Cleantech Venture Network Announces Second Annual Pioneer Awards Winners

October 27, 2004

For Immediate Release

Cleantech Industry Leaders Honored at Cleantech Venture Forum V

TORONTO, Canada (October 27, 2004) — Cleantech Venture Network today announced the recipients of its second annual Pioneer Awards, presented during Cleantech Venture Forum V, the premier networking and deal-flow venue for the clean technology community. The 2004 recipients are Michael J. Brown, Executive Chairman of the Board, Chrysalix Energy and the National Energy Renewable Laboratory; and George S. Reichenbach, Managing Director and Chairman of the Investment Committee, Braemar Energy Ventures. The Pioneer Awards recognize individuals who have contributed to the growth of cleantech venturing.

“As cleantech continues to attract attention and investment from the venture community and beyond, it's very important that we recognize the influence and vision of patrons such as Michael Brown and George Reichenbach,” said Nicholas Parker, co-founder and chairman of Cleantech Venture Network. “On behalf of the Cleantech Venture Network and our advisory board, I thank Michael and George for their contributions to the development of the cleantech industry over their career. We look ahead with great anticipation to the next Pioneer Award announcement at Cleantech Venture Forum VIII in 2005.”

About the 2004 Pioneer Award Winners

Michael J. Brown is the Executive Chairman of the Board for Chrysalix Energy and the National Energy Renewable Laboratory of Canada. Brown was the co-founder and president of Ventures West Capital Ltd., one of Canada’s largest private sources of capital for early-stage technology companies. Brown has been directly involved in several companies in the fuel cell/energy technology space including Ballard Power Systems, Inc., Questair Technologies Inc., Cellex Power Products, Inc., Greenlight Power Technologies, Inc. and NxtPhase Corporation.

George S. Reichenbach, is the Managing Director and Chairman and co-founder of the Braemar Energy Ventures, a venture capital fund focused exclusively on energy technology. Reichenbach has more than 30 years of venture capital and operating experience in the energy, environmental and applied materials businesses and has served on various committees for the Department of Energy and the National Energy Renewable Laboratory. During his career, he has invested in more then 20 energy and environmental technology companies including Ballard Power Systems, Active Power and AstroPower. Reichenbach currently serves on the board of directors of Questair Technologies Inc., Auripay Inc. and Capital Management Associates.

About Cleantech Venture Forum Series

Cleantech Venture Forum is held twice annually, once on both the East and West Coasts, and in 2005 will expand to Europe. During the Forum, attendees hear presentations from companies in the clean technology industry, participate in meetings with key investors including business angels, venture capitalists, fund managers, investment bankers and corporations, and take advantage of leading-edge information and research on investment opportunities from leading thinkers on clean technology innovations and trends. Cleantech Venture Forum V takes place in Toronto, Canada, from October 25 to 27. Global Environment Fund is the premier sponsor. Lead sponsors include EnerTech Capital, Heller Ehrman White & McAuliffe LLP, NGEN Partners, and Odyssey Venture Partners. The keynote speakers at Cleantech Venture Forum V are Gordon M. Nixon, president and CEO of the RBC Financial Group; Ira Ehrenpreis, General Partner, Technology Partners; and Mossadiq Umedaly, Chairman, Xantrex Technology Inc.

About the Cleantech Venture Network

The Cleantech Venture Network (Cleantech) is a grouping of member investors managing over $3 billion in cleantech venture assets. The company believes “clean technologies” – from solar energy to water purification – are the next and necessary wave of venture investing. Cleantech introduces promising young companies to investors and investors to quality deal flow. The company has developed a community of money managers, business executives, professional advisors, and other stakeholders active in the clean technology venture arena. Cleantech organizes venture forums, provides deal flow, publishes a quarterly venture monitor and offers related services to investors and entrepreneurs. Cleantech benefits from the expertise and counsel of an advisory board comprised of representatives from 20 leading venture capital and service provider firms specializing in clean technology. More about the company can be found at www.cleantechventure.com or by calling (517) 223-9607.

Cleantech Venture Network invites companies and investors engaged in commercializing or investing in clean technologies to apply for membership as a company or investor. For details, contact Lauren Bigelow at lauren@cleantechventure.com.

About Braemar Energy Ventures

Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.