GreenWave Reality Announces an Innovative Energy Management Platform Benefiting Utilities and Consumers

Easy-to-Use, Affordable In-Home Solution Based on Open Standards

COPENHAGEN, Denmark, IRVINE, California, and SINGAPORE, June 16, 2010 - GreenWave Reality today announced its innovative home energy management
platform for Europe, North America and Asia. The GreenWave Reality platform
creates smart energy-efficient homes through the monitoring and controlling
of devices. This system benefits both utilities and consumers; utilities
enhance their relationship with consumers and can better balance energy on
the grid while consumers can conserve energy with a minimal impact to their
lifestyle by easily monitoring and controlling their appliances and adding
intelligent LED lighting.

The GreenWave Reality solution is an ideal way for utilities to greatly
enhance the value of smart meter deployments by providing consumers an
affordable, secure, and easy-to-use system to gain a more comprehensive
understanding of their energy consumption. At the same time, GreenWave
Reality provides utilities with powerful tools to better understand overall
consumer energy usage patterns, enabling them to better balance energy
distribution on the grid including incentivising customers to shift demand
from peak to off-peak times.

"With many countries instituting de-regulation of energy retailing,
utilities are facing increased competition to retain and attract customers,
especially given that the cost of a lost customer can be as much as EUR500,"
said Greg Memo, CEO of GreenWave Reality. "GreenWave Reality's focus is to
partner with utilities to provide an affordable solution that delivers a
great consumer experience, enabling them to build deeper relationships with
their existing customers and attract new ones."

The GreenWave Reality standards-based platform creates a home area
network (HAN) comprised of a concurrent radio gateway, smart power nodes,
in-home display and controller along with an intuitive and engaging consumer
application. At the heart of the GreenWave Reality solution is a gateway that
automatically and securely connects to the power nodes, making appliances
smart, energy conscious, and controllable from within the home or remotely
via the Internet or a smartphone.

Recognising that lighting can account for up to 20% of a home's energy
usage, by the end of this year GreenWave Reality will introduce a
breakthrough intelligent LED lighting solution that extends the company's
core energy management platform. This affordable LED lighting can reduce
energy consumption by up to 80% over incandescent bulbs with no compromise in
light quality. These smart LED bulbs wirelessly connect to the HAN and can be
controlled as part of the energy management solution, furthering the energy
savings within the home.

Research shows that there is strong global demand for easy-to-use tools
that help consumers save energy. According to a YouGov survey in the UK, 78%
of respondents believe that making their home energy efficient in 2010 will
be an important priority for them. Similarly, a study conducted by the Boston
Consulting Group found that 75% of those surveyed in the US indicated that
they were interested in finding easy ways to save power.

    Key benefits of the GreenWave Reality platform:

    - Ease-of Use - The GreenWave Reality home energy management platform is
      designed for easy consumer set-up, with GreenWave Reality's patent-
      pending technology assisting in identifying appliances. Consumers can
      then access their own energy portal where GreenWave Reality's "energy
      coach" analyses the home and makes "smart control" suggestions allowing
      users to begin reducing their energy consumption by turning off devices
      that are not in use.

    - Affordability - The GreenWave Reality product suite is very cost
      effective, with starter kits that give consumers the ability to start
      monitoring and controlling their energy usage. The affordable price
      comes as a result of GreenWave Reality team's extensive experience in
      designing and manufacturing consumer products combined with its deep
      industry relationships.

    - Open Standards-based Platform - The GreenWave Reality platform is built
      on industry standard Internet Protocol-based communications that
      ensures the highest level of compatibility and connectivity. This
      platform is also designed for interoperability with other Z-Wave(R) and
      ZigBee(R) mesh-networking products, smart meters, digital thermostats,
      heat pumps, electrical cars and other home sensing devices, providing
      the flexibility to incorporate future services such as home security
      and elderly care. The data centre component of the platform provides
      utility companies with a wealth of energy and usage data, assisting in
      their efforts to shift demand from peak to off-peak times or better
      incorporate the use of renewable energy sources. The GreenWave Reality
      platform was designed to provide utility companies with an extremely
      secure and scalable architecture.

"GreenWave Reality has created an open, standards-based platform with a
modular design to interoperate with existing and new devices such as digital
thermostats, heat pumps and electrical cars," added Martin Manniche, Chairman
and CTO of GreenWave Reality. "The platform is also designed to provide
utilities a highly secure solution that can scale to millions of users."

The GreenWave Reality platform has been well received and is currently
entering the pilot phase with a number of utility companies in Europe.

Craton Equity Partners, a leading California clean technology fund
focused on investing in growing clean technology companies, is the lead
investor in an US$11 million equity round for GreenWave Reality. Craton is a
leading advocate for sustainable investing, and using investment models to
respond effectively to the urgent environmental challenges of our time. This
investment round also included a number of strategic investors from around
the world.

GreenWave Reality has also received support from Singapore's Economic
Development Board to foster GreenWave Reality's efforts in developing its
leading edge products.

Most recently, GreenWave Reality was awarded the Danish Green IT
Innovation Award by the IT Industry and Science Ministry of Denmark. The
award is given to companies who have demonstrated leadership in energy
conservation by the utilisation of technology.

For more information on GreenWave Reality and to see video demonstrations
of the company's platform, visit www.greenwavereality.com,
twitter.com/GrnWaveReality, and on Facebook at GreenWave Reality.

GreenWave Reality - Make a difference now!

Media contact: Daniel Sieger, +1-212-994-7536 or dan.sieger@rfbinder.com

Daniel Sieger, +1-212-994-7536 or dan.sieger at rfbinder.com