transitioned to focusing solely on raising money for offline film and television projects. Mr. Doyle has worked with Conde Nast, Fox Cable Networks, 20th Century Fox, Writers & Artists Agency and Revolution Studios. In 2004, Mr. Doyle returned to media investment banking with The Jordan, Edmiston Group, Inc. His primary responsibilities included developing qualitative and quantitative analytical materials at each phase of the M&A transaction process. Highly experienced in valuing, analyzing and positioning media businesses, Mr. Doyle was responsible for closing more than ten media M&A transactions. Peachtree Media Advisors, Inc. was established to serve the merger and acquisition advisory needs of the interactive marketing, digital consumer and out-of-home sectors of media. With a substantial amount of media operations and investment banking experience, Mr. Doyle is able to deliver expert advice in valuing new media assets, positioning companies during the sale process, developing information memoranda to send to potential buyers or investors, coaching management through presentations, developing bids/deal structure analysis and managing the due diligence process to closing. GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 64
  • 65. Peachtree Green Advisors A Division of Peachtree Media Advisors, Inc. August 2009 50 Vanderbilt Ave., #30 New York, NY 10017 T: (212) 570-1009 F: (646) 607-1786 www.PeachtreeGreenAdvisors.com ▪ JohnD@PeachtreeGreenAdvisors.com GREEN TECHNOLOGY PEACHTREE GREEN ADVISORS 65

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