BioFuels Co. Appoints President, CEO

July 21, 2003 []Environmental Power Corporation (EPC), of Portsmouth, New Hampshire, announced this month the appointment of Kam Tejwani as President and Chief Executive Officer. EPC maintains proprietary technology to convert manure into electricity. Tejwani had been the President of Target Capital Corporation, a private equity firm, since May 1996. Tejwani succeeds Joseph E. Cresci as CEO and Donald A. “Andy” Livingston as President of EPC. Cresci will remain active in the day-to-day affairs of EPC as Chairman of the Board of Directors and Chairman of the Executive Management Committee. Livingston will serve on the Executive Management Committee and will concentrate full-time on his role as President of the Company’s subsidiary, Microgy Cogeneration Systems, in order to focus on the continued development of power projects based on Microgy’s anearobic digester technology.