Alternative Energy Market Gaining Share

by Armando Duke

Sept 20, 2004 New York - Last week saw the creation of an alternative energy stock index, the government supporting the export of nuclear technology to India and the Middle East Policy Council examining the current state of the oil market with uncertainty.

As crude oil prices continue to show no signs of relief in an already nervous energy investment sector, the Middle East Policy Council released a statement Friday saying that future oil market costs were unpredictable.

James Placke of Cambridge Energy Resources was quoted in an AXcess News story Friday as saying, "Saudi Arabia wants the oil price to remain low enough so that consuming nations do not seek alternatives to oil as their principal source of energy."

Last month saw the launch of the WilderHill Clean Energy Index (ticker: ECO), a benchmark comprised of publicly traded companies involved in alternative energies.

Zoë Van Schyndel, managing director of socially responsible investment hedge fund firm, King StarFish Capital Management, said, "Although a number of funds include alternative energy companies in their portfolio, only one [NALFX] has a distinct mandate to invest in these companies."

In a story released Saturday, the United States said it had lifted restrictions on exporting nuclear technology to India, just days before a meeting between the two country's leaders.

A joint statement said the deal allows U.S. firms to export technology for nuclear power generation and commercial space programs.

Friday also ushered in news on WorldWater & Power's (OTCBB: WWAT) 2004 revenue forecast. WWAT forecast revenue in excess of $6 million for the year, a 400% increase over 2003 figures. The company also anticipates that its rate of growth will continue into 2005.

Quentin T. Kelly, WorldWater Chairman and CEO said in a statement, "It should be clear to the investment community that WorldWater & Power is a company experiencing extraordinary growth with year-over-year revenue numbers in the triple digits."

Kelly lauded over those figures crediting management for being "highly proactive in aggressively laying the groundwork" for revenue growth in 2005.

WorldWater & Power has seen huge volume swings in its market recently following a rash of news spawned from the recent shareholders meeting were Kelly announced new management, a name change and gave shareholders a peek into future sales. So it was no wonder that Kelly's pride in his company's achievements stood out in Friday's news.

WorldWater & Power (OTCBB: WWAT) closed Friday at $.245, up .017 cents, or 7.46% on volume of 261,989 shares.

WorldWater & Power wasn't the only alternative energy stock showing gains Friday; Energy Conversion Devices (NASDAQ: ENER) closed up 9 cents at $13.68, Zoltek (NASDAQ: ZOLT) closed up 7 cents at $7.81, Praxair, Inc. (NYSE: PX) closed up 25 cents at $42.26, Capstone Turbine Corp. (NASDAQ: CPST) closed up 2 cents at $1.53, Fuel-Tech NV (NASDAQ: FTEK) closed up 8 cents at $4.58 while Vesta Wind Systems (OTC: VWSYF) remained unchanged at $13.05.