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Shaped-beam Technology™ from brightLeaf

Shaped-beam Technology™ from brightLeaf. the Power of simplicity. Concentrating Photovoltaics (CPV): A Sound Legacy. Developed for NASA in the mid-1970’s by Sandia Labs and Spectrolab (a Boeing Subsidiary). CPV cell efficiency>40%, going to 50% in next year.

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Shaped-beam Technology™ from brightLeaf

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  1. Shaped-beam Technology™frombrightLeaf the Power of simplicity

  2. Concentrating Photovoltaics (CPV): A Sound Legacy • Developed for NASA in the mid-1970’s by Sandia Labs and Spectrolab(a Boeing Subsidiary). • CPV cell efficiency>40%,going to 50% in next year. • Conventional PV efficiency declines 15-30% on hot sunny afternoon, CPV 5-10%. • Reduces chip volume by 99.7-99.9%. • brightLeaf’s proprietary technology minimizes CPV complexity and cost with maximum efficiency.

  3. Compare Traditional PV and CPV CPV = PV

  4. The Power of 1000 suns? W/in² of exhaust W/in² on brightLeaf’s cell =

  5. Parabolic Collectors

  6. Fresnel lens collectors

  7. Only Two Functional Parts brightLeaf’s proprietary technology: Non-parabolic Collector

  8. brightLeaf’s proprietary technology: Auto-aligning geometry

  9. brightLeaf’s proprietary technology: No Gaps, No Shadows™ Sun-eye view

  10. Greater Complexity = Greater Co$t

  11. The Potential of CPV and Shaped-Beam Technology™ • Industry-wide • Cell efficiency will reach 50% in near term • brightLeaf • Independent tracking modules for flexible configuration • Generate power from waste heat • Goal -- Cost parity with utility electricity without government support

  12. Executive Team • Douglas Kiesewetter, MBA – President • Founder of three companies of >$100 MM valuation, two >$50 MM • James Vander Mey, PhD – EVP/CTO • Founded two successful high-tech companies, Integral Data Systems and Intellon, which sold in 2009 for >$300 million • Michael Despres – VP Manufacturing • 25+ years experience in metal fabrication management • John Virden – VP Sales and Marketing • USNA graduate with 25+ years of marketing experience including IBM, AT&T and various start-ups

  13. PV Market • 2009 Global $40 BN; US $3+ BN • 2010 US expected growth rate >50% • US residences are 25-30% of total PV market • US Markets with shortest paybacks • Quality of Insolation- AZ, CA, CO, HI, NV • State Incentives- CT, IN, MA, NJ, NY

  14. Market Strategy • Maximum Cost Avoidance • Residential, Light Commercial & Industrial • Rural Electric Co-ops • Niches • Military • Remote Telecoms • Agriculture • Third World

  15. Competition • All other CPV companies target 1+ MW utility-grade installations • Conventional PV • brightLeaf 20-25% lower cents/kwh initially; 60-80% lower with higher manufacturing volumes • Utilities • With credits & rebates, brightLeaf lower cost in 75% of US • Within 2 years, brightLeaf lower cost without subsidies

  16. Base Case Revenue & IncomeManufacturing Margins 70-75%

  17. Investment • $3 MM of 5-year,12% debentures ($100K min. block) • Projected Closing Date September 30, 2010 • Warrants for 25% equity when principal fully repaid • Projected Secondary Offering after full year of profitability -- fund product and market development -- repay debentures -- establish higher equity valuation

  18. Return (Base Case) Simple Payout – 24 Months Internal Rate of Return – 108.77% 5.5 Yr. Cash on Cash Return – $35:1

  19. Downside Protection • Asset Support • Cash Balances • Equipment (85% of cost) • Accounts Receivable (75% face value) • Inventory (25% of cost) • Value of Asset Support (Base Case) -- Average coverage years one & two – 78% of net investment • Maximum exposure 2010-12 – 44% of net investment -- Coverage >100% of net invested from Q1 2012 forward -- Term of Exposure – 20 months

  20. Shaped-beam Technology™from brightLeaf the Power of simplicity

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