CALGARY, ALBERTA--(Marketwire - Dec. 27, 2012) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") is pleased to announce the successful completion of a $500,000 equity financing with Doughty Hanson Technology Ventures.
Doughty Hanson acquired 50,000 units at a price of $10 per unit, each unit being comprised of one, 8%, five-year First Preferred Shares, Series 13, convertible into Common Shares at a conversion price of $0.40 per share and 20 five-year Common Share Purchase Warrants exercisable at a price of $0.50 per share.
The Doughty Hanson investment will provide additional capital to the Company to shift production to its 3rd generation PARALEX "STX" inverter for North American and Japanese solar PV markets; and to begin first production of its "AC Battery" for markets in Germany and Japan. (See: News Release: dated Sept 26, 2012 "Sustainable Energy Releases World Class Proprietary "AC Battery" Technology for the Growing Energy Storage Market").
Following the completion of the equity financing and its recent share consolidation, Sustainable Energy has 20,915,581 Common Shares issued and outstanding and preferred shares convertible into approximately 8,178,078 Common Shares. Doughty Hanson currently holds 1,250,000 Common Shares and preferred shares and warrants convertible into 4,960,000 Common Shares. The securities issued to Doughty Hanson in connection with equity financing are subject to a four month hold period expiring on April 28, 2013.
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 EUR28 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 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 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.
Sustainable Energy's growth strategy is to partner strategically with companies that have the products and/or market position to leverage the benefits of the Company's technologies into superior product solutions.
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 and energy storage system performance and the use of proceeds from the financing. 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.
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.