Sustainable Energy Technologies Ltd.

Sustainable Energy Technologies Ltd.

August 26, 2009 11:20 ET

Sustainable Energy Appoints Robert H. Bucher as President and CEO

Industry Veteran to Drive Innovation and Expansion for Solar Power Leader

CALGARY, ALBERTA--(Marketwire - Aug. 26, 2009) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") today announced the appointment of Robert H. Bucher to the position of President and CEO, effective September 1, 2009. Bucher brings extensive experience in driving growth for innovative technology and manufacturing companies and will guide Sustainable Energy as it launches its breakthrough rooftop solar power system architecture -PARALEX™ - in Europe and in North America.

"Robert Bucher is the ideal candidate to lead the growth and expansion of Sustainable. He has an impressive track record of success in rapidly focusing and then growing innovative companies, resulting in significant increase in value for shareholders," said Michael Carten, Executive Chairman of Sustainable Energy. "Robert brings to Sustainable an exceptional combination of marketing and operational expertise, global market savvy and strategic relationships. I am very confident in turning this challenge over to him, and I am looking forward to working closely with him in my continuing role as Executive Chairman of the Company, added Carten."

Bucher's industry experience, including his tenure as CEO of Adept Technology, CEO of Norsat International, complements and strengthens the Sustainable Energy leadership team. His previous experience includes:

- CEO of Adept Technology, Inc. (NASDAQ:"ADEP") where revenue doubled, margins doubled to more than 50%, establishing positive profitability. Adept successfully entered the solar market, obtaining major revenue growth through project wins from global leaders in crystalline and thin film module manufacturing.

- CEO of Norsat International, Inc. (TSX:"NORSAT"), where he established next generation satellite multi-media and television systems raised expansion financing on public markets and acquired 9 million in Canadian government R&D funding while obtaining Top 100 Tech Company Status and Top 10 in overall stock appreciation on the TSE.

- More than 23 years of executive level experience with major US and Canadian technology companies, including leadership positions at Measurex and Honeywell, each a global leader in systems and products for industrial sectors, including energy and utilities, process and capital goods manufacturing over the past 30 years.

"Sustainable Energy's unique line of PARALEX™ products and systems changes the game for commercial and public sector rooftop solar power systems. The PARALEX™ line of solar PV systems and inverters deliver a higher return on investment while also providing the highest level of safety and reliability that is crucial for government and commercial buildings" said Bucher, President & CEO of Sustainable Energy.

"The global market for these energy products and systems is just heating up with the largest opportunity yet to be realized. Sustainable is poised to quickly gain significant market share by challenging the status quo and delivering a powerful offering that uniquely meets the commercial and public sector market needs of performance cost efficiency and safety. I look forward to working with this talented team to usher in the next generation of solar power systems," added Bucher.

Bucher will lead Sustainable Energy from its office in Toronto, a key market for the Company and its line of PARALEX products and systems.

As part of his compensation package, Sustainable Energy, the Company has granted Bucher options to acquire up to 5 million common shares of the Company at a price of $0.15 per share under the Company's Stock Option Plan, and performance warrants to acquire an additional 3 million at a price of $0.15 per share exercisable only if the 30-day weighted average closing price of Sustainable Energy shares exceeds $0.60 per share. Both the options and the performance warrants will vest in equal quarterly installments over a period of three years. Bucher has also purchased 1 million common shares of the Company.

About Sustainable Energy: Sustainable Energy ( is changing the way the world installs solar power through PARALEX™ a unique line of solar energy products and systems for commercial and public sector markets. PARALEX™ is based on a patented 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. PARALEX™ 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.

Sustainable Energy's inverter technology is based on 9 patents covering core concepts and control algorithms issued by the US and Canadian patent office with additional patents pending.

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; statements concerning the potential for sales in the markets we have entered and statements concerning the manufactured cost of our products. 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
    President & CEO
    (403) 508-7177 #111
    Borders Gratehouse
    Emily Borders
    (415) 963-4174 ext 1