In a recent press release (January 5, 2005), Northern Power Systems, a subsidiary of Distributed Energy Systems Corp., has been awarded a master implemtation contract by the New York Power Authority (NYPA) to design, engineer and install distributed generation (DG) projects at various NYPA customer sites over the next 3 years. The anticipated total value of the contract over the 3-year time period is between $5 and $10 million.

"Northern qualified for the NYPA`s DG program on the strength of our engineering competence and demonstrated DG expertise," noted Clint "Jito" Coleman, Northern`s president. "Recent CHP grant awards from the New York State Energy Research and Development Authority (NYSERDA) and California Energy Commission have also recognized the outstanding engineering and economic value of the turnkey combined heat and power (CHP) Systems we have delivered." Beyond the NYPA projects, Northern has recently been awarded a $4 million contract to design and build the first large synchronous interconnect DG project in Manhattan for Equity Office, the nation`s largest publicly held office building owner and manager.

Other news (January 13, 2005), Proton Energy Systems, Inc. another subsidiary of Distributed Energy Systems Corp. announced a contract award valued at nearly $1.2 million with the University of Nevada, Las Vegas Research Foundation, (UNLVRF). This is a follow-on to the Phase I contract under which Proton and the UNLVRF team are developing a hydrogen filling station capable of operating on a solar power for installation in Las Vegas, Nevada.

In a most recent news release (January 19, 2005) Distributed Energy Systems Corp. announced preliminary full year revenues of approximately $21 million, and preliminary estimated fourth quarter revenues of approximately $10 million.

The Company also announced that its backlog of signed project and product commitments at year end is approximately $25 million.

Walter "Chip" Schroeder, president of Distributed Energy, commented, "During 2004, we made real progress in expanding our business mix from a focus on hydrogen and fuel cell technologies to include other distributed energy business that is fully commercial today."

For the 9 months ended September 30, 2004, revenues totaled $11.1 million, up from $1.2 million. Net loss rose 52% to $18.4 million. Revenues reflect the recognition of deferred revenue related to HOGEN 40 series sales and increased active contracts. Higher loss reflects higher SG&A costs.

To stay at the forefront of technical developments in the energy market, Northern draws on a 25-person in-house R&D team with its Power Technology Group (PTG), which has been awarded over $2.5 million in Federal and State level grants over the past year.

If you would like to receive all corporate updates on the companies feel free to visit, www.bellwetherreport.com.

The Bellwether Report, will continue scanning the markets for true emerging growth opportunities that will show subscribers optimal entry points with profitable exit points. If you are interested in receiving more information on the above mentioned companies feel free to sign up for a 1 month complimentary subscription to the #1 online investment resource www.bellwetherreport.com.

All material herein was prepared by the Bellwetherreport.com , (Bellwether) based upon information believed to be reliable. The information contained herein is not guaranteed by Bellwether to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Bellwether is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. Bellwether may receive compensation in cash or shares from independent third parties or from the companies mentioned.

Bellwether`s affiliates, officers, directors and employees may also have bought or may buy the shares discussed in this opinion and may profit in the event those shares rise in value. Market commentary provided by Jay Lee.

Bellwether will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission.

You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Bellwether undertakes no obligation to update such statements.

CONTACT: bellwetherreport.com Tel: +1 604 781 3914