Research, Report & Profiling Services by IPOdesktop.com Open Energy Corp. (OEGY.OB) Stock symbol: OEGY.OB….……..…….…………………………………..Float: 60 mm shares ( est)

Stock price 6/14/07: $.465……..…….…..…….……….Common shares (4/16/07: 103,302,000 est)

52-week price range: $0.28 - $1.42………..………...…..……Equity market capitalization: $48mm

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NBC TODAY video clip from OEGY’s website (click)

BUSINESS

Development and commercialization of solar energy products and technologies for a wide range of applications including power production and water desalination.

Offers building-integrated photovoltaic (PV) roofing materials for commercial, industrial, and residential markets. Marketed under the trade name SolarSave®, the product line includes roofing membranes, roofing tiles, custom architectural PV glass, and balance of systems equipment such as inverters, combiners, and accessories

OEGY also holds an exclusive, worldwide license to a solar thermal technology called SunCone™ CSP (Concentrating Solar Power), which is currently being developed to generate potable water and distributed power

With the acquisition of WaterEye Corporation in December 2006 , OEGY intends to also develop and commercialize utility monitoring products.

MAJOR STRATEGIC PARTNERSHIPS

With Suntech Power Holdings (NYSE:STP; $5 billion market cap) to manufacture SolarSave® Tiles and Glass, and with Motech to supply cells for SolarSave® Membranes

With Eagle Roofing (largest cement tile manufacturer in the US) to distribute OEC products through their sales channels to major developers and roofing contractors nationwide

RECENT DEVELOPMENTS

Receives $972,000 Purchase Order From Premier Power for SolarSave(R) Roofing Membrane System

OEGY and Suntech America Sign Letter of Intent for Strategic Cooperation to Manufacture and Market Building Integrated Photovoltaic (BIPV) Products

OEGY Signs Master Distribution Agreement with Eagle Roofing

OEGY to Provide GreenSource Solutions With 29.81 kW Solar BIPV System for National Tropical Botanical Gardens, Hawaii

WaterEye Announces License of Monitoring Software to Kobelco Eco-Maintenance Company

Open Energy Signs Cell Supply Agreement With Motech Solar; Taiwanese Company Will Deliver PV Cells for SolarSave(R) Membranes

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Address: 514 Via de la Valle, Suite 200; Solana Beach, CA 92075

Telephone: (858) 794 8800, fax (858) 794 8811

CEO: David Saltman

Web Site: http://www.openenergycorp.com/

State or other jurisdiction of incorporation or organization: NV

Transfer Agent: Madison Stock Transfer, Inc.

Investor contact: Brad Long, Boundary Point Investor Relations, 866 469 6349, blong@openenergycorp.com

------------------------------ GROWTH DRIVERS

Proprietary, award-winning, building-integrated photovoltaic (BIPV) roofing products for commercial, industrial, and residential markets

Ability to utilize traditional building and construction channels for sales, installation and service of solar electric systems

Ability to finance installations under long term power purchase agreements in order to reduce cost barriers to entry.

GROWTH PLAN

OEGY intends to leverage its proprietary solar products in order to drive its power solutions business. OEGY plans to both products and power under long term supply agreements with major developers and building owners

Because OEGY products can be installed by the construction trades, the products will utilize the existing building products industry as a channel for wide scale adoption of photovoltaics, partnering with commercial developers to install millions of dollars worth of systems.

Virtually integrated

OEGY intends to be virtually (not vertically) integrated.

OEGY does not manufacture PV cells or modules

Rather, OEGY designs next-generation PV products, then contracts with leading cell suppliers to OEM their products*

Unlike Sunpower, Solar Integrated Technologies, Evergreen Solar or other competitors, OEGY does not own installers

OEGY leverages the existing roofing contractors and building trades as OEGY’s installation and service army.

*Note: this is similar to the well-known "fabless semiconductor" industry: A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab."

STRATEGIC PARTNERS

OEGY’s strategic partners include:

Home builders such as Centex, William Lyon Homes, Pulte and Ponderosa

Roofing Contractors such as Best, Petersen Dean and DRI

Dealers and distributors such as Stellar Energy, Permacity, New Jersey Solar and DC Power

Suntech as an OEM supplier of modules and architectural PV glass panels

Eagle as a national sales and distribution channel in conjunction with their cement tile sales

OEGY also partners with financial institutions to underwrite the costs of systems under long term energy supply contracts.

ROLL OUT PLAN

. Geographically, California has become the third largest solar market in the world (behind heavily subsidized Germany and Japan).

. With Governor Schwarzenegger’s new Million Home Solar Initiative (Senate Bill 1), and President Bush’s Energy Bill, which provides additional tax incentives for solar, the stars are now aligned for explosive growth in the sector.

. OEGY intends to focus on California, Arizona and Nevada, as well as in Florida, where Eagle has just opened a new tile manufacturing operation.

OEGY BUSINESS ORGANIZATION

Vertically

OEGY is divided into product sales, solutions (financed) sales, and engineering/product development.

Product sales are accomplished primarily through distribution channels described above

Solutions sales are primarily made directly to developers and property owners

An engineering staff supports sales by designing systems, specifying equipment, and assisting in the permitting process. OEGY marketing department develops sales materials and on-line training to support the distribution network.

Internationally

OEGY is already in discussions regarding expansion of its product set in Asia, Europe and the Middle East

OEGY is also developing a solar thermal system called Suncone CSP, with the potential to desalinate water using only the power of the sun. As sell, OEGY also owns proprietary software to remotely monitor its PV and solar thermal systems.

RESULTS and FUTURE MILESTONES

OEGY appears to now have the critical components to deliver on its business plan.

This includes securing its supply chain, solidifying contracts with its distributors, and validating market acceptance of its tile, membrane and glass products.

For the fiscal year ended May 31, 2007 OEGY achieved sales of over $4 million and installed some of the most high profile projects in the country, including the new California Academy of Sciences building in Golden Gate Park, and new residential housing projects for William Lyon Homes and others

Based upon its established marketing channels, sales pipeline and strategic partnerships, it appears that OEGY could achieve sales for the fiscal year ending May 31, 2008 of over $20 million from its PV products alone.

In addition, OEGY continues to develop Suncone concentrating solar technology, and to license WaterEye software to municipalities and private companies around the world.

Based on expected, increase top line revenue momentum as OEGY’s strategic partners begin to market and install OEGY products and solutions, and assuming OEGY’s internal business plan milestones are met, it is possible that OEGY’s market cap could double to the $100 million range, which would suggest a per share price in the range of $.97 with 103 million shares outstanding.

COMPETITION

The market for residential and commercial solar systems is dominated by several large commodity players, as well as new entrants from China and Europe. Open Energy’s real niche is in next generation, building integrated photovoltaics, for which they extract a premium price in the market.

The biggest competitor in California is SunPower Corporation (SPWR), which recently purchased a major solar integrator, PowerLight, to become vertically integrated. Sun Power is focused on California and Europe, and has a very good reputation for installation and service.

BP, Sanyo and Kyocera compete in the next tier of suppliers, with strong brand presence, extensive dealer networks, and retail presence in Home Depot. They tend to focus on standard modular systems, not true building integrated solutions.

Sharp, Mitsubishi and GE (Astro Power), all have low priced commodity products. Quality is average to poor, but their sales volumes are very large. Sharp is the largest PV producer in the world. European producers include Q.Cell, REC and others. Their quality is very high, as is their pricing structure, but most of their sales are in Euros on the continent. The Chinese PV tigers including Suntech are already competing in this commodity space.

Finally, a new generation of thin film products are being brought to the market from UniSolar, Evergreen and others. While current efficiencies of these products is low, they are improving, and the value proposition of lower cost, easily installed thin film products should begin to compete for market share in the next 12 to 18 months.

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