Alternative Energy Investments By Public Utility Companies Creates William Smith Special Opportunities Research Fund Stock Winners

• On 10:38 am EST, Tuesday November 10, 2009

67 WALL STREET, New York - November 10, 2009 - The Wall Street Transcript has just published its Alternative Energy/Clean Energy/Power Generation/Utilities Report offering a timely review of the sector to serious investors and industry executives. This 98 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Long Term Perspective on Alternative Energy Industry -- Leading Indicators for Alternative Energy Components Companies -- Mergers and Acquisitions in the Alternative Energy Industry -- Break Even Business Fundamentals for Carbon Free Energy Providers -- Development of Carbon Free Energy Production Infrastructure -- NAT GAS Act -- New Players in the Alternative Energy Industry -- Solar Power Cell Manufacturers Market Strategy -- Demand Response for Raw Materials for Solar Cell Production -- Alternative Energy Investment Opportunities -- Multiple Stock Winners in Carbon Free Production Industry -- Government Funding of Alternative Energy Power Providers -- Chinese Solar Energy Companies -- Alternative Energy Hedge Fund Investors -- Commodity Cycles -- Determinants of Market Valuations in the Alternative Energy Production Industry -- Carbon Emissions Statistics -- Energy Efficiency Statistics -- Innovations in Solar and Wind Power Generation -- Business Economics for Methane Based Power Generation -- Electric Vehicles Projections and Statistics-- Cap and Trade Projections and Statistics -- Development of Battery Technology -- Regulatory Environment Developments for Solar, Wind, and Alternative Energy -- Hybrid Vehicles Development and Sales Projections

Companies include: Tanfield (TAN.L); Smith Electric Vehicles U.S.; Valence (VLNC); Spire (SPIR); Newport (NEWP); MYR Group (MYRG); Primoris (PRIM); Tetra Tech (TTEK); EnerNOC (ENOC); Comverge (COMV); EnergyConnect (ECNG.OB); Calgon Carbon (CCC); and Ener1 (HEV); Westport Innovations (WPRT); Clean Energy Fuels (CLNE); Fuel Systems Solutions (FSYS); FuelCell Energy (FCEL); FEI Company (FEIC); Veeco (VECO); AT&T (ATT); Landi Renzo (LR.MI); Teleflex (TFX); Royal Dutch Shell (RDS.A); Wal-Mart (WMT); Pepsico (PEP); FuelMaker; Chevrolet; GM; Honda (HMC); Itron (ITRI); Siemens (SI); American Superconductor (AMSC); GE (GE); and ABB (ABB);

In the following brief excerpt from just one of the 25 in depth interviews in the 98 page report, top tier research analysts discuss the outlook for the sector and for investors.

Edward A. Einboden is a Senior Research Analyst with Wm Smith Special Opportunities Research Company, an affiliate of Wm Smith & Co. He has been with the firm since 2007 and covers alternative energy, retail and manufacturing. Mr. Einboden previously worked as a Research Associate at RBC Capital Markets and as a Research Assistant at OppenheimerFunds. He has a B.S. degree in finance from the Monfort College of Business, University of Northern Colorado, and is a member of the CFA Society of Colorado.

Robert Young is a Research Analyst with Wm Smith Special Opportunities Research Company, an affiliate of Wm Smith & Co. He has been with the firm since 2007 and covers alternative energy, consulting, infrastructure, paper products and metals. Mr. Young was previously a Consultant for FTI Consulting, where he worked on bankruptcy litigation, M&A and performance improvement engagements. Mr. Young has a bachelor's degree in finance with a minor in accounting and an MBA from the University of Denver.

TWST: Since Obama took office, there has been a lot of discussion about alternative energy. To what extent do you think we will see a tangible benefit for the industry?

Mr. Einboden: I would say that our perspective would be the administration is putting its first foot forward and helping the chicken-and-the-egg scenario. That includes encouraging adoption and the economies of scale that are associated with alternative energy. This includes batteries, vehicles, or construction of wind and solar cells, towers and the like, along with the infrastructure that is associated with it. The administration needs to support that effort and encourage the beginning of that process. It has brought to light the fact that this is a movement we need to address in the near term, and it's okay to discuss our alternatives. There are a lot of conferences that have gone on and a lot of incentives that are in place for companies to embrace this technology, where it otherwise may be too capital intensive for them to adopt or not as comfortable for senior management to adopt in this tough environment. I think the administration, at the very least, has put on the forefront of people's mind the idea that people should address this issue and should be addressing this issue. Even if they are not putting capital to work presently, they have a plan in place. The administration has done a very good job on bringing it to the forefront. The question is, "When will some of this money be pushed out and to what extent the companies will receive that money so they can make the volume changes that they need to drive down the costs for consumer vehicles, or make the infrastructure stable for us to adopt this technology?" I think that's the extent that we want to see. The latter part of the stimulus scenario is yet to be seen. But some of the people we talk to and, including our outlook, continue to be optimistic that the money is coming down the road.

Mr. Young: And then from a topside view, tax legislation stemming from CO2 emissions will likely struggle during the current environment given the level of cost increases to the general public. However, we certainly see conventional fuel coming under pressure at the possibility of CO2 emission taxes over the long term.

TWST: How would you assess the level of investor interest in the industry right now?

Mr. Einboden: Personally, I think there is a lot of interest in the battery, electronic drivetrain, and also the commercial vehicle and consumer auto manufacturer side. People are trying to become comfortable with what battery technology is out there, what technology is useful for hybrid and PHEV, and the electric vehicle side of things. I think from the investment side, we've seen the performance of stocks - or specifically interest in the purchase of them, deals more with the infrastructure side - something where we know there needs to be capital structure improvement, including supporting the infrastructure, distribution and the transmission. I think that's where lot of the investor interest is right now. For people trying to become comfortable with the technology that's out there and get their head around that, there has been a lot of interest in solar, the battery side, the consumer vehicles side, the commercial vehicles side and the like. And I'll let Rob talk more about the other side.

Mr. Young: There are so many technologies out there, whether it's in batteries, solar or wind. I think that what investors are looking at right now, at least from my side, is getting a grasp of what's an inevitable change. I've seen the greatest interest thus far with the transmission and distribution infrastructure buildout as leading indicators. So that would be companies like MYR Group and Tetra Tech from our coverage list.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 98 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

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