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CLEAN ENERGY FUND HELPS LAUNCH SOLAR-POWER-EQUIPMENT COMPANY

ROCKY HILL, Conn.,Aug 8, 2000 — The Connecticut Clean Energy Fund (CEF), a capital-investment fund managed by Connecticut Innovations, today announced it has provided seed funding to a start-up company focused on portable solar power systems.

The new company, Solar Dynamics, Inc., will develop, manufacture and distribute portable power systems involving primarily photovoltaic (solar) technology. Its initial product is the Solar Power Companion (SPC), a portable solar-power generator ideal for use in situations where electricity is not readily available.

For example, the SPC can be used for camping, construction sites, outdoor events, remote scientific-testing locations, boating and various foreign-aid and military applications. It can power hand tools, medical equipment, radios, computers, lighting, small appliances and more.

“The need for renewable energy is expanding exponentially,” said CEF Investment Director Charles Moret. “We’re very excited about the market potential of this new company and the jobs it stands to create here in Connecticut.”

With seed funding from CEF, Solar Dynamics has engaged an experienced top executive, Andrew Marsh, to serve as president and chief executive officer. His first steps will be to find additional markets and distribution channels for the SPC.

“The PV [photovoltaic] market is growing at a rate of 20 to 30 percent. That’s phenomenal growth in any industry ” said Marsh. “But when you consider the fact that half the world’s population doesn’t have access to grid power, and that PV operates on renewable sources, in remote locations, with very little maintenance—this market is due to explode.”

Solar Dynamics is a joint venture between the Clean Energy Fund and ASE Americas, Inc., a leading producer of solar panels and cells for commercial use. The Clean Energy Fund is the sole institutional investor, while ASE Americas, which initially developed the SPC, has transferred the intellectual property and become a primary technology partner of the new venture.

The Connecticut Clean Energy Fund is an investment fund dedicated to promoting the use of clean power in Connecticut. CEF invests in start-up and early stage clean-energy projects and offers clean-energy co-investment opportunities.

The Connecticut General Assembly created CEF in 1998 as part of legislation restructuring electric utilities. The Clean Energy Fund began formal operations in January 2000. Connecticut Innovations, which manages the fund, is the state’s leading investor in high technology and manages funds and initiatives that promote the growth of knowledge-based businesses in the state.