CLEANTECH VENTURE NETWORK CONGRATULATES CALIFORNIA'S LARGEST PENSION FUND FOR ITS COMMITMENT TO INVEST IN "GREEN WAVE" INITIATIVE

ANNOUNCES CALIFORNIA STATE TREASURER PHIL ANGELIDES WILL SERVE AS KEYNOTE SPEAKER AT UPCOMING CLEANTECH VENTURE FORUM

Howell, Michigan, March 24, 2004 - Cleantech Venture Network, a grouping of investors managing over $3 billion in cleantech venture assets, today applauded California's largest public pension fund - the California Public Employees' Retirement System (CalPERS) for its commitment to invest $200 million in the State's "Green Wave" Environmental Investment Initiative. The Green Wave initiative launched on February 3, 2004 by California State Treasurer, Phil Angelides, calls on the pension funds to invest in cutting-edge clean technologies and environmentally responsible companies.


Moreover, Cleantech Venture Network announced that it has secured Treasurer Angelides as a lunchtime keynote speaker for its upcoming Cleantech Venture Forum, taking place April 28-30 at the Fairmont Hotel in San Francisco. Treasurer Angelides will present his keynote on April 29 and will discuss the Green Wave initiative and its impact on cleantech venture investing.

"We applaud CalPERS for its commitment to investing in clean technology as part of the California Green Wave initiative," said Nicholas Parker, co-founder and chairman of Cleantech. "Overall clean technology investing now represents nearly 7 percent of the venture market - a percentage that continues to rise. It's encouraging to see a large institutional investor, such as this highly-regarded pension fund, recognize the tremendous opportunities inherent in clean technology investing."

Added Mr. Parker, "We're also delighted to have Treasurer Angelides join us this year as a keynote speaker for the Cleantech Venture Forum in San Francisco. We expect to repeat with a capacity crowd and believe the Treasurer, as a visionary and thought-leader on cleantech investing, will have great insight to share with our audience about the environmental, economic and social benefits of these opportunities."

Cleantech Venture Forum is held twice annually (once on both the East and West Coasts), and more than 300 attendees are expected to attend Cleantech Venture Forum IV. A "Who's Who" list of investors from venture capital firms, corporations, fund management and private wealth attend the event - the largest gathering of investors interested in clean technology investment opportunities. During the Forum, attendees view presentations from companies in the clean technology industry and network with key investors including business angels, venture capitalists, fund managers, investment bankers and corporations. Attendees can also take advantage of leading-edge information and research on the investment opportunities from leading thinkers on clean technology innovations and trends.

Lead sponsors for the event include EnerTech Capital and Heller Ehrman White & McAuliff LLP; Technology Partners, Asia West Fund, NGEN Partners, Rockport Capital Partners, Cinergy Ventures, Expansion Capital Partners, Braemar Energy Ventures, Global Environment Fund, Wilson Sonsini, Carbon Trust, Sustainable Technology Development Canada, Nth Power, DTE Energy Ventures, Matter Communications and Clean Edge are also sponsors for the event. Interested attendees can register for Cleantech Venture Forum IV online at www.cleantechventure.com under "Events," or by calling 517-223-9607.

About the Cleantech Venture Network

The Cleantech Venture Network (Cleantech) is a grouping of member investors managing over $1 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 13 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.

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