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Evergreen Energy Engages TerraNova Capital Partners, Inc. to Advise Regarding Strategic Development and Financing Opportunities

DENVER, Dec 15, 2010 (BUSINESS WIRE) -- Evergreen Energy Inc. (NYSE Arca:EEE), a green energy technology solutions company, has engaged TerraNova Capital Partners, Inc. to advise and assist the company regarding potential strategic development and financing opportunities.

John Steinmetz, Chief Executive Officer of TerraNova Capital Partners, Inc., stated: "We have completed due diligence on the company and its technology. We believe that Evergreen Energy has a sensible plan for commercializing its coal beneficiation technology. We have studied the progress the company has made in China, and believe there are complimentary opportunities for K-Fuel(R) in the United States and in Asia, including Indonesia and India." Tom Stoner, chairman and CEO of Evergreen, stated: "As we mentioned in our previous 10-Q filing, Evergreen Energy management is evaluating strategic opportunities to utilize certain retained equipment from our Fort Union site to construct and operate a new K-Fuel demonstration plant. This plant would build on the design improvements developed at Fort Union and explore further process enhancement concepts. This potential demonstration plant, along with our laboratory in the US and Evergreen-China's laboratory in China, will enable further testing of various feed stock with new customers in thermal and other coal beneficiation markets. The patented K-Fuel process has a proven capability to upgrade high moisture, low energy coal and reduce harmful trace elements like Mercury and Sulfur. These opportunities highlight the K-Fuel technology's role as a central component of our strategy and the next stage of our development, enabling us to build on the tangible progress already made.

"We are also progressing with the development of our GreenCert Energy solution, which provides a comparative analysis of plant efficiencies and helps reduce operational and regulatory risk, as well as the sales and marketing of a recently released new version of GreenCert(TM) EMIT (Emissions Monitoring Inventory Tracking), both of which complement our leading technology, the K-Fuel process." TerraNova Capital Partners, Inc.

Established in 1999, TerraNova Capital Partners, Inc. is a boutique investment and merchant banking firm with global operations that specializes in growth sectors with notable expertise in energy and mining production, services and technologies, clean-technologies and alternative energy, telecommunications and emerging markets such as China. Through the broker-dealer subsidiary, European American Equities, Inc., the firm provides investment banking advisory services to public and private companies worldwide. Its expert team has extensive experience assisting clients in private placements, reverse mergers, mergers and acquisitions, divestitures and sale transactions, restructurings and other corporate advisory services. TerraNova Capital Partners is a recognized leader in funding companies through the private placement of structured debt and equity securities with institutional investors. The firm specializes in providing clients with highly-customized, flexible and cost-effective corporate finance solutions. European American Equities, Inc. is a member of FINRA and SIPC.

Evergreen Energy Inc.

Evergreen Energy Inc. (NYSE Arca: EEE) has developed two proven, proprietary, patented, and transformative green technologies: the GreenCert(TM) suite of software and services and K-Fuel(R). GreenCert, which is owned exclusively by Evergreen, is a science-based, scalable family of environmental intelligence solutions that quantify process efficiency and greenhouse gas emissions from energy, industrial and agricultural sources and may be used to create verifiable emission reduction credits. K-Fuel technology significantly improves the performance of low-rank coals, yielding higher efficiency and lowering emissions. Visit www.evgenergy.com for more information.

Safe Harbor Statement Statements in this release that relate to future plans or projected results of Evergreen Energy Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Our ability to execute our business plan and develop the GreenCert(TM) or K-Fuel(R) technologies may be adversely impacted by unfavorable decisions in the Buckeye litigation or other material litigation or by our inability to raise sufficient additional capital in a timely manner to pursue the development of our technology. Our ability to successfully complete a transaction with a strategic partner is subject to a variety of risks and uncertainties, including the completion of due diligence and the availability of capital. There is no assurance that we will be able to complete the development of our technologies, or that a transaction with a strategic partner will further such development. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

SOURCE: Evergreen Energy Inc.

CONTACT: Evergreen Investor Contact: Lippert / Heilshorn & Associates Becky Herrick, 415-433-3777 bherrick@lhai.com Copyright Business Wire 2010 -0- KEYWORD: United States

North America

Colorado INDUSTRY KEYWORD: Energy

Alternative Energy

Coal