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Sustainable Energy Closes Multi-Megawatt Supply Contract with Market Leading Solar Battery Integrator in Germany(Marketwire (Canada) Via Acquire Media NewsEdge) CALGARY, ALBERTA--(Marketwired - May 16, 2013) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced today that it has closed on a previously announced multi-megawatt agreement (See News Release: February 19, 2013) with Prosol Invest Deutschland GmbH ("Prosol") to supply inverters for Prosol's Sonnenbatterie (www.sonnenbatterie.de) residential and commercial solar energy management system. Prosol is the market leader in Germany, with market leading distribution channels, including 15 German regional resellers, four leading European energy and power supply companies, and one global electronics company based in Japan, each of which is branding the Sonnenbatterie line of products. Commented Christoph Ostermann, Managing Director for Prosol. "We expect to maintain our position as German market leader and a approx. 40% market share based on a strong distribution network and our superior product, which is trusted by our customers and OEM partners, including market leaders, RWE, E.ON and Kyocera." "We are partnering strategically with Sustainable Energy because it has the best "smart grid" energy storage inverter in the market; and because of Sustainable Energy's commitment to innovation and quality, which are also core values for Prosol." Sustainable Energy's patented technology seamlessly connects all low voltage batteries to the power grid in a single, bi-directional conversion step, eliminating the complexity and component count needed with conventional high voltage solar inverters. Unlike other low voltage inverters, the Company's inverter has been designed from the outset to meet tough European smart grid connectivity standards (VDE 4105) and is able to do so with conversion efficiencies that are superior to any product in the market. Commented Michael Carten, CEO of Sustainable Energy: "We are excited about our partnership with Prosol. Sonnenbatterie is a sophisticated consumer product which optimizes the advantages of our low voltage inverter to achieve cost and performance results that are unmatched by competitors. This is an important milestone for Sustainable Energy as we shift our focus to the energy storage sector." The first Sonnebatterie products using Sustainable Energy's inverters will be rolled out to the Prosol distribution network later this month and launched at the Inter-Solar trade show in Munich, Germany from June 19-21, 2013. About Prosol Invest Deutschland GmbH Based near Kempten Germany, PROSOL Invest Deutschland GmbH is the German market leader for intelligent lithium based storage systems and has many years of experience with battery storage technologies and renewable energies. Sonnenbatterie is a highly intelligent lithium based solar storage system, which is much more than just a battery. Sonnenbatterie includes various added values such as smart home, smart meter and solar PV monitoring. Sonnenbatterie is available in various system sizes to perfectly cover the demand of small family to high end houses and small to medium-sized companies or farms. It is ideally suited to retrofit existing PV systems as well as for new installations. On average, the users of Sonnenbatterie consume more than 75% of their self generated electricity. The technology is not only extensively tested, but has also proven its functionality and reliability in the field since 2010. About Solar Energy Storage The solar energy storage market is about to explode and will grow to a $19B annual market by 2017 says London based IHS Research, led by Germany which has just announced a financial package consisting of low interest rate long term loans and capital subsidies. According to IHS Research, solar energy storage will be economic, even without subsidies, even in countries like the United Kingdom where the sector is expected to take off in 2014. New high efficiency low maintenance batteries - typically, but not exclusively, Lithium based - are enabling solar produced during the day to be stored and used during peak periods. Strategic use of energy storage is crucial to Europe meeting its target to have 20% of all electricity supplied by renewable sources by 2020; and at the same time to increase grid capacity by up to 66% according to Germany's Fraunhofer Institute 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. FOR FURTHER INFORMATION PLEASE CONTACT: Sustainable Energy Technologies Ltd. Michael Carten Chief Executive Officer +1.403.630.9544 [email protected] Investor Contact: Alliance Advisors, LLC Valter Pinto +1.914.669.0222 [email protected] 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. Source: Sustainable Energy Technologies Ltd. |