Product Development: During Q4, 2012, the Company submitted their STX inverter platform for certification in North America and Japan. These certifications are on track and when completed Sustainable Energy will have the only low voltage inverter platforms certified for use in Japan, Germany, and North America. The STX platform is designed from the bottom up to enable a highly competitive OEM strategy
Outlook for 2013
"We believe that the potential for our energy storage inverter will be the single biggest contributor to shareholder value in 2013, commented Michael Carten CEO of Sustainable Energy Technologies. "Grid tied energy storage for residential, and small commercial applications, is a market that is about to break open in Germany and Japan driven by escalating grid prices and falling solar electricity costs. Using Photon International demand forecasts we estimate the value of the market in Germany Japan and the US at more than $6.5B over the next four years "
"In Germany we are already in discussions with the companies which we believe will be the market leaders with a view to embedding our platform in their product design. We are optimistic that we will meet our goal to secure OEM partnerships with companies representing a market share of better than 30%
We believe that success in Germany will lead to success in Japan which is lagging Germany in product development and will position Sustainable Energy's energy storage platform as a market leader.
Product sales revenues from solar in 2013 will be based on expanding the partnerships with Solar Frontier and EECOL that were put in place during Q1 2013. Our goal is to build out the Solar Frontier model in Japan as soon as the STX platform is certified and to partner locally to build a "made in Japan" inverter for this and other applications. We believe that we are able to build out the EECOL model in Canada and extend that model to the US market.
Financial Highlights for the Year Ending September 30, 2012
Net loss and comprehensive Loss: The Net Loss for the year was $5,318,365 compared to $6,692,891 in 2011, a decrease of $1,374,526 (20.5%). Adjusting for non-cash items the Net Loss was reduced by $2,430,655 to $3,031,487 (44.5%) compared to $5,462,142 in 2011.
Cash Flow Used in Operations Cash flow used in operations was reduced 76% to $1,601,842 compared to $6,713,772 in 2011.
Sales Revenues Sales for the year ended September 30, 2012 were $3,313,134 compared to $3,867,910 for the year in 2011 a decrease of 14%. The reduction was attributable almost entirely to the moratorium on new solar projects imposed by the Ontario government immediately following its re-election on October 6 2011 and reduced sales to tenKsolar.
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 has designed a simple low cost platform that is software configurable for a wide range of low voltage generation and storage technologies, including solar PV fuel cells and all the emerging battery technologies. The Company's platform is based on breakthroughs in power conversion technology 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.
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 impact of our technology on solar PV system performance; the impact for low voltage energy storage systems; our competitive position for energy storage applications; and the potential for long term revenues.
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
(914) 669-0222 x201
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