CUSIP No. 29406L201

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                         Environmental Power Corporation

                                (Name of Issuer)

                                  Common Stock

                         (Title of Class of Securities)

                                    29406L201

                                 (CUSIP Number)

                            Joseph P. Bartlett, Esq.
                Greenberg Glusker Fields Claman & Machtinger LLP
                      1900 Avenue of the Stars, Suite 2100
                              Los Angeles, CA 90067
                                 (310) 201-7481

   (Name, Address and Telephone Number of Person Authorized to Receive Notices
                               and Communications)

                                 August 23, 2007
             (Date of Event which Requires Filing of this Statement)

If the reporting person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box / /.

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7(b) for
other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).




CUSIP No. 29406L201

--------------------------------------------------------------------------------
1.   Name of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     David Gelbaum, Trustee, The Quercus Trust
--------------------------------------------------------------------------------
2.   Check the Appropriate Box If a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Source of Funds (See Instructions)
     PF
--------------------------------------------------------------------------------
5.   Check If Disclosure of Legal Proceedings Is Required Pursuant to
     Items 2(d) or 2(e)                                             [_]

--------------------------------------------------------------------------------
6.   Citizenship or Place of Organization
     U.S.
--------------------------------------------------------------------------------
               7.   Sole Voting Power
  NUMBER OF         -0-
   SHARES      -----------------------------------------------------------------
BENEFICIALLY   8.   Shared Voting Power
 OWNED BY           529,100
    EACH       -----------------------------------------------------------------
  REPORTING    9.   Sole Dispositive Power
   PERSON           -0-
    WITH       -----------------------------------------------------------------
               10.  Shared Dispositive Power
                    529,100
--------------------------------------------------------------------------------
11.  Aggregate Amount Beneficially Owned by Each Reporting Person
     529,100
--------------------------------------------------------------------------------
12.  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
     (See Instructions)                                               [_]
--------------------------------------------------------------------------------
13.  Percent of Class Represented by Amount in Row (11)
     5.2%(1)
--------------------------------------------------------------------------------
14.  Type of Reporting Person (See Instructions)
     IN
--------------------------------------------------------------------------------

______________________

(1)   Based on 10,122,491 shares of Common Stock outstanding, as reported in the
      Issuer's Quarterly Report on Form 10-Q for the quarter period ended June
      30, 2007.


                                       2


CUSIP No. 29406L201

--------------------------------------------------------------------------------
1.   Name of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     Monica Chavez Gelbaum, Trustee, The Quercus Trust
--------------------------------------------------------------------------------
2.   Check the Appropriate Box If a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Source of Funds (See Instructions)
     PF
--------------------------------------------------------------------------------
5.   Check If Disclosure of Legal Proceedings Is Required Pursuant to
     Items 2(d) or 2(e)                                             [_]

--------------------------------------------------------------------------------
6.   Citizenship or Place of Organization
     U.S.
--------------------------------------------------------------------------------
               7.   Sole Voting Power
  NUMBER OF         -0-
   SHARES      -----------------------------------------------------------------
BENEFICIALLY   8.   Shared Voting Power
 OWNED BY           529,100
    EACH       -----------------------------------------------------------------
  REPORTING    9.   Sole Dispositive Power
   PERSON           -0-
    WITH       -----------------------------------------------------------------
               10.  Shared Dispositive Power
                    529,100
--------------------------------------------------------------------------------
11.  Aggregate Amount Beneficially Owned by Each Reporting Person
     529,100
--------------------------------------------------------------------------------
12.  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
     (See Instructions)                                               [_]
--------------------------------------------------------------------------------
13.  Percent of Class Represented by Amount in Row (11)
     5.2%(1)
--------------------------------------------------------------------------------
14.  Type of Reporting Person (See Instructions)
     IN
--------------------------------------------------------------------------------

______________________

(1)   Based on 10,122,491 shares of Common Stock outstanding, as reported in the
      Issuer's Quarterly Report on Form 10-Q for the quarter period ended June
      30, 2007.


                                       3

CUSIP No. 29406L201

--------------------------------------------------------------------------------
1.   Name of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     The Quercus Trust
--------------------------------------------------------------------------------
2.   Check the Appropriate Box If a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Source of Funds (See Instructions)
     PF
--------------------------------------------------------------------------------
5.   Check If Disclosure of Legal Proceedings Is Required Pursuant to
     Items 2(d) or 2(e)                                             [_]

--------------------------------------------------------------------------------
6.   Citizenship or Place of Organization
     U.S.
--------------------------------------------------------------------------------
               7.   Sole Voting Power
  NUMBER OF         -0-
   SHARES      -----------------------------------------------------------------
BENEFICIALLY   8.   Shared Voting Power
 OWNED BY           529,100
    EACH       -----------------------------------------------------------------
  REPORTING    9.   Sole Dispositive Power
   PERSON           -0-
    WITH       -----------------------------------------------------------------
               10.  Shared Dispositive Power
                    529,100
--------------------------------------------------------------------------------
11.  Aggregate Amount Beneficially Owned by Each Reporting Person
     529,100
--------------------------------------------------------------------------------
12.  Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
     (See Instructions)                                               [_]
--------------------------------------------------------------------------------
13.  Percent of Class Represented by Amount in Row (11)
     5.2%(1)
--------------------------------------------------------------------------------
14.  Type of Reporting Person (See Instructions)
     OO
--------------------------------------------------------------------------------

_____________________

(1)   Based on 10,122,491 shares of Common Stock outstanding, as reported in the
      Issuer's Quarterly Report on Form 10-Q for the quarter period ended June
      30, 2007.

                                       4



Item 1.  Security and Issuer

      Issuer: Environmental Power Corporation

      Security: Common Stock

Item 2.  Identity and Background

      (a) This Statement is being filed by The Quercus Trust (the "Trust"),
David Gelbaum, an individual, as co-trustee of the Trust, and Monica Chavez
Gelbaum, an individual, as co-trustee of the Trust (collectively, the "reporting
persons").

      (b) The reporting persons' business address is 2309 Santiago Drive,
Newport Beach, California 92660.

      (c) David Gelbaum and Monica Chavez Gelbaum are investors; the Trust is a
revocable trust formed for estate planning purposes.

      (d) None of the reporting persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).

      (e) None of the reporting persons has, during the past five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.

      (f) Each of Mr. and Ms. Gelbaum is a citizen of the United States of
America. The Trust is a California statutory trust.

Item 3.  Source and Amount of Funds or Other Consideration

         All shares of Common Stock were purchased using personal funds.

Item 4.  Purpose of Transaction

      The shares of Common Stock were purchased by the Trust for investment
purposes. The reporting persons have no plans or proposals which relate to or
which would result in any of the actions specified in clauses (a) through (j) of
Item 4 of Schedule 13D. However, the reporting persons retain their rights to
modify their plans with respect to the transactions described in this Schedule
13D, to vote, acquire or dispose of securities of the Issuer and to formulate
plans and proposals which could result in the occurrence of any such events,
subject to applicable laws and regulations.

Item 5.  Interest in Securities of the Issuer

      (a) As of the date of this Schedule 13D, each reporting person
beneficially owns 529,100 shares of Common Stock, which are held of record by
the Trust.

      (b) Each of David Gelbaum and Monica Chavez Gelbaum, acting alone, has the
power to exercise voting and investment control over the shares of Common Stock
owned by the Trust.






      (c) Since June 23, 2007, the Trust has purchased shares of Common Stock in
brokered transactions as follows:


               Date               Number of Shares          Price Per Share
               ----               ----------------          ---------------
            6/25/2007                   4,800                  $ 8.8331
            6/26/2007                  10,000                  $ 8.8710
            6/27/2007                   9,100                  $ 8.7703
            6/28/2007                   6,000                  $ 8.7495
            6/29/2007                   9,300                  $ 8.8888
             7/2/2007                   6,400                  $ 8.8534
             7/3/2007                   1,300                  $ 8.8592
             7/5/2007                   4,500                  $ 8.7420
             7/6/2007                   6,500                  $ 8.7548
             7/9/2007                  20,300                  $ 8.8893
            7/10/2007                   5,700                  $ 8.6507
            7/11/2007                   9,800                  $ 8.5801
            7/12/2007                  32,200                  $ 8.7300
            7/13/2007                  26,200                  $ 8.6600
            7/16/2007                  141,400                 $ 9.0270
            7/17/2007                  43,000                  $ 8.8241
            7/18/2007                  35,000                  $ 8.6598
            7/19/2007                  20,900                  $ 8.7430
            7/20/2007                  15,000                  $ 8.6950
            7/23/2007                   6,100                  $ 8.8379
            8/20/2007                   4,258                  $ 5.5778
            8/21/2007                   4,200                  $ 5.6460
            8/22/2007                  16,000                  $ 5.7255
            8/23/2007                  30,042                  $ 5.9981
            8/24/2007                  13,800                  $ 5.6972


      (d) Not applicable.

      (e) Not applicable.

Item 6.  Contracts, Arrangements, Understandings or Relationships With
         Respect to Securities of the Issuer

      Pursuant to the Power of Attorney filed as Exhibit "B" to Amendment No. 1
to Schedule 13D filed on August 24, 2007 with respect to the issuer Emcore
Corp., David Gelbaum has been appointed as Monica Chavez Gelbaum's
Attorney-In-Fact.

Item 7.  Material to Be Filed as Exhibits

      Exhibit A: Agreement Regarding Joint Filing of Schedule 13D.


                                       6





SIGNATURE

      After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct and agrees that this statement may be filed jointly
with the other undersigned parties.


Dated:  August 31, 2007           /s/ David Gelbaum
                                  ----------------------------------------------
                                  David Gelbaum, Co-Trustee of The Quercus Trust



                                  /s/ David Gelbaum, as Attorney-In-Fact for
                                      Monica Chavez Gelbaum
                                  ----------------------------------------------
                                  Monica Chavez Gelbaum, Co-Trustee of The
                                  Quercus Trust



                                  /s/ David Gelbaum
                                  ----------------------------------------------
                                  The Quercus Trust, David Gelbaum, Co-Trustee
                                  of The Quercus Trust



                                       7


CUSIP No. 29406L201

                                    EXHIBIT A

                AGREEMENT REGARDING JOINT FILING OF SCHEDULE 13D



      The undersigned agree that the Schedule 13D with respect to the Common
Stock of Environmental Power Corporation is a joint filing being made on their
behalf.


Dated:  August 31, 2007           /s/ David Gelbaum
                                  ----------------------------------------------
                                  David Gelbaum, Co-Trustee of The Quercus Trust



                                  /s/ David Gelbaum, as Attorney-In-Fact for
                                      Monica Chavez Gelbaum
                                  ----------------------------------------------
                                  Monica Chavez Gelbaum, Co-Trustee of The
                                  Quercus Trust



                                  /s/ David Gelbaum
                                  ----------------------------------------------
                                  The Quercus Trust, David Gelbaum, Co-Trustee
                                  of The Quercus Trust


                                       8