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Stock Information

Stock Price (12/08/09): $1.04
Market Cap (12/08/09): $ 36.10 million
Shares Outstanding (10/26/09): 34.72 million

Akeena Solar is a leading installer and manufacturer of solar Investment Highlights

power systems serving residential, commercial and retail
customers. The company’s patented solar panel technology,
Why Solar?
Andalay, reduces labor by 50% and parts by 80% relative to
ordinary panels, while improving aesthetics, safety and
 Solar power limited only by manufacturing scale
performance. Akeena Solar is expanding its AC solar panel
line of business by setting up distribution throughout the U.S.  U.S. positioned to be the largest solar market
and Europe to solar installers, building supply retailers, and  Very strong governmental support
new home builders.
Why Downstream?
Latest Developments
Dramatic shift in value chain benefits installers
On December 9th, Lowe’s (2nd largest home improvement
retailer in the world) began selling Andalay AC panels in 21 Decreasing panel pricing stimulates demand
locations in California as part of their new Energy Surplus of solar manufacturing capacity presents
Center. The Energy Center will be in additional stores in the opportunity for differentiated producer
U.S. and Canada in 2010.
Why Akeena?
On November 23, Akeena Solar signed a distribution
partnership with Ontario-based Highland Solar to sell the Revolutionary Andalay AC panels provide significant
company's award-winning Andalay AC solar panel system
competitive advantages
throughout Canada. The announcement marks the largest
Diversified and scalable operating model (Installation,
distribution partnership Akeena Solar has signed to date and
the company's first distribution arrangement outside of the licensing and distribution)
United States. Strong management and strategic partnerships
Leading pure-play installer and “virtual” panel
On October 8, Akeena Solar's Andalay AC System was manufacturer
recognized as a 2009 Breakthrough Product by Popular
Mechanics. The company’s fully integrated solar system was
awarded for moving the industry toward true plug-and-play
solar power.

On March 31, Akeena Solar formed a supplier relationship

and US licensing agreement with MS Solar Solutions Corp.
(MSSS), a subsidiary of Morgan Stanley’s Commodities
group, for Andalay AC Solar Panels. The companies will
collaborate on low-income housing units and large tract home
projects using Andalay AC solar panels.

Andalay AC Panel Advantages

Best lifetime performance
 5-25% greater efficiency compared to ordinary DC
Designed for safety
 Integrated panel wiring and grounding
 No dangerous 600 volt DC wiring that could arc
Superior aesthetics
 Panels mount flush to rooftops and look like a skylight Ordinary Andalay System
 No bulky inverters or unsightly wiring Installation Installation
Built-in reliability 40 hours 20 hours
 No racks, wires, clips, fuses or DC wiring
Andalay AC panels have everything built-into the panel itself:
 Flat roof systems are non-penetrating (no roof leaks)
racks, wiring, grounding, inverters, monitoring and all DC
 Panel-by-panel performance monitoring (remote
components. The rest is available at your local building
internet monitoring optional)
supply retailer.
Outstanding installer advantages
 Lower engineering, logistics and installation costs Andalay systems use 80% fewer parts, 50% less
 Safer installations
labor and carry higher ASPs
Higher profit potential
Solar Adoption Cycle

<0.4% in CA

l l l
$15/watt 2000
$8/watt 2008
$4/watt 2009
$2.25/watt 2010

Beyond Grid Parity in 2010

Plummeting Installed Costs Accelerate Adoption
Rooftop Solar << Utility Generation
Similar to PC Industry in Early ‘80s
2008 2010
$/DC watt $/DC watt
Panels 4.25 2.75

Installation 2.00 0.50 Analyst Coverage

Gross Profit 1.75 0.75

Ardour Capital Investments Adam Krop
Total Cost $8/watt $2.80/watt * Cantor Fitzgerald Dale Pfau
Kaufman Brothers Theodore O’Neill
Needham & Company Theodor R. Kundtz
30 Year Cost $0.19/kwh $0.065/kwh

* No incentives other than 30% ITC included in 2010. Calculations

assume 1.45 kwh/w capacity. 30 year analysis assumes discount
rate approximates energy escalation rate, zero salvage value. Top Institutional Holders
as of 9/30/09
Financial Highlights as of 9/30/09

($ millions) 2006 2007 2008 3Q09 First Washington Corp.

Baldwin Brothers, Inc.
Net Sales $13.4 $32.2 $40.8 $7.7 Renaissance Technologies, LLC
Gross Margin 22.0% 21. % 14.6% 24.7%
Susquehanna Investment Group, LLC
EBITDAS (EBITDA + Deutsche Bank Investment Management
Stock Compensation) -1.6 -8.3 -20.3 -2.1 Wexford Capital Active Niche Funds SA
Cash & Cash
Fondsfinans Kapitalforvaltning ASA
Equivalents 1.0 22.3 17.6 7.2 Mazama Capital Management, Inc.

Total Assets 7.5 46.3 42.1 18.6

Credit Facility 0.5 - 18.8 -

Total Liabilities $6.1 $11.5 $26.3 $9.1

Company Contact Investor Contact
Diluted Average Shares Barry Cinnamon Amy Gibbons
Outstanding 11.2 21.1 28.1 33.4 Akeena Solar, Inc. Lippert/Heilshorn & Assoc.
Phone: 408-402-9400 Phone: 212-838-3777
 Paid off credit facility balance with restricted cash and $2m
proceeds of February 2009 financings
 Raised additional $3.2m from warrant exercises associated
with February, April and June 2009 financing
 $1.0 million credit line with Comerica

Statements made in this presentation that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations and beliefs of the management of Akeena Solar and are subject
to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a more detailed
discussion of factors that affect Akeena Solar’s operations, please refer to the company’s Securities and Exchange Commission filings. The company undertakes no
obligation to update this forward-looking information.