LCA Low Carbon Acc.

TIDMLCA

RNS Number : 1844O

Low Carbon Accelerator Limited

14 September 2011

13 September 2011

Trading Update: Proven Energy Limited

LCA is today giving an update on its investee company, Proven Energy Limited ("Proven"). LCA have been informed by the Board of Proven that due to a recent and acute technical defect discovered on three turbines they have today resolved to advise all users of their P35-2 turbine to temporarily brake these systems and to suspend sales of this model. It should be noted that the P-7 and P-11 turbines in the Proven fleet continue to operate without interruption.

As a result of this acute technical defect and the suspension of sales of the P35-2 model, and exacerbated by the current difficult planning environment, Proven is now incurring losses that it cannot sustain without a further injection of cash. Therefore, and as a matter of prudence, the Board of LCA anticipates having to make a substantial or total write-down of its investment in Proven. LCA has invested a total of GBP11.15m as a combination of debt and equity in Proven. A full write down is expected to leave the Adjusted NAV per share in the range of 30.5p to 31.5p. At close of play on 13(th) September 2011 the mid-market share price of LCA was 25.5p.

About Us:

Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising GBP44.5 million. On 26 June 2009, the Company announced that it had raised a further GBP10 million, net of expenses, following the successful placing of a further 41.6 million shares.

The Company invests principally in companies which provide low carbon products and services across the following sectors:

-- Energy efficiency (reductions in energy inputs at source, improved conversion and reductions at point of use)

-- Energy generation (sustainable and clean energy, micro and distributed generation)

The Company's investment strategy is to target trading businesses with patentable technologies and products with a clear commercial application and the opportunity to gain a large market share of a new or expanding market. The Company focuses on businesses with experienced management teams who have developed commercially viable products providing easily adoptable solutions which deliver immediate reductions in carbon dioxide emissions.

Enquiries:

Low Carbon Investors Limited

Steve Mahon, CIO

Andrew Affleck, Chairman

Tel: +44 (0)20 7631 2630

Grant Thornton Corporate Finance

Colin Aaronson

Melanie Frean

Tel: +44 (0) 20 7383 5100

This information is provided by RNS

The company news service from the London Stock Exchange

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