CALGARY, ALBERTA -- (Marketwire) -- 03/04/13 -- Sustainable Energy Technologies Ltd (TSX VENTURE: STG) ("Sustainable Energy" or the "Company") announced that it has filed its Consolidated Financial Statements for the Three Months ending December 31 2012 ("Q1") 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.
During Q1, 2013, Sustainable Energy successfully executed on the first step of its previously announced strategy (News Release: August 28, 2012) to reposition Sustainable Energy in the energy storage market for smart grids and micro-grids. On February 19, 2013, we announced an exclusive partnership to supply a minimum take or pay of 10,000 inverters for solar energy storage systems in Europe over the next two years.
"The agreement signals Sustainable Energy's leadership in what will be a multi-billion dollar market over the next 4 - 5 years," commented Michael Carten, CEO of the Company. "During the past 10 weeks, we have received across the board validation of our leadership position from leading battery manufacturers and integrators of energy storage systems. We have NDAs in place with some of the largest companies in the industry, and were recently selected by a major US defense contractor to supply high efficiency battery management inverters for a micro-grid demonstration.
Our target is to replicate the German result in Japan, and to begin deliveries there by the end of fiscal Q4. According to Photon Consulting, Japan will be a larger market than Germany by 2014, with a total of 10,500 Megawatts installed between now and 2016. We are well advanced in the Japanese certification process and expect to have this in hand early in the next Quarter."
As expected, sales of solar inverters were down from the previous period as the Company re-directed resources to securing its position in the energy storage market. The reduction was, however, greater than expected, as demand from tenKsolar was materially below tenKsolar's forecast volumes and below the contractually committed volumes.
During Q1, the Company accepted an offer from tenKsolar to sell a manufacturing license for $2.5 million in cash, plus a negotiated value add on sales of firmware embedded micro-processors supplied by the Company (News Release: December 6, 2012). However tenKsolar has been unable to close on the purchase for financial reasons and has forfeited a 10% deposit.
"Negotiations with tenKsolar are ongoing as our inverter is integral to the tenKsolar product," said Carten. "We fully expect to continue delivering inverters to tenKsolar or to Hanwha Solar One which is marketing the tenKsolar product globally under the Optimax brand.
The failure of tenKsolar to close on the sale of the License was a surprise, and the Company will be required to raise additional capital in the coming weeks in order to execute on deliveries of the energy storage inverters. The Company is currently discussing a financial structure with Doughty Hanson and other existing investors.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning the impact of Sustainables' technology on solar PV system performance; statements concerning market outlooks; and statements concerning the potential for sales revenues. While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Companies' actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Companies do not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sustainable Energy Technologies Ltd.
Chief Executive Officer
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