Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

November 10, 2009 08:29 ET

Doughty Hanson Invests Additional $1.5 Million in Sustainable Energy

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2009) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced today that Doughty Hanson Technology Ventures ("Doughty Hanson") has exercised its Option to acquire 10 million Common Shares of the Company at a price of $0.15/share for a total consideration of $1.5 million. The Common Shares acquired represent 6.8% of the issued and outstanding Common Shares of the Company. The Option was granted as part of the $8.9 million private placement completed in two tranches in May of this year (News Releases dated May 9, 2009 and May 25, 2009).

The exercise of the Option increases Doughty Hanson's total investment in Sustainable Energy to $6 million, which is comprised of 10 million Common Shares and 450,000 Series 7 Convertible First Preferred Shares and one Series 8 Convertible First Preferred Share.

George Powlick, Managing Director of Doughty Hanson commented: "Sustainable Energy's solar power systems for commercial and public sector markets hold great potential to accelerate solar energy as a mainstream power source. With growing traction in both the European and North American markets, we are pleased with the Company's progress since our original investment." 

Sustainable Energy recently introduced PARALEXTM, a unique extra low voltage, high yield commercial rooftop solar power system to the European (News Release dated September 23, 2009) and North American (News Release dated October 27, 2009) markets. PARALEXTM changes the game for the rooftop solar power industry by delivering a greater return on investment while providing the highest level of safety and reliability for building owners, suppliers, integrators and contractors.

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 EUR 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) is changing the way the world installs solar power through PARALEXTM a unique line of solar energy products and systems for commercial and public sector markets. PARALEXTM is based on a patented extra low voltage high yield inverter, with both crystalline and thin film PV modules, which enables a parallel architecture to increase total system yields while also addressing emerging safety concerns. PARALEXTM achieves higher energy yields and operates at intrinsically safe voltages as well as enabling simpler more flexible design that improves module coverage of any rooftop. The result is the lowest cost per kilowatt hour for maximum return on invested capital.

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