CALGARY, ALBERTA -- (Marketwire) -- 01/29/13 -- Sustainable Energy Technologies Ltd (TSX VENTURE: STG) ("Sustainable Energy" or the "Company") announced that it has filed its Consolidated Financial Statements for the Six Months ending March 31 2012 along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.sustainableenergy.com
Sustainable Energy used 2012 to restructure its operating model to earn revenues through partnerships where its product forms part of a package or product distributed by OEM partners. The change is driven by management's judgment that that greater shareholder value will be created by focusing on well defined high growth market segments where the Company's technology enables unique product solutions which have the potential to take a material share of the segment.
tenKsolar: During 2012 the Company partnered with tenKsolar to create the industry's first fully modular structurally integrated solar PV package enabled by the Company's high efficiency parallel inverter. In Q1 Sustainable Energy entered into licensing and supply agreements with tenKsolar which will contribute a minimum of $5.4 million over the next 12 months with a possible $3 million at the end of the year if tenKsolar exercises its option to buy down Sustainable Energy's revenue sharing. Closing of the License Agreement originally scheduled for December 19, 2012 has been delayed at tenKsolar's request to allow documentation of a shareholder financing to be completed. TenKsolar has paid a $250,000 deposit to secure the License Agreement and closing is pending.
Solar Frontier: During 2012, the Company combined with Solar Frontier America to develop and demonstrate a structurally integrated bundle for Solar Frontier's high efficiency CIS thin film module for residential and small commercial rooftops and building facades. Sustainable Energy believes that the thin film "AC module" enabled by its inverter platform is the single best opportunity to bring high efficiency thin film to the rooftop and building facade market. Based in Japan, Solar Frontier is one of the top three thin film module manufacturers in the world with more than 1 GW of production capacity.
The AC module is only possible with Sustainable Energy's PARALEX inverter. With Japanese certification off the inverter expected later this Quarter (See Product Development) the strategy is to enable a global product offering and to make the PARALEX inverter the "go to" solution to use with all high efficiency thin film modules.
Energy Storage Inverter: During 2012, Sustainable Energy developed and began marketing a smart grid energy storage inverter for emerging German and Japanese residential and small commercial solar energy storage markets.
Low voltage inverters are at the core of lithium ion battery based energy management systems which will be distributed by utilities, major consumer products companies, and solar installers. Sustainable Energy's "AC battery" is the only high efficiency solution in the market and the only product designed from the bottom up to enable a lower cost OEM strategy critical to developers of the energy management systems.
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