Sustainable Energy's Energy Storage Inverter Selected by Leading European Energy Management System Supplier
CALGARY, ALBERTA, Feb 19, 2013 (MARKETWIRE via COMTEX) --
Sustainable Energy Technologies Ltd (TSX VENTURE: STG)
("Sustainable Energy" or the "Company"), a manufacturer of
intelligent power electronics for distributed generation and storage
systems, announced today that it has agreed on the essential elements
of an exclusive, multi-year deal to supply its energy storage
inverters to a leading supplier of energy management systems for
European markets. The agreement is subject to negotiation of final
licensing and supply contracts over the next 30 days, and
satisfactory integration of the inverter into the energy management
system over the next 60 days.
Michael Carten, CEO of Sustainable Energy commented: "We are right on
track with our strategy for this segment of the market. Our
expectation is to deliver a minimum of 10,000 units to the German
market over the next 30 months with first deliveries targeted for
May. We are excited about the relationship with our partner, who is
not disclosed for competitive reasons, and we both expect to be able
to expand this relationship into other markets. We will keep
shareholders updated as we meet our internal milestones."
German Federal Ministry of the Environment staff have recently
advised that the Ministry will introduce an incentive program to
encourage solar energy storage by May of this year. According to
press reports, (see: www.photovoltaik.eu) the program will provide
direct subsidies for the purchase of energy storage systems storing
up to 30 kilowatt hours of solar energy for self-consumption. In
addition to the subsidies, German government owned KFW Bankengruppe
provides attractive high ratio low interest loans to assist buyers to
acquire these systems.
Carten added: "As it did with solar power 9 years ago, Germany is
taking the lead in making energy storage an integral part of the
smart power grid of future. Our energy storage inverter is positioned
to become an industry standard in the consumer and small commercial
segment of the solar energy storage market with lower costs, a
simpler design, and much higher efficiencies than any other product
in the market."
Energy Storage Inverter
Sustainable Energy's bi-directional energy storage inverter directly
connects high efficiency batteries to the grid with the power
industry's highest round trip (battery charging and discharging)
efficiencies. Unlike most inverters, the Company's platform has an
open, industry standard, communications protocol which enables full
utility control over the battery dispatch and power quality functions
needed for smart grid operations.
The software configurable platform has been designed from the ground
up to be easily integrated into power management systems, allowing
OEM partners to quickly develop lower cost products for multiple
markets around the same electronics platform. The energy storage
inverter is CE certified and meets all VDE smart grid connectivity
standards. The same inverter is currently on track for certification
for North American and Japanese markets in the next few weeks.
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 cellular
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 with an inherently
lower cost structure.
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 proposed German government subsidies for solar energy
storage; statements concerning the efficiency and cost advantages of
our energy storage inverters; and statements concerning our
expectations for unit volumes to be delivered to our customer over
the next 30 months.
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
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. - Company Contact
Chief Executive Officer
Alliance Advisors, LLC - Investor Contact
SOURCE: Sustainable Energy Technologies Ltd.
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