A parallel goal is to use one of the OEM relationships to collaborate on manufacturing and distributing our proprietary Paralex solar inverter in Japan, which is now well advanced in the certification review for that market. Japan will be #2 in the world after China in solar installations this year and we are already seeing demand for a "made in Japan" solar inverter. We are targeting first sales into Japan during the first half of CY 2014.
Sustainable Energy is ahead of plan in the U.S. Whereas we had anticipated demand in the US to come primarily from micro-grid developers for remote industrial and military applications (See News Release dated May 29, 2013), we are seeing significant interest from battery manufacturers and system integrators to create value-added battery solutions for back-up power and on-site peak shaving applications. The Bi-Direx inverter is quickly gaining recognition within the industry as the premium energy storage inverter, and we are optimistic that we will realize higher product sales than originally anticipated in the back-up power market, beginning in the first half of CY 2014.
The Company is delivering on two sub-contracts with U.S. defense contractors for military micro-grid applications that are proving the value of Bi-Direx in this application. Feedback is that the unique open control architecture, that facilitates system design and flexibility, is a key differentiator, in addition to the higher conversion efficiencies.
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 that 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 allow 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 interest in our Bi-Direx product in Japan and the United States; statements concerning potential demand for Bi-Direx in Japan and the United States; statements concerning the performance of Bi-Direx powered Sonnenbatterie product and statements concerning Prosol's market share expectations for the European market.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sustainable Energy Technologies Ltd.Michael Carten
Chief Executive Officer
Source: Sustainable Energy Technologies Ltd.