Press Releases

Proven attracts major investment - Feb 2007

Stewarton, 2nd February 2007 - UK Wind Turbine Manufacturer Attracts Major Investment

Proven Energy, a market leader in small-scale, high performance wind turbines has received an investment of £4.5 million from Low Carbon Accelerator Limited.

The investment is coupled with Proven’s expansion plans to meet growing global demand.

In response to rapidly growing British and international markets, Proven Energy will increase manufacturing capacity in order to meet the volume of demand. The company will also focus on Research & Development of further innovative power generators. The company is also developing an onshore initiative, WINDCROFTING, creating energy from mini-windfarms across the country.

Proven is an established, successful wind turbine manufacturing company whose clients include Shell, for whom Proven provides marine-grade, explosion proof wind-turbines to power offshore gas platforms in the North Sea, Sainsbury’s, B&Q, and T-Mobile, as well as turbines for environmental domestic developments. As part of the company’s continued growth, Proven is also pleased to announce the appointment of new members to the management and manufacturing team. This includes the appointment of Jeff Harding as Chairman Designate, Andrew McMullan as Managing Director, and Jonathan Nowill as Chief Engineer.

Andrew McMullan Proven Energy’s Managing Director said “I am very pleased to join Proven Energy at this exciting stage of the company’s development. The LCA investment enables us build production capacity in a state-of-the-art factory and deliver on the large customer orders we are experiencing. We will be creating a significant number of jobs locally as we build the business. In addition, a proposed joint venture in India should allow us to further reduce unit costs from 2008. We will use this scale and reach to increase our international market share.” Andrew was formerly Deputy-CEO of BoardEx, an online business development tool. He previously worked at CSFB and Booz Allen Hamilton.

Jeff Harding was formerly CEO of Pacific Hydro and led their growth to become Australia’s largest renewable energy company. Jeff is also on the Board of Renewable Energy Holdings PLC. Jonathan Nowill was previously a Project Manager with Jaguar / Landrover, leading frontal impact safety activities. As Chief Engineer at Proven Energy, Jonathan will lead a team of dynamic engineers in continuing R&D of Proven’s innovative turbine technology – which utilises unique blade design to optimise performance in light or strong wind.

About Low Carbon Accelerator Low Carbon Accelerator is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the Alternative Investment Market of the London Stock Exchange on 11 October 2006, raising £44.5 million. The Company’s investment objective is to provide Shareholders with an attractive return on their investment primarily through significant minority (predominately 25 per cent. and above) holdings in a diverse portfolio of unquoted private companies providing low carbon products and services. The Company’s investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions. Mark Shorrock, CEO of Low Carbon Initiative, LCA’s investment manager, said:

“Over the past 15 years, Proven Energy has established itself as the leading small-scale wind turbine developer. Working with LCI’s extensive contacts network, Proven has now brought in experienced new personnel to support its expansion plans. I am confident that they will, in conjunction with our increased investment, enable the continued success of the company.”

MEDIA ENQUIRIES: Shelagh McCreadie , Proven Energy Limited, 01560 485570

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