clean energy at cost parity iped financing solar energy conference may 21 & 22, 2009 the hotel...
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Clean Energy at Cost Parity
IPED Financing Solar Energy Conference May 21 & 22, 2009
The Hotel Monaco in Alexandria, VA.
Pure Power Distribution, Inc.
CASE STUDY
Clean Energy at Cost Parity
Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
Clean Energy at Cost Parity
Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
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Who We Are• Pure Power Distribution
(PPD) delivers a ruggedized mobile solar generator to the marketplace via a robust marketing, sales, manufacturing, distribution and financing platform
• Our mission:Help business De-carbonize by providing clean energy alternatives to fossil fuel-burning products
• Our promise:We supply reliable, clean power at cost parity to your current carbon-based fueled power supply.
Close-up of poly-crystalline solar panels
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PPD Values: Triple Bottom LineCase Study – Unmet need – what do we need to deliver for a
clean or hybrid power system to be received by market
• Must deliver these bottom lines for market penetrations:
– Financial benefits
– Social benefits
– Environmental benefits
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Financial Bottom LineUnmet need must be met in a cost competitive fashion
• Must be costs competitive with fossil fuel alternatives---cost parity is key market penetration factor
• Challenges---design and assembly costs high/ solar panels take a lot of real estate for power generated
• Potential Cost equalizers– Sec. 48 Tax Credits– Bonus Depreciation and short life depreciation– Grants in Lieu of ITC under ARRA (2009)– No fueling costs– Less maintenance
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Social Bottom Line• Solar helps expand the green
economy by:– Providing green collar jobs –
engineering, manufacturing, sales, finance, etc.
– Improving job site conditions
– Encouraging energy reductions• Grid
• Foreign oilPowering construction at Wildlife Care Center
Society for the Prevention of Cruelty to Animals (SPCA), San Luis Obispo, CA
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Environmental Bottom Line(our product goals:)
• Assist business in “De-carbonizing ” activities
• No emissions, GHG
• No fuel or lubricant spillage
• No drilling or transporting of foreign oil
• No fumes
• No noise
“Reducing emissions from diesel engines is one of the most important air quality challenges facing the country.”
• US Environmental Protection Agency
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Team
World Agricultural Expo“Tulare, CA
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Board of Directors
Scott Chaplan Executive Chair,PPDA pioneer in developing environmentally sustainable real estate projects in the inner city. Created Urban Group of Companies, an integrated multi-service firm with over $1 billion in real estate transactions and lines of affiliated businesses.
Bill Hayward, CEO, Hayward CorporationCEO of one of the largest privately held construction supply companies in the US. Under Bill’s leadership, Hayward was first supplier to provide FSC products, first to mainstream FSC, and first to build a LEED Gold manufacturing facility in the US. Board Chair for Forest Stewardship Council (FSC).
Norris Lozano CEO and President, PPDOver 25 years experience in building and leading businesses, syndicating over $1 billion in tax credit transactions, large commercial lending transactions, business financing, and running manufacturing companies. Board of ecoAmerica.
Chris Wheaton CFO and COO, PPDCPA. Founded Knightsbridge Solutions leading its financial services practice grow to over $100mm in revenue. The firm was acquired by Hewlett-Packard Corporation in 2007. Price Waterhouse in both auditing and consulting Capacities.
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Norris Lozano CEO and President• Over 25 years experience in tax credit finance, business law, and entrepreneurial
activities• Over $1 billion in tax credit transactions, large commercial lending transactions,
business financing, and running manufacturing companies• Gap financing for over $650.0 million in green buildings from LEED Silver to
Platinum, • ~$500.1 million in tax credit investment funds,• Consulted on $645.5 million in New Markets Tax Credits allocation• Closed first mobile solar power Investment Tax Credit fund in less than 30 days
– JD; Southern Methodist University School of Law – BA, Political Science; University of Texas – Member, Texas State Bar – Licensed to practice before U.S. Tax Court– Board member: ecoAmerica, Hayward Corporation, Environmental Media Association.
Senior Management Team
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Senior Management TeamTom Schnugg EVP Strategy and Products22 years of experience in global sales, marketing and product management. Introduced over 20 products titles including those in utilities, telecommunications, water and wastewater.
Morgan Hunt, EVP OperationsMorgan Hunt manages Operations for Pure Power Distribution including product development and internal process flow. Mr. Hunt has over fifteen years of experience in data warehousing, financial management, accounting, and accounting systems for core and supporting financial processes
Steven J. Spielberg VP, ComplianceMBA. Tax credit affordable housing development, Loan Officer with E*TRADE Financial and a Consultant in IBM Global Mid-Market Business Consulting group.
Norris Lozano CEO and PresidentOver 25 years experience in building and leading businesses, syndicating over $1 billion in tax credit transactions, large commercial lending transactions, business financing, and running manufacturing companies.
Scott Chaplan Executive ChairmanA pioneer in developing environmentally sustainable real estate projects in the inner city, Created Urban Group of Companies, an integrated multi-service firm with over $1 billion in real estate transactions and lines of affiliated businesses.
Chris Wheaton CFO and COOCPA. Founded Knightsbridge Solutions leading its financial services practice grow to over $100mm in revenue. The firm was acquired by Hewlett-Packard Corporation in 2007. Price Waterhouse in both auditing and consulting capacities.
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Team- continuedChristopher Smith VP, Marketing6 years in tax credits, 12 years in Marketing. Co-creator, Community Impact Reports, a comprehensive financial, social and environmental study of New Markets Tax Credits projects.
Leif Regvall - VP, Tax CreditsOver 20 years in tax credit finance, managed project transactions valued at over $300 million. Focused on rooftop solar
Stephanie Cohen - VP Development, General CounselLawyer with 10 years legal and business development experience in entertainment industry.
Danielle Collins – Transportation LogisticsComes to Pure Power with background in logistics management, policy compliance and problem solving for large entertainment transportation and logistics company, managing fleet of 65 vehicles.
David Watson - VP Sales15 years experience, senior sales positions at ASI International, British Telecom, Hitachi Data Systems and MetaGroup.
Mike Kalweit - Sales EngineerLead sales engineer with 12 years experience of design and practical engineering experience in the solar energy and telecommunications industries.
Steven Brunk - VP, Investor Relations 17 years experience in corporate finance,venture and hedge funds, corporatedevelopment, and real estate syndication,having raised tens of millions of dollars inhighly successful projects across thespectrum.
Jeff Allenstein, Sales DirectorOver 20 years experience in sales and sales management. Focused on securing and building new markets.
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Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
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Abundant Power Source
• “Scientists have confirmed that enough solar energy falls on the surface of the earth every 40 minutes to meet 100 percent of the entire world's energy needs for a full year.”
• Al Gore
“Silicon is the second-most-abundant element in the earth’s crust.”
• Fast Company
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Between 2008 and 2030, renewable electricity generation is expected to experience a 4.4 percent compound annual growth rate, compared to 1.2 percent for overall electricity consumption.
– The State of Green Business 2008; Makower, Joel, et al,
Greener World Media
Renewable Energy Use Predictions
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Explosive Industry Growth
• “Solar is a $13 billion industry today. It will hit $40 billion by 2012, unless it continues to exceed forecasts, as it has over the past five years.”
• Fast Company, December 2008
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Size of Off-Grid Renewable Energy Market
Top Down:• The current world-wide off-
grid energy market is 10,000 megawatts per year
• Only 500 megawatts is provided by clean sources (PV 3%, Wind/Water 2%)
• Off-grid growing 2x Grid• The remaining 9,500
megawatts is provided by diesel generators
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Bottom up:• ~100,000 portable diesel
gen-sets are sold in the US annually
• Average diesel gen-set cost is $5,000
• Current US Market Size is $5.5+ billion annually:– > purchase price $500M+
annually– > Fuel cost > $5.0B+ spent
on fossil fuel of 5 years
Market Size (continued)
Two Mobile Solar Power Systems provided all power for the inaugural event for EnXco wind farm,
Solano County, CA February 2008
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Market TimingCase Study Analysis
Who is the market….what are there perceptions and needs?
How do we identify these needs…who do we work with to understand individual and business perceptions?
What are the market place drivers….values, needs and government……
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• Over 80% of Americans worry about the environment• Specifically:
– Poisons in the environment– Asthma– Health in general– The well-being of future generations
• 66% of Americans believe global warming will affect them in their lifetimes
• 45% believe global warming is a bigger threat than terrorism
Source: American Environmental Values Survey 2006
American Environmental Values
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• An environmental non-profit that uses psychographic research, strategic partnerships and engagement marketing to shift personal and civic choices of environmentally agnostic Americans.
• Identifies underlying concerns, and develops programs to engage people on environmental and climate change solutions with measureable results
• incubates, launches and manages programs that engage Americans and connect them to the environment.
ecoAmerica
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• Coordinated effort to effect environmental change through television, film and music
• Green Seal Guidelines and Awards• Greening Plotlines and Characters• Corporate World• Eco Salons, Seminars and Educational Briefings• Celebrity Role Modeling• Green Light Newsletter
Environmental Media Association
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*Product Cycle= Ahead of the Curve
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Renewable Energy IncentivesLocal, State and Federal Incentives
Governor Arnold Schwarzenegger, visiting with inventor of the Mobile Solar Power System at the
Women’s Conference, Los Angeles, 2008
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Federal:• IRC Section 48 Solar Investment Tax Credits
(ITC)• ARRA Grants in Lieu of Tax Credits• ARRA: multiple renewable energy stimulus
programs
Renewable Energy Incentives
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• October 2008 extended for 7 years• Solar Investment Tax Credits• Against passive income for most, all income for
certain taxpayer types (change in AMT rules)• 30% of basis of solar property• As soon as the unit is placed in service the tax credit
is triggered• Accelerated depreciation: 100% depreciation 5 years
IRC Section 48 Investment Tax Credits
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• February 2009• Grants-in-lieu of tax credits• 30% of basis• Grants to solar products already in service• Accelerated depreciation still applies (100% in 5
years)• Grants in 60 days after application
H.R. 1603 American Recovery and Reinvestment Act (ARRA)
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State of California (e.g.)• California Solar Initiative• AB 32• Western Regional Climate Initiative• Regional Emissions Markets• Renewable Portfolio Standards in 25 states• Voluntary RECs
Incentives (continued)
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• Requires CA to reduce greenhouse gas emissions (GHG‘s) to 1990 levels by 2020
• Requires the Air Resources Board (ARB) to take an economy-wide approach to reducing emissions
• Is anticipated to regulate all major emitting sectors using a cap-and-trade system.
• 20% by 2010• 33% by 2020
A.B. 32
Source: Element Markets.com
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• Utah, New Mexico, Arizona, Washington, Oregon and British Columbia to form the Western Regional Climate Action Initiative.
• The partnership aims to reduce aggregate emissions 15 percent below 2005 levels by 2020
Western Regional Climate Initiative
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• Arose from federal New Source Review.
• Enforced by the EPA• Any firm building or
expanding a facility emitting criteria pollutants above a pre-defined threshold in certain regions of the country must purchase ERCs.
Regional Emissions Markets
• “…when a facility reduces emissions or shuts down, ERCs can be created.”
• Companies looking to build new facilities with the potential to emit above certain thresholds must secure ERCs from the market prior to receiving a permit to construct.
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• Have been traded as an alternative methodology for reducing carbon dioxide (CO2) emissions.
• Where utilities are not already obligated to purchase RECs under an RPS or are not offering green energy, RECs are being sold to willing buyers.
• e.g.: EPA’s Green Power Purchasing Program • Participants include Fortune 500 companies, federal, state and local
government agencies, and universities• Have offset from 4% to 100% of their conventional electricity usage• In the July 2007 report, the top 25 members of the Green Power
Partnership offset 5,906,432,631 kWh of conventional electricity.
Voluntary RECs
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Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
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Mobile Solar Power System
National Wildlife Federation “Chillout” shoot;Big Vision Studios, Burbank CA
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Market TimingCase Study Analysis---conclusions
Who is the market….what are there perceptions and needs?----Market needs clean or hybrid off grid
solutionsHow do we identify these needs…who do we work with
to understand individual and business perceptions?Perception is not cost affordable…design to leasing
model.What are the market place drivers….values, needs and
government……Government drivers are rapidly increasing
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The PPD Mobile SolutionResponse to Unmeet Market Needs
• A ruggedized, reliable, superior design portable solar generator available in 5kW, 10kW and 18kW power ranges.
• Makes clean energy available to the marketplace at a off-grid cost parity to current fossil fuel solutions.
• Mitigates new product risk by including product maintenance, service and technology updates at no additional cost.
Powering refreshment standSierra Nevada Brewing Co, Chico, CA
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Mobile Solar Power Systems• Portable solar power generators in 5 kW, 10
kW, 18 kW systems
• A significant alternative to traditional diesel generators
• Significant benefits compared to diesel– No fumes/odor– No noise– No consumption of fossil fuels– Limited maintenance– Lower long-term cost
• Easy to use
– Simply tow to site, deploy panels and plug in
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What is the Business Problem Solved? Many organizations rely on off- grid portable power, but fossil fuel generators come at a high
social, environmental and financial cost (pollution, noise, etc.)
Demand• Businesses currently seeking a portable
and reliable clean energy solution include:
– Movie and TV production– Event Production– Agriculture– Construction– Military/Emergency Response
• Current demand drivers include:– Government regulation (i.e.,
AB32)– California Air Resources Board– Expanding Noise Regulation
Barriers to Purchase• Portable renewable energy solutions
are a new innovation.• Capital outlay of solar vs. carbon
solutions (diesel gen-set) are significantly higher.
• Field reliability includes a new set of technologies
• Government tax incentives are not well understood or utilized.
• Grants are new
• Solution: Leasing model
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Market Opportunities• Carbon BasedOur primary competitors are those
currently selling, renting and leasing fossil-fuel-based, 5 – 20KW generators to commercial entities The top five brands of all generators sold through a dealer/distributor channel are:
– Cummins Onan (27%)– Kohler (22%)– Generac (18%)– Caterpillar (15%)– Honda (15%)
Source: Power Systems Research, 2003
• Clean EnergyOur secondary competitors are those
currently selling mobile solar products. Based upon our research, this provider market consists of small regional manufactures with low visibility and consumer awareness. A sampling of the competitive products:
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• Patent pending on all trailer models;---Leasing of systems with services
• Tax credit syndication model;• Stimulus Package - Grant Process;• Vendor alliance with GE;
participant in GE Innovation program;
• Vendor alliance with Environmental Media Association (EMA): MSPS is the only EMA certified green portable energy product.
Market Differentiators for PPD
PPD battery technology allows storage of power and many hours of use after dark
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Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
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How It Works- Solar Fuel
1. Solar Energy (DC) strikes solar panels (1), creates electric current
2. DC current is brought through the Charge Controller (2)
3. Current flows from Charge Controller to Battery (3) and is stored as DC
1.
2
3
1.
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How It Works- Fuel to Power
4. Battery power is drawn through the Inverter to convert it from DC to AC power
5. User plugs into AC power outlets and uses from 5 kW to 18kW of pure sine wave power for up to 18 hours depending on load
4
5
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Target Vertical Markets
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• Equipment Rental Companies
• Construction• Entertainment/Events• Agriculture• Disaster/Emergency• Equipment Leasing -
Long term
Target Vertical Markets
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System in Applied Use: Construction
• Construction of 17,000 sq/ft building– One 10kW unit powering a remote building site including:
• 2 masonry saws
• 2 spider boxes with multiple compressors and tools
– 8 to 10 hours per day, 6 days per week
Key Benefits:•No generator refill requirement for this remote location•Fuel cost savings•More productive work environment•Compliant with local noise restrictions•Green energy used to build green building
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Construction
Habitat for Humanity, Earth Day eventOakland, CA 2009
Clint Eastwood’s new houseNorthern CA 2009
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Applied Use: Entertainment• On-location film and TV production
– One 20kW unit powering a remote base-camp site including:
• Three 30ft make-up trailers w/AC
• One 50ft film editing trailer
• Various other lights and equipment
– 8 to 10 hours per day, 5 days per weekKey Benefits:•No noise/fumes in base camp•Green energy used on green movie production•No refueling at this remote location•Actors and crew: healthier work environment
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Applied Use: Adam Sandler film
10 kW Mobile Solar Power System powering Base Camp including 4 production trailers“Funny People” starring Adam SandlerHappy Madison Productions (Judd Apatow)Malibu, CA July 2008
Diesel generator at Start-upMalibu, CAJuly 2008
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Applied Use: Warner Bros. film
10 kW Mobile Solar Power System powering Base Camp operations, catering, camera truck, satellite van “Jonah Hex” starring Josh BrolinWarner Bros. PicturesNew Orleans, LA, May 2009
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Applied use: Entertainment
“Faces of our American Heroes “Event, Raleigh Studios, HollywoodMarch 2009
National Wildlife Federation “Chillout” shoot;Big Vision Studios, Burbank
March 2009
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Entertainment Industry Demand “We showed this trailer at Paramount, Sony, Warner, Universal - - and they were blown away. There’s nothing like these solar generators in the market.
You can lease these as fast as you can build them.”– Denny Caira, Transportation Logistics
and Power Coordinator for over 50 films
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System in Applied Use: Events
Pebble Beach Food & Wine ExpoPebble Beach, CA
April 2009
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System in Applied Use: Events
Pacific Orchid ExpositionSan Francisco, CA
February, 2009
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System in Applied Use: Agriculture
• Almond farm and processing plant – One 10kW unit powering multiple aspects of the farms
operations including:• Office building• Almond processing equipment
– Runs 8 hours a day, 5 days a week
Key Benefits:•Dramatically reduced monthly power bill•May qualify for 2% sales tax rate for farm equipment•Supplies power where and when needed on the ranch
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System in Applied Use: Disaster Recovery
• Emergency cellular repeaters– National cellular provider has made initial purchase of
5kW trailer to power emergency cellular repeaters.
– Cellular repeater/tower will be mounted on the trailer and towed to emergency locations to provided uninterrupted cellular service.
Key Benefits:•No generator refills required•Mobile units can adjust locations as needed•Fuel cost savings•No combustibles during fire emergencies
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Additional Emergency Response Applications
• Temporary building power:– Command Center– Medical Treatment Center– Temporary Housing
• Equipment power source:– Recharging station– Remote communications– Site security and lighting
Verizon 5 kW system w/custom telecom mast
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Agenda
• About Pure Power Distribution• Opportunity: Solar Energy Market Analysis• Product: Mobile Solar Power Systems™ (Case
Study)• How It Works• Financing Strategies• Bringing Product to Market
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Finance Model Funding Sources
Federal Renewable Energy Investment Tax Credits (ITCs)
American Recovery and Reinvestment Act of 2009 (ARRA)Renewable Energy Grants
Renewable Energy Loan Guarantee ProgramRenewable Energy Manufacturing Investment Credit
Renewable Energy Certificates
State and Local Credits and IncentivesState Renewable Energy Credits (RECs)Renewable Energy Portfolio Standards
Carbon Credits – Kyoto Protocol
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Business Model• Product:
– Provide renewable off-grid energy under operating lease at $750 - $2,500 per month depending on kW model and duration (no tax credit to lessee)
– Also distributed by third parties
• Finance---Leasing of Systems:– Provide cost effective operating lease through a tax credit syndication
model or grant model with long term service– Provide funding via Section 48 and in-lieu grant program established in
ARRA– Utilize bonus depreciation go to owner
• Operations:– All products and designs Patented– Provide marketing, sales and distribution channel– Tax credit compliance expertise—for investors which own Leased units
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PurePower Investment FundTax Credit Syndication for Leased Systems
• A yield-based alternative to offset tax liability while providing investors social and environmental returns
• Goals of the fund are:– Reduce/eliminate federal income tax liability– Earn income for investors– Provide investors control of allocation of tax
dollars– Support solar power initiatives
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What the Investment Fund does
• The Fund will acquire Mobile Solar Power Systems– Place solar generators in service will create solar
tax credits– Solar tax credits passed through to fund investors
at $ for $• The Fund will lease the solar generators to users and
provide a complete set of services and monitoring through PPD
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What it does for Fund investors
• Redirects tax liability– Immediate 100% tax offset
• Provides return to tax motivated investors in excess of 15% after tax
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Solar Tax Credits
• Not to be confused with a tax deduction– Deductions reduce the amount of income that is
taxable
• Tax credits reduce the actual amount of tax owed– A dollar-for-dollar reduction in the tax payment
required for a person or entity
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Use of LeverageThe Solar Generator Tax Credit Fund utilizes
leverage to increase the 30% tax credit
Investor Equity $550,000 30%Financing (non-recourse) $1,283,333 70%
Solar Fund Cost $1,833,333 100%
Tax Credits to Investors $550,000 30%
Conclusion: Investor equity equals tax credit providing 100% offset
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Who can use solar tax credits?
Types of Income
Income Type Passive Active
Individual Yes No
Closely Held Corporation Yes Yes
Personal Service Corporation Yes No
Small Corporation Yes Yes
Widely Held Corporation Yes Yes
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• With the adoption of the American Recovery and Reinvestment Act in February of 2009, an alternative to tax credit investors was provided
• Under Section 1603 a “grant in lieu” of the Section 48 tax credit is available within 60 days of application
• This allows PPD to deliver products directly without the need for tax motivated investors
Tax Credits or Grants?Case Study- Game Changer --February 2009
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Why the government promotes this
• Promote the use of alternative energies
• Potential for solar is clear, but as with all growth-industries, early costs and barriers to entry and implementation are high
– Tax credit or grants makes solar affordable
– With tax credits or grants, lease rates for solar generators are comparable to or less than diesel generators, and operating expenses are less (no fuel costs)
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Tax Codes
• IRC Section 48 provides for a tax credit for equipment using solar power to generate electricity.– A 30% tax credit is available on the entire purchase price of
a solar generator.
• H.R. 1424 (Emergency Economic Stabilization Act of 2008) – Congress extended the credit through 2016– Beginning in 2009, tax payers with AMT can use the tax
credit to offset their tax liability• H.R.1 (American Recovery and Reinvestment Act (ARRA))
– Administration program to un-freeze capital markets and bring capital to projects in 60 days
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It is simple to file
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ARRA Grants in Lieu of Tax Credits (H.R.1 -1603)
• Solar ITCs excellent in theory, except for market liquidity challenges in 2009 and 2010
• Economic meltdown put many tax credit investors on the sideline
• Obama administration moves quickly to put cash into the system through these provisions
• American Recovery and Reinvestment Act creates Grant-in-lieu program (similar in LIHTC)
• Money to flow “in 60 days”
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How are we doing it?
Bridge Lender Grant Opinion provided by Nixon Peabody, LLP---to receive financing to bridge to receipt of grants
• One of the largest law firms in the world with over 800 attorneys in 17 offices
• Very strong and well respected tax practice
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Market CostingCase Study Analysis
Our product costs is effected by our product life cycle and life cycle costs—
Included are: market identification, product design, engineering, testing, patents, more testing, field work,
selling, testing, assembly, testing, product modification, testing, field work, product
modification….assembly….FINAL PRODUCT INITIAL DESIGN----very high initial costs of systems…spread
over some period to recover
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Mobile Solar System Development Lifecycle
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Pure Power Now Provides
• Energy Products– 5 kW– 10 kW– Super 10 kW
• Financing Products– Tax Credit Fund– Grant Bridge Fund
Newscaster at the inaugural event for the EnXco wind farm using PPD solar panels as backdrop
Solano County, CAMarch 2009
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Deployment of Energy Product (5-month period 2009)
• Verizon Wireless• Capay Canyon Ranch• Warner Bros.• Cresco Leasing• Hayward Corporation• Quixote Productions• West Coast Pneumatic
A new “Hollywood edition” of the Super 10 being placed in service last week (May 2009)
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Deployment of Financing Product
• Mobile Solar Generator Fund I
• ARRA Fund I• ARRA Fund II• ARRA Fund III
20 kW Mobile Solar Power System in use on Adam Sandler film
Malibu, CAAug 2008
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What’s next?• ARRA regulations will
inform the speed with which we attack solar rooftops
• Aggressively hiring staff to keep up with demand (AZ, NV, CA, OR)
• Emergency/Municipal• Military market
Fostering energy-independence in the US
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IPED Financing Solar Energy Conference May 21 & 22, 2009
The Hotel Monaco in Alexandria, VA.
Pure Power Distribution, Inc.
Thank you.