CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - Sustainable Energy Technologies Ltd (formerly TSX-V "STG" and now operating under the name Eguana Technologies Inc) (TSX VENTURE:EGT) announced today that it has entered into an agreement with leading electronics manufacturer, SRI Radio Systems GmbH (www.sri.de) to have Eguana's smart grid "BiDirex" energy storage inverters manufactured at SRI's plant in Durach, Bavaria.
BiDirex storage inverters provide core power conversion functionality and smart grid connectivity for the market leading Sonnebatterie solar energy management systems in European markets under a previously announced exclusive agreement with Prosol Invest GmbH.
Prosol Invest has been shipping Sonnenbatterie systems powered by Bi-Direx inverters made in Canada since August of this year, and is now set to ramp production of its full product line with "made in Germany" Bi-Direx inverters.
Christoph Ostermann CEO of Prosol Invest commented: "Sonnenbatterie now commands a leadership position in the German energy storage market, and we are back ordered for the Eguana powered Sonnenbatterie systems. The Eguana agreement with SRI is a pivotal event that will allow us to ramp production for our partners and customers in Europe."
Justin Holland, COO of Eguana Technologies commented: "SRI's world class manufacturing and supply chain management capabilities are located within 15 kilometers of Prosol Invest, enabling us to virtually wipe out logistics costs, drive down product cost, shorten product delivery lead times, and reduce our environmental impact by eliminating product packaging with reusable material handling equipment. This is a significant step forward for Equana."
The German made Sonnenbatterie has emerged as the leading European energy management system designed to maximize on site consumption of solar energy. Sonnenbatterie offers intelligent integrated product solutions with storage capacities ranging from 2 kilowatt hours to more than 60 kilowatt hours. No other product in the market offers the scalability and customer choice of the Sonnenbatterie product line - a feature that is facilitated by Eguana's proprietary technology.
Germany has staked out a global leadership position in the use of energy storage as a means of increasing the use of renewable energy and reducing stress on the transmission and distribution infrastructure. London based IHS Research is predicting that the cumulative installations in Germany are expected to grow to 2,500 Megawatts by 2017, a leap from 12 Megawatts in 2012.
SRI is a member of the TQ Group of companies, one of the world's leading contract manufacturer of electronic and electro-mechanic devices, with more than 1,200 employees in the group.