Stock Information

NASDAQ: AKNS
Stock Price (12/04/09): $1.00
Market Cap (12/04/09): $ 34.72 million
Shares Outstanding (10/26/09): 34.78 million
Website: www.akeena.com

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

power systems serving residential, commercial and resale
customers. The company’s patented solar panel technology,
Why Solar?
Andalay, reduces labor by 50% and parts by 80% relative to
ordinary panels, while enhancing aesthetics and improving
 Solar power limited only by manufacturing scale
rooftop performance. Akeena Solar is expanding its AC
solar panel line of business by setting up distribution  U.S. positioned to be the largest solar market
throughout the U.S. and Europe to solar installers, building  Very strong governmental support
supply retailers, and new home builders. Andalay AC panels
are primarily manufactured by Suntech and use micro Why Downstream?
inverters by Enphase.
Dramatic shift in value chain benefits installers
Latest Developments Decreasing panel pricing stimulates demand
[On December 7, Insert bullet describing retail program with Surplus of solar manufacturing capacity presents
Lowes] opportunity for differentiated producer

On November 23, Akeena Solar signed a distribution
partnership with Ontario-based Highland Solar to sell the
company's award-winning Andalay AC solar panel system
throughout Canada. The announcement marks the largest
distribution partnership Akeena Solar has signed to date and
the company's first distribution arrangement outside of the
United States.
On October 8, Akeena Solar's Andalay AC System was
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.
Why Akeena?
Revolutionary Andalay AC panels provide significant
competitive advantages
Diversified and scalable operating model (Installation,
licensing and distribution)
Strong management and strategic partnerships
Leading pure-play installer and “virtual” panel
manufacturer
Andalay AC Panel Installation – 20 Hours

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
systems
Superior aesthetics
 Panels mount flush to rooftops and look like a skylight
 No bulky inverters or unsightly wiring
Built-in reliability
 No racks, wires, clips, fuses or DC wiring Ordinary Andalay System
 Flat roof systems are non-penetrating (no roof leaks) Installation Installation
 Panel-by-panel performance monitoring (remote
internet monitoring optional)
Andalay AC panels have everything built-into the panel itself:
Designed for safety
racks, wiring, grounding, inverters, monitoring and all DC
 Integrated panel wiring and grounding
components. The rest is available at your local building
 No dangerous 600 volt DC wiring
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
Beyond Grid Parity in 2010 Solar Adoption Cycle
Rooftop Solar << Utility Generation

2008 2010
$/DC watt $/DC watt

Panels 4.25 2.25

Installation 2.00 0.50

Gross Profit 1.75 0.75

Currently
<0.4% in CA
Total Cost $8/watt $2.45/watt *

* No30 Year Cost

incentives other $0.19/kwh
than 30% ITC included$0.056/kwh
in 2010. Calculations l l l
assume 1.45 kwh/w capacity. 30 year analysis assumes discount $15/watt 2000
rate approximates energy escalation rate, zero salvage value. $8/watt 2008
$4/watt 2009
$2.25/watt 2010

Plummeting Installed Costs Accelerate Adoption

Similar to PC Industry in Early ‘80s

Analyst Coverage

Ardour Capital Investments Adam Krop

Cantor Fitzgerald Dale Pfau
Kaufman Brothers Theodore O’Neill
Merriman Curhan Ford Brion D. Tanous
Needham & Company Theodore R. Kundtz

Top Institutional Holders

as of 9/3/09
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%
VINIS GMBH
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 Gary Effren 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
bcinnamon@akeena.com agibbons@lhai.com
proceeds of February 2009 financings
 Raised additional $3.2m from warrant exercises associated
www.akeena.com
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.