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 securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sustainable Energy Technologies Ltd. - Company Contact
Chief Executive Officer
Alliance Advisors, LLC - Investor Contact Valter Pinto +1.914.669.0222 Valter@allianceadvisors.net
SOURCE: Sustainable Energy Technologies Ltd.
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