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Innovative PV Technology for Grid Connected Power Stations BIPV, Sales and Maintenance of Photovoltaic Thermal Panels, Applications

and Multi Solar Systems

Executive Summary
December 2006

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Preamble
The aim of this document is to present the business concept and great business potential of Millennium Electric within the Solar Photovoltaic (PV) international market. The world PV market was up 62% in 2005, prices of solar PV products are growing persistently, eager clients all around the world are ready to pay for such products and many countries provide development and installation grants and loans for PV systems. In addition, PV Feed-in Tariff and incentive programs which allow revenues from selling electricity produced by the sun (solar energy) back to the grid, have resulted in a flood of PV projects and investments of billions of dollars in PV grounded and rooftops projects. Millennium is a major player in this game. With accumulating pipeline projects of around $622M USD from the main and the fastest growing markets of the PV industry, Millennium has great potential to become a main player in this international market within a short period. Millennium is the owner of the Multi Solar PV/T technology that is an innovative, patented (PATENT NO. 5522944), Solar PV/Thermal System that makes it possible to convert solar energy into thermal energy and electric energy at the same time using a single flat plate collector integrated system.

Mission
Our mission is to become a leading provider of PV panels and systems, and to be the pioneer of the Multi Solar System in the solar market. The company plans to establish a community based on power stations that utilize photovoltaic solar energy for creating a clean, green, economic and safer growing environment using a variety of private, public and industrial applications.

Strategy
Millennium's business strategy is to create a group of international, interconnected companies that provide extensive marketing power and networking control. Millennium focuses on integration and large projects in order to maximize our technologies and abilities. The company also seeks international tenders submitted in cooperation with our partners around the world. Millennium manipulates, integrates and pushes the technology to its limit.

Millennium Electric: Company Profile
Millennium Electric is an Israeli based company with vast experience in the solar energy industry with representatives in the U.S.A., South America, Australia, Africa and Europe. The company is a world leader in the field of PV solar technology. The company develops, produces and sells solar electricity from Photovoltaic (PV) panels, applications, and the Multi Solar System. Millennium Electric is a unique company with management that has over 24 years of unprecedented experience in the PV Solar Industry, having designed and installed many international projects in over 40 countries around the world. In addition, the company owns many international patents, all related to the PV Solar Industry, and ranging from simple consumer products, to very high tech systems.

Key Management
Eng. Ami Elazari, MBA Mr. Elazari is the Founder, CEO and President of Millennium Electric T.O.U. Ltd. He has completed his Executive MBA degree with excellence, with a specialty in Economics and Marketing. He is an energy, computer and communications engineer and is also a renowned world expert on solar energy, and has registered 22 International Patents, most in the solar energy field. Mr. Elazari has over 30 years of management experience and has completed large-scale solar projects around the world including in Somalia, the United States, Italy, Germany and Singapore. He is involved as partner and coordinator in over eight European Commission projects worldwide. Mr. Harel Nahmani Mr. Nahmani is the Operations Manager of the company. He holds a BA in general business and an MA in International Business with specialty in Entrepreneurship & Innovation. He has 10 years of experience in operation and management of international projects. Amongst Mr. Nahmani's responsibilities are connections with Millennium's partners around the world and overseeing operation of the EU R&D projects.

Patents
Millennium owns more then many International patents within the solar energy field. The most important patent is "Multi-Purpose Solar Energy Conversion System" or as commercially known: Multi Solar System.

Financials
Millennium is funded by private investors. The company plans to raise money in the stock exchange in order to expand activities around the world. Millennium focuses on the countries that subsidize alternative energy sources such as solar energy, such as Germany, Spain, Italy, Greece, South Korea and the USA. Millennium's turnover forecast for the year of 2007 is around $34M USD, $76M USD for the year of 2008 and $88M USD for the year of 2009 (around $200M USD turnover for the next 3 years)

Millennium’s Main Market Activities:
The company is active in five main fields:
1. Production and sale of Solar Photovoltaic (PV) Panels (under the Millennium brand name), from 10 watts and up to 300 watts; 2. Production and sale of Multi Solar Systems and Collectors PVT (MSS collectors); 3. Planning, construction and maintenance of Solar PV Power stations (turn key projects) for supplying electricity using solar energy; 4. Planning, production and sale of various solar PV applications for infrastructures, lighting and more; 5. R&D for the future solar technologies.

1. Production and Sale of Solar Photovoltaic (PV) Panels (under the Millennium brand name):
Photovoltaic Flat Panel Technology The technology for photovoltaic cells, Mono & Polycrystalline ("solar PV cells"), which directly converts sunlight to electricity. The average efficiency of Millennium Panels approaches 15%. Millennium considers flat PV technology to be the most attractive market niche, having the biggest market share and largest annual market. Millennium's PV panels (Mono & Polycrystalline)

Millennium sells its solar PV panels in the major markets today: Germany, Spain, Italy, Greece, U.K, South Korea and the USA. Millennium's plans to expand its PV panel production capacity up to 56MW by year end 2008. The growth of the international PV solar market is mainly a result of grid-connected solar PV programs in a number of countries around the world: The "Sunshine Program" in Japan where the capital subsidy started in 1994, but Germany's Renewable Energy Law – EEG (since January 2004) was the main reason for the boom in PV projects and funds. Spain, Italy, South Korea, Greece and mainly the USA have come up with attractive Feed-In tariffs guaranteed for solar photovoltaic power.

Signing the $15M USD contract with Maass Energy - Millennium's main partner in Germany

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Millennium’s Unique Technology
2. Production and sale of Multi Solar (MSS) PVT Systems and Collectors
The Multi Solar PV/T technology is an innovative, patented (PATENT NO 5522944) Solar PV/Thermal System that makes it possible to convert solar energy into thermal energy and electric energy at the same time using a single integrated system. The Multi Solar System, an innovative device that collects the visible & infra-red side of the spectrum, cools the PV cells which generate electricity and makes the heat available for thermal control of the building. The MSS behaves like a "living" skin surrounding the building, allowing the flow of water/air, capturing heat and storing it in an insulated tank, thus making it available for the heat control of the living environment while the PV cells that are cooled by water flow in pipes and air, generates 30% higher PV efficiency for production of electricity and 70% additional thermal energy for the same price.

Advantages of the Multi Solar PV/T technology:
The Multi Solar PV/T is one of the most promising technologies in the solar energy industry and it has many advantages over the use of separate solar thermal and solar photovoltaic systems available today. The Multi Solar (MSS) Collector Integral cooling system: Enables 30%, PV annual efficiency enhancement; High electricity production: Utilizes a “sun trap” by using low iron double glazing polarized one-way mirror glass on the PVT collector; Better use of the Light Spectrum: Using IR wavelength for thermal energy and the Visible Light wavelength for electricity; Savings in framing costs, hard glass lamination costs, construction costs and rooftop area costs. MSS: The most efficient solar collector in the world MSS is a built in Multi Solar System with the highest utilization that exists today: 85% (15% electricity, 35% hot water, 35% hot air). The thermal energy can be converted into electrical energy by the use of Thermal turbo generator and gain additional 15% of electrical energy. The Multi Solar System has been developed with a very

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innovative and unique feature. Beyond flat plate hot water panels, special double glass PV panels have been developed; the air/water fluid flows within the two water/air pipe channels, capturing the infrared radiation, but allowing the visible spectrum to flow through, lighting the interior environment. In this way, the same window can become an active element capable of providing electricity beyond lighting and heat control. The Multi Solar System works with circulating air, and it is fitted with automatic valves for interior ventilation with filtered and humidified air using small fans. It is integrated in the outer shell of the building and produces zero oxide or dust emission.

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7 Planning, Construction and Maintenance of Solar PV Power Stations (Turn-key projects) for Supplying Electricity Using Solar Energy

Central Solar Power Stations applications use solar energy in the same configuration that a utility would utilize a major power station. Feed-in-tariff programs (selling electricity to gridconnected systems) are the engine of the PV industry. Such programs that exist today in Germany, Spain, Italy, USA (mainly California and NJ), South Korea and other countries, promote mass construction of Solar Power stations. Millennium earns twice with such projects: Once for the construction (in turn-key projects) and second, as an electricity provider to the grid. Solar Power stations in the Mojave desert

Millennium plans the construction of Solar Power Stations in the range of 40MWp (€200M Euro) during the years of 2007 – 2009:

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1MWp Solar PV power station in Southern Italy Many PV stations of 50kWp each around Italy 20MWp MSS (using our unique solar technology) power station in South Korea 10MWp (minimum) solar PV power station in the Canary Islands, Spain (totaling 65MWp) 5MWp solar PV power stations in Greece 10MWp solar power stations in the USA
Millennium signs a major Joint Venture agreement for the establishment of a 1,000 kW, grid-connected PV system in Bazilikata, Southern Italy to be completed by end 2007

7MWp Solar Power station in Germany

4. Planning, Production and sale of Various Solar PV Applications for Infrastructures, Lighting and more.

Traffic Probe Reader (TPR) operated by solar energy

Industrial Applications
For many years, solar energy has been the power supply of choice for industrial applications, where power is required at remote locations. These solar powered applications are economical, even without subsidies. Most systems for individual uses require a few kilowatts of power. Examples are powering repeater stations for microwave, TV and radio, telemetry and radio telephones.

Solar Home Systems (SHS) in the Developing World
Apart from off-grid homes, other remote buildings such as schools, community halls, and clinics can all benefit from electrification with solar energy. This can power TV, video, telephony and a range of refrigeration equipment, which is available to meet World Health Organization standards for vaccine refrigeration, for instance.

Solar Home Systems (SHS) in Brazil

Building Integrated PV (BIPV)
A BIPV system operates as a multi-functional building construction material; it generates energy as well as serves as part of the building envelope. On an office building, atria can be covered with glass/glass PV modules, which can be semi-transparent to provide shaded light. On a factory, large roof areas have been the best location for solar modules. If they are flat, then arrays can be mounted using techniques that do not breach the weatherproof roof membrane.

Building Integrated (BIPV) in the Netherlands

Solar Powered Military Devices Design Services
Power independent, maintenance free, robust, user friendly, easy operation: all enabled by solar powered military devices. Photovoltaic powered military systems: transmission, signaling and control devices.

Solar Lighting
Light Emitted Diodes (LED) based light system represents a new step forward for solar lighting. The LED system used never needs replacement resulting in the most reliable solar light system on the market and results in the lowest maintenance cost of any solar light system. Its unique design appearance is both functional and attractive. By using long life LED technology (expected life 100,000 hrs or over 25 years of normal use), the Light fitting will last the life of the system and you will never be a need to change a bulb.

Solar PV Foldable Panels

5. R&D for Future Solar Technologies
Millennium stands for innovative solar solutions: Integrating photovoltaics with thermal solar elements, forming comprehensive renewable energy systems, managing electricity, human ecosystems, energy storage, grid or off-grid applications; forces Millennium to ongoing focus on R&D in cooperation with world leader institutions, companies and academic personnel of the PV th Solar energy industry. Millennium is taking part in the field of R&D as a part of the 7 framework program of the European Commission as well other European and American research Funds. Some of the R&D projects Millennium manages: Project 1 . 2 . 3 . 4 . 5 . 6 . Total Existing Budget: REFLECTS 908,493 Euro MULTISOLAR 599,000 Euro Development of Integrated Solar System for Buildings Novel Bifacial Single Substrate Solar Cell Utilizing Reflected Solar Radiation 3,788,282 Euro SOLARPOWER MORES 518,374 Euro 359,900 Euro Development of Innovated Quality Assurance Measures to Improve the Efficiency of Solar Panel Production Remote Monitoring for Renewable Energy Systems HELSOLAR 989,171 Euro SOLARDIST Budget 413,344 Euro Description Development of a Solar Distillation Wastewater Treatment Plant for Olive Oil Mills High Efficiency Low Cost Solar Cells

Summary
With accumulating orders of around $200M USD for the next 3 years from the growing markets in the PV industry, Millennium has great potential to become a major player in this international market within a short time frame. Millennium, along with its group of international partners, has the capability to enhance and to be the pioneer of the Multi Solar System, the next generation of solar technology in the expanding renewable energy market. "Only the Sky is the Limit for the International PV Solar Markets" is not only an idiom; the world PV market rose 60% in 2004-2005 and Millennium is part of this game.