Sustainable Energy Announces $500,000 Investment from Doughty Hanson to
Accelerate Production of Energy Storage Inverters
CALGARY, ALBERTA -- (Marketwire) -- 03/15/13 -- Sustainable Energy
Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the
"Company") is pleased to announce that Doughty Hanson Technology
Ventures ("DHTV") will invest $500,000 to enable the Company to
accelerate production of its energy storage inverters for German
solar battery systems. The inverters will be delivered under a
previously announced multi-year deal with a leading European
developer of solar battery systems (News Release dated February 19,
George Powlick, Managing Director of DHTV commented: "Sustainable
Energy's inverter is a natural fit for the energy storage market with
distinct efficiency, cost and integration advantages that make it
compelling. We believe this market presents a large opportunity for
the Company and we continue to work with management to help make it a
Solar batteries enable homes and businesses to store solar power for
use during peak demand periods reducing demands on the power grid and
helping to create "smart grids" that can react to sudden power swings
and free up stored energy when needed. Sustainable Energy's energy
storage inverters manage the connection of the battery to the power
grid and to the homeowner, seamlessly transitioning from charging to
discharging the batteries to optimize the use of the solar energy.
Germany and Italy will be explosive markets for residential storage;
and expectations are for tens of thousands of systems to be installed
in Germany alone this year with as many as 9,000 MW to be installed
in Europe alone over the next 6 years according to industry experts.
(See: Solar Batteries Could be Utilities Next Headache; Reuters,
March 8 2013: http://news.yahoo.com/solar-batteries-could-utilities-n
Depending on power ratings and the energy storage required up to 3
energy storage inverters are typically included in each solar battery
system. Sustainable Energy is forecasting delivery of a minimum
10,000 inverters to Germany over the next 30 months with the
potential for more than double that amount over the same period.
"We are very excited about our partnership in Europe a
nd we have had
engagement from multiple large players in this energy storage sector
over the past 10 - 12 weeks for this and other applications. The
investment by Doughty Hanson is strong validation of the significant
value of our patented technology and the strategy we are executing."
commented Michael Carten CEO of the Company
The Convertible Debenture is unsecured, bears interest at 8% per
annum, and is convertible into 50,000, $10, 8% First Preferred Shares
("Preferred Shares") of Sustainable Energy. The Preferred Shares are
themselves convertible into common shares of the Company at a price
of $0.105 per share. The term of the Debenture is for a period of 6
months enabling the Company to secure longer term financing for its
business. DHTV has a pre-emptive right to participate in up to $1
million of such a financing alongside outside investors and
management, including the option of tendering the Convertible
Debenture as payment.
As additional consideration the Company will issue detachable common
share purchase warrants to acquire up to 4,750,000 common shares of
the Company at an exercise price of $0.105. This financing remains
subject to TSX Venture Exchange approval.
The Company also announced that the Company has issued $114,000 3%
Secured Debentures to the CEO of the Company on terms identical to
the previously announced (See News Release dated June 29, 2012) issue
of 800,00 3% 5 yr Royalty Debentures. Subject to approval of the TSX
Venture Exchange the Company will also issue 39,900 bonus shares at a
nominal price of $0.50 per share.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and
manufactures intelligent power inverters for a wide arrange of
distributed generation and storage technologies. The inverters
incorporate patented breakthrough technologies which enable the
highest efficiency conversion of low voltage direct current inputs in
A single standard low cost electronics platform supports (i) the
solar industry's only industry standard inverter enabling the higher
yields and installation flexibility; the solar industry's only
industry standard inverter enabling the safety of extra low operating
voltages and (iii) the industry's highest bi-directional power
conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have
been installed in 7 different countries.
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, it includes: statements concerning
proposed financings, the market for energy storage in Europe and
elsewehere; and statements concerning its expectations of unit sales
over the next 30 months and While management believes these
statements to be accurate they are dependent on a wide range of
factors beyond management's control and should not be viewed as a
guarantee of the specific outcome. Forward-looking information is not
a guarantee of future performance and involves a number of risks and
Many factors could cause the Companies' 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.
The Companies do 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.
Sustainable Energy Technologies Ltd.
Chief Executive Officer
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