Sustainable Energy Technologies Ltd.

Sustainable Energy Technologies Ltd.

September 23, 2010 08:30 ET

Sustainable Energy Appoints Solar Industry Veteran to Sales & Marketing Post

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2010) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") has appointed Axel Hartung as Chief Sales & Marketing Officer effective immediately. In this role Axel will be responsible for leading Sustainable Energy's sales strategies in North America and Europe.

Axel is a seasoned marketing and sales professional with more than 7 years experience in the solar industry first with German industry giant Diehl AKO where he was Manager of Business Development and latterly with Sustainable Energy, where he was responsible for European sales and marketing.

Commenting on his appointment Michael Carten CEO said: "Axel is the perfect fit to lead our sales and marketing effort. I know of no other person who has his experience with the evolution of the solar inverter industry and the changing dynamics of the competitive landscape. At Diehl, Axel was responsible for developing the successful marketing strategy for that company's "Platinum" line of solar inverters and has successfully rolled out our PARALEX business model in EuropeAxel's experience in Europe will be an enormous advantage to us in North America and Ontario."

Axel will continue to be based in Germany, which still represents the world's largest solar PV market, and will divide his time between North American and Europe.

"This is an exciting time for the Company and I am very pleased to be able to take on this role," said Axel. Power inverters are now driving change as the industry realizes that more gains in cost and efficiency can be achieved from better system design than from individual component efficiencies. The parallel system architecture may be the single most disruptive factor in the industry today improving system yields, reducing the cost of ownership and changing distribution patterns.

"Sustainable is the only company which can deliver this value in higher power ratings and at a cost that is competitive with conventional inverters."

Since introducing the SUNERGYTM product line in May, 2010, Sustainable Energy has quickly gained momentum in the Ontario market for the design flexibility, safety, and high yield advantages which can only be achieved with the SUNERGYTM inverter. Since May 2010, the Company has built a pipeline for Ontario and the US to the end of June 2011 of approximately 22.5 MW; and it is adding to that weekly. The pipeline represents a judgment by management based on forecasts from qualified accounts weighted to reflect the probability of sales within the time frame and is used by the Company to plan production.

SUNERGYTM product sales revenues for this period will depend on the product mix, which includes SUNERGYTM inverters components of the DC side balance of system ("BOS") - communications cards and combiners - which can increase the value of each unit sale by up to 20% – 30%. The Company also sells monitoring systems for each inverter which can range up to $800 per unit. Total revenues for this period will also be dependent on the percentage of unit sales that is for PARALEXTM systems – which include all solar panels along with the inverter and DC side BOS peripherals – in both thin film and crystalline configurations.

Whereas the Company believes product pricing for the SUNERGYTM inverter together with DC side BOS peripherals will average in the $420,000 – $600,000 per MW range depending on volumes and product mix, PARALEXTM pricing in Ontario will likely range from $2.5 - $3 million per MW. The Ontario market is still immature, and the Company is unable to provide any guidance on product mix or on the division between SUNERGYTM package sales and PARALEXTM sales.

Within Europe, the Company has established two private label relationships: Salicru S.A which exclusive for Spain and Portugal; and ChangeTec GmbH which is non-exclusive for Germany. It has also begun successfully marketing higher value PARALEXTM solutions (modules panels, inverters and DC balance of systems) directly to systems aggregators and project developers for rooftop and smaller ground based projects. In Europe PARALEX revenues per unit sale vary much more widely since the Company often provides racking in addition to DC side BOS modules and inverters.

About Sustainable Energy: Sustainable Energy 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.

The extra low operating voltage (50v – 100v) of the SUNERGY ELV 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. The SUNERGY inverter is rated for operating conditions ranging from minus 40 degrees Celsius to plus 50 degrees Celsius. 

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, it includes: statements concerning the impact of our technology on solar PV system performance; statements and statements concerning the size and direction of solar PV markets; and statements concerning our sales pipeline with is a subjective judgment by management based on forecasts from "qualified" accounts weighted to reflect the probability of closing sales within the time frame and is used by the Company to plan production.

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 uncertainties.

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.

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