next generation energy merriman curhan ford & co 601 montgomery street suite 1800 san francisco ca 94111 415 248 5600 main 5690 fax 800 909 7897 trading www mcfco com amex mem september 21 2004 please see important disclosures at the end page of this report conversion devices inc ener buy initiating coverage pioneer with rating expanded ecd settled matshushita s recent settlement over patent infringement claims related to nimh bat tery technology on toyota prius positions cobasys dominate north american market for hev batteries several years in our opinion furthermore we believe expertise battery system management should enable company pursue high margin service opportunities japa nese producers united solar is aggressively expanding wholly owned subsidiary executing its plan penetrate worldwide pv proprietary volume low cost continuous roll amorphous silicon manufacturing tech nology expansion 30 mw megawatt plant 100 mws annual capacity could position become no 2 supplier
