Open Energy Corporation (OEGY) could benefit from $3.2 billion California Solar Initiative

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The US Department of Energy predicts world energy consumption will rise 71% by 2030. Meanwhile, the International Energy Agency forecasts the continued use of fossil fuels will cause global greenhouse gas emissions to increase by 55%. In these circumstances, the need for cheaper and cleaner energy source is evident. One solution, which provides economic, social and environmental benefits, is solar energy.

On January 12, 2006, the California Public Utilities Commission (CPUC) took one monumental step by approving the largest funding initiative in the US solar energy’s history: the California Solar Initiative (CSI). The initiative creates a $3.3 billion, ten-year program to put solar on a million roofs in the state. California has set a goal to create 3000 MW of new, solar-produced electricity by 2017.

Open Energy Corporation (OEGY) could benefit from both California Solar Initiative and New Solar Homes Partnership program. OEGY is a renewable energy company focused on the development and commercialization of a portfolio of technologies capable of delivering low-risk and cost-competitive solar-based electricity. OEGY offers building-integrated PV roofing materials for commercial, industrial, and residential markets.

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The analysts contributing to this report do not hold any shares of Universal Property Development and Acquisition (UPDA) Additionally the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts’ personal views as to the subject securities and issuers. The analyst(s) writing this report recognize and aspire to all of the CFA Institute Guidelines for Independent Research. Beacon Equity Research (“Beacon”) certifies that no part of the analysts’ compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analysts in the report. Beacon Equity Research has been compensated eighteen-thousand dollars by Barnabus Energy, Inc. for a one year enrollment in its research program in 2006. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. As such, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change.

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