Sustainable Energy Market Update: Germany Launches Incentive Program for Solar Energy Storage Systems
CALGARY, ALBERTA, Apr 24, 2013 (Marketwired via COMTEX) --
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company"), a manufacturer of intelligent power electronics for decentralized generation and storage systems is pleased to confirm that the German Government will implement the expected incentive program for residential solar energy storage systems, beginning May 1, 2013. (See News Release: February 19, 2013: Sustainable Energy's Energy Storage Inverter Selected by Leading European Energy Management System Supplier)
Under the Program, owners of grid connected solar energy storage systems with power ratings up to 30 kW can apply for a 30% repayment bonus and will be eligible low interest loans for up to 100% of the total system cost from Government owned KFW Bankengruppe. (See http://www.pv-magazine.com/news/details/beitrag/germanys-pv-storage-incentive-program-will-come-into-force-on-may-1_100010946/#ixzz2QqFHBxmD)
"Our energy storage inverter is a perfect fit for this program, since it's one of the few inverters that meet the German VDE 4105 interconnection standard, with total freedom to charge and discharge at high efficiency according to real time requirements," said Brent Harris, CTO of Sustainable Energy. "As it did for solar power, Germany is providing the leadership with smart grid innovation to increase the use of renewable energy and optimize the existing power grid infrastructure. It is, in fact, the widespread use of decentralized energy storage systems that will actually enable the transition to greater penetration of renewable energy and electric vehicles into our electricity system."
According to a report published by Reuters earlier this year, tens of thousands of solar battery systems in Germany alone this year and estimates are for a total of 9,000 MW over next 6 years (Reuters: Solar Batteries Could be Utilities Next Headache; Reuters, March 8, 2013). At current market prices, the estimated value of energy storage inverters to be delivered over this period would be in excess of $3.6 billion.
Sustainable Energy's 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 during this Quarter.
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. Michael Carten Chief Executive Officer +1.403.630.9544 Michael.Carten@sustainableenergy.com www.SustainableEnergy.com
SOURCE: Sustainable Energy Technologies Ltd.
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