EXHIBIT 11


Environmental Power Corporation
Computation of Earnings Per Share
June 30, 1997



 
For the three months ended June 30, 1997:
- ----------------------------------------
                                       
Weighted average number of shares            
 outstanding                                 11,195,182
                                           ------------
 
Net loss                                   $ (1,701,236)
                                           ------------
 
Loss per share - primary and fully         
 diluted                                   $       (.15)
                                           ------------
 

For the six months ended June 30, 1997:
- ----------------------------------------
                                       
Weighted average number of shares            
 outstanding                                 11,206,990
                                           ------------
 
Net loss                                   $ (1,389,806)
                                           ------------
 
Loss per share - primary and fully       
 diluted                                   $       (.12)
                                           ------------