Prospect Street Applauds President's Focus on Investment in Energy Technologies

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Prospect Street Ventures, a leading private equity and merchant banking firm focused on investment in energy technology companies, today applauded President George W. Bush for his emphasis on energy technologies in his State of the Union Address to Congress earlier this week

Contact Information:

M. Grier Eliasek

Managing Director

Prospect Street Ventures

10 East 40th Street, 44th Floor

New York, NY 10016

(212) 448-9577

grier@prospectstreet.com

http://www.prospectstreet.com

FOR IMMEDIATE RELEASE: January 30, 2003

Prospect Street Applauds President's Focus on Investment in Energy Technologies

NEW YORK – Prospect Street Ventures, a leading private equity and merchant banking firm focused on investment in energy technology companies, today applauded President George W. Bush for his emphasis on energy technologies in his State of the Union Address to Congress earlier this week.

"In this century," proclaimed President Bush, "the greatest environmental progress will come about ... through technology and innovation." He described energy security and environmental protection as one of his administration's critical goals, on par with improvements in the economy and health care. The President announced $1.2 billion in federal funding to promote the acceleration of the hydrogen economy and fuel cells.

"Prospect Street Ventures supports the President's vision that the hydrogen economy is arriving," said Prospect Street Managing Director John F. Barry. "Our firm is actively mobilizing the private sector to commit to increase its investment in energy technologies that will power our nation's economy in the near future."

"Enormous new markets are developing through the commercialization of energy technologies," said Prospect Street Managing Director M. Grier Eliasek. "We believe these markets offer excellent opportunities for private equity investment, and we are actively pursuing a number of such opportunities at the present time. In an economy in which many sectors are struggling for growth, energy technology represents a robust, rapidly growing market."

According to estimates by the Cleantech Venture Network, private equity investment in clean energy and related technologies grew to approximately $1.2 billion in 2002. This represents a more than 50% year-over-year increase in such investment compared to 2001. Areas of investment include areas such as fuel cells, microturbines, hydrogen storage, wind power, solar power, geothermal energy, ocean-powered energy, waste-to-energy technology, emissions control, and efficiency systems.

Prospect Street also announced the addition of David P. Haberman as a Senior Advisor on the West coast for the Prospect Street team. Mr. Haberman is an accomplished energy technology entrepreneur and former chairman of a publicly traded fuel cell company. He presently serves on the US Department of Energy's Hydrogen Technical Advisory Panel.

"David Haberman's deep knowledge of fuel cell and hydrogen technologies are very additive to our core investment team of experienced energy technology professionals," said Mr. Barry. "We welcome his involvement as we build out our investment program and advance our leadership position in the energy technology private equity industry."

Founded in 1988 and headquartered in New York, Prospect Street Ventures is a leading private equity and merchant banking firm focused on investing in and adding value to rapidly growing companies, particularly those in the energy technology and related industries. Prospect Street's experienced team of professionals have invested in several companies that have undergone initial public offerings and acquisitions. The firm is an active, hands-on partner that works hard to source new opportunities, screen for outstanding companies, build management teams, make strategic introductions, raise capital, and maximize exit value. For more information, visit http://www.prospectstreet.com or contact M. Grier Eliasek (grier@prospectstreet.com, (212) 448-9577).

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