Evergreen Energy Inc. (NYSE Arca:EEE) has signed a memorandum of understanding (MOU) to establish a joint venture with WPG Resources (ASX:WPG) to jointly develop and commercialize K-Fuel®, Evergreen’s coal upgrading technology, throughout Australia. In addition, WPG Resources invested $2 million into the company’s previously announced $16.0 million private placement transaction.

“We are very pleased to announce this mutually beneficial joint venture agreement with WPG Resources,” stated Ilyas Khan, Executive Chairman of Evergreen. “Not only will this partnership with WPG enable us to dramatically accelerate the timeline to establish a prominent foothold in this important market, but we have found in WPG a partner who shares our objectives with respect to the upgrading of coal in the Pacific Basin region. We look forward to working in tandem with WPG who has both the underlying resources in the form of extensive coal deposits, and the infrastructure to further our efforts in developing K-Fuel into value for both our companies. Our new venture establishes a focused presence on the Asian markets where we believe the conditions for adopting the K-Fuel technology are most attractive.”

Khan added, “The joint venture is expected to be a very valuable company in its own right. The long-term buoyant nature of demand for coal from India, China, Japan and Korea is an established reality that our joint venture will serve. WPG is a growing and ambitious company in the natural resource area and in them we have found a top-class partner.”

Bob Duffin, Chairman of WPG Resources, stated, “We are excited to be partnering with Evergreen Energy on implementing its K-Fuel technology for the Asian markets. The value K-Fuel brings forth will provide us with innovative coal upgrading applications to meet stringent environmental standards and increase energy output. The value of our coal resources will be enhanced very substantially through the upgrading process and we look forward to working with our existing partners and customers in and around the Pacific Basin region. This has been in line with our long-term strategy, previously articulated on a number of occasions, and I look forward to working with Ilyas and his team.”

WPG Resources

WPG Resources (ASX: WPG), is an Australian ASX listed mineral resources company with advanced iron ore and coal exploration projects located in South Australia. Its flagship project, Peculiar Knob, is almost fully permitted and development funding is in place. For further information, visit www.wpgresources.com.au.

Evergreen Energy Inc.

Evergreen Energy Inc. (NYSE Arca: EEE) has developed two proven, proprietary, patented, and transformative green technologies: K-Fuel® and the GreenCert™ suite of software and services. K-Fuel technology significantly improves the performance of low-rank coals, yielding higher efficiency and lowering emissions. 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. 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™ or K-Fuel® technologies may be adversely impacted by unfavorable decisions in pending litigation, the inability of the Company to satisfy the terms of the settlement agreement with the holders of its 2007 and 2009 Notes, or by our inability to raise sufficient additional capital in a timely manner to pursue the development of our technology. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

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