CALGARY, ALBERTA -- (Marketwired) -- 06/20/13 -- Sustainable Energy Technologies Ltd (TSX VENTURE: STG) ("Sustainable Energy" or the "Company"), a designer and manufacturer of advanced power electronics for distributed smart grid and micro-grid applications, today announced that it has received initial production purchase orders from Prosol totalling more than $500,000 in value along with deposits called for under its previously announced Supply Contract (See News Release dated May 16, 2013).
Deliveries of a mix of 2.5kW, 3.5kW and 5 kW inverters are scheduled to begin during the last week of June 2013.
"The orders cover the starting three months of the contract and are higher than the expected initial volumes," said Justin Holland Chief Operating Officer of Sustainable Energy. The inverters are the critical enabler of the high performance Sonnenbatterie "Comfort" line of grid parallel energy storage systems, launched this week at Inter-solar in Munich Germany.
"This is an exceptionally quick production start for a supply contract of this magnitude, which was only signed four weeks ago. We are able to deliver in this time frame because of our flexible manufacturing model which also allows us to fill what we expect will be a very quick production ramp over the next 6 months to meet the committed volumes. Our model and the negotiated financial terms of our agreement with Prosol Invest allow us to execute with minimal additional working capital required."
The Prosol Invest is the current market leader in Germany with approx. 40% of the German energy storage market. Sonnenbatterie's "Comfort" line is proving to be the efficiency leader among products introduced and/or promised at the Inter-solar show a critical differentiator in the very demanding German market.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures advanced power electronics for distributed smart grid and micro-grid applications. Advanced power electronics are a critical interface between all distributed generation and storage systems devices, ensuring the delivery of high quality alternating current (AC) to the power grid as well as providing utility control over the interconnection and power quality.
Sustainable Energy's bi-directional low voltage energy storage inverter directly connects low voltage batteries to the grid with the power industry's highest round trip (battery charging and discharging) efficiencies. The inverter meets tough utility smart grid standards such as Germany's VDE 4105 which is becoming a global standard and enables full utility control over the battery dispatch and power quality functions.
The inverter's software configurable platform has been designed from the ground up to be easily integrated into power management systems, with the industry's only open industry standard communications software to support a highly cost competitive OEM strategy and allowing rapid development of OEM partner product solutions.
Sustainable Energy's platform is based on patented breakthroughs in power inverter design that enable its platform to convert high current/low voltage DC into high quality AC with conversion efficiencies that are materially higher than anything in the market with an inherently lower cost structure.
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, we include: statements concerning the value of future demand for energy storage inverters; statements concerning the efficiency and cost advantages of our energy storage inverters; statements concerning the Sonnenbatterie product and statements concerning Prosol's market share expectations.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's 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.
Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at www.sedar.com. The Company does 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
Alliance Advisors, LLC
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