Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

January 18, 2010 08:30 ET

Doughty Hanson Exercises Right to Maintain Net Interest in Sustainable Energy

-Participation Rights Linked to Sustainable Energy's Acquisition of STG Markets LP Units at for Common Shares at $0.30 per share-

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2010) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced today that Doughty Hanson Technology Ventures ("Doughty Hanson") has exercised its right under its Investor Rights Agreement with the Company to maintain its net interest (fully diluted) in Sustainable Energy by purchasing 2,500,000 Common Shares of the Company at $0.30 per share.

The right to acquire the Common Shares is linked to the issuance of Common Shares of the Company in exchange for STG Markets Limited Partnership Units ("LP Units") at an exchange ratio of $0.30 per share. (See News Release dated December 31 2009).

Under the Investor Rights Agreement entered into in connection with the $8.9 million private placement last year (See News Release dated May 8, 2009) Doughty Hanson has the right to maintain its percentage equity participation in the Common Shares of Sustainable Energy (calculated on a fully diluted basis excluding employee stock options and other employee incentive plans) in any case where Sustainable Energy issues Common Shares or securities convertible into Common Shares of the Company.

Prior to the issuance of the LP Units, Doughty Hanson held a net 23.1% interest in the fully diluted common share capital. The purchase of the Common Shares enables Doughty Hanson to maintain this percentage participation. 

Sustainable Energy also announced that it has exercised its right to acquire all, but not less than all, the LP Units issued December 31, 2009 for a total of 10,090,233 Common Shares of the Company. The Common Shares of the Company issued to holders of the LP Units, and to Doughty Hanson are subject to a 4-month hold period.

About Doughty Hanson: Doughty Hanson (www.doughtyhanson.com) is one of Europe's most successful independent private equity firms. Since 1985, Doughty Hanson has undertaken more than 118 investments with an aggregate acquisition value in excess of €28 billion. Doughty Hanson employs over 50 investment professionals of 15 nationalities, located in offices in London, San Francisco, Frankfurt, Madrid, Milan, Munich, Paris and Stockholm. 

About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems. Advanced power inverters are a critical enabler of all modern solar PV power systems converting the direct current ("DC") power output of the solar PV modules into the high quality alternating current ("AC") power required by the power grid. Advanced power inverters also optimize the performance of the solar PV modules and maintain the integrity and safety of the interconnection with the power grid.

In rooftop applications, the extra low operating voltage of the SUNERGY platform enables a system architecture that is inherently safe and that can be installed and maintained by most building trades without the need for PV specialists, significantly reducing the installed system cost and increasing investor yields.

In ground-based applications, multiple SUNERGY inverters offer higher system yield, less downtime and easier installation and maintenance, than larger "central" inverters. For these reasons, multiple smaller inverters like SUNERGY are increasingly displacing central inverters in European ground based applications - where system performance rather than name plate capacity is the driver. 

Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the US Patent and Canadian Patent Offices

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 impact of our technology on solar PV system performance; and statements concerning the potential for sales in the markets we have entered. 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. 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.

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.

Contact Information

  • Sustainable Energy Technologies Ltd.
    Michael Carten
    Executive Chairman
    (403) 508-7177 #111
    or
    Sustainable Energy Technologies Ltd.
    Robert Bucher
    President & CEO
    (416) 642-5616
    or
    Media Contact:
    Borders + Gratehouse
    Emily Borders
    (415) 963-4174 ext 1
    www.sustainableenergy.com