Dr. Roy: We really cover two different areas. One we call alternative transportation, within the clean tech space, and alternative generation. Alternative transportation really involves a lot of natural gas vehicles, which obviously there has been a lot of news about recently, which we think is going to do well. Also, we recently picked up some coverage of the electric vehicle market via the battery makers. We are more positive on the natural gas vehicle guys having success than the battery guys at this point, and we can get into that. On the alternative generation side, we have basically two subsectors. One is what you might call the solar sector. Obviously, we cover First Solar (FSLR), SunPower (SPWRA, SPWRB), Suntech and Yingli. We also cover FuelCell Energy, in Connecticut, and EnerNOC, up in Massachusetts. In terms of natural gas vehicle stocks, we cover Westport Innovations, Clean Energy Fuels, Landi Renzo, out in Milan, Italy, Fuel Systems Solutions and China Natural Gas, which is in the U.S., but it's a Chinese company. In terms of the battery makers, we cover Ener1 and A123Systems.
TWST: In your Clean Energy Fuels report, you disagreed with the recent news about competition from oil & gas companies possibly hurting that company. Can you expand a little more on that?
Dr. Roy: Clean Energy Fuels, I've covered that company for quite a while. One of the arguments that is against them is that they just build gas stations. They make specialized gas stations, but they do fuel vehicles. The thinking is that over time, the large integrated companies would come into this space. There are two points to make here. One is that Clean Energy is focusing on servicing fleets, and fleets today are not even serviced by the large integrated guys with diesel. They're serviced by specialized wholesalers because the fleets want it delivered to their site, delivered at 3 a.m.; they want to pay in 90 days. That's something that the large integrated Exxon Mobils (XOM) and BPs (BP) of the world are not interested in doing. And two, it's also a relatively small market in the United States compared to the huge market of 250 million light-duty vehicles that they want to service. So "A", it's a small market, and it's got specialized needs that they don't even service with diesel today. So we would think, why in the world would they want to go after servicing natural gas? That's been consistent. They haven't come into the space at all. So we believe if this were to really become that big and you were to see it move beyond fleets to your and my car and things like that, then yes, you're going to get some competition. But that point, that could be five to six years down the road. Even if that happens at that point, obviously Clean Energy Fuels as a stock would have worked very well and it would obviously be a takeover candidate.
Tickers included in this excerpt: AONE, CHNG, CLNE, ENOC, FCEL, FSYS, HEV, LR.MI, PKX, R, STP, SWK, WPRT, YGE
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