Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

May 05, 2011 08:30 ET

Sustainable Energy, Canada's Solar Inverter Company, and Eclipsall Energy Enter 10MW Agreement for Ontario Solar Power Market

TORONTO, ONTARIO--(Marketwire - May 5, 2011) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the "Company"), Canada's solar inverter company, and Eclipsall Energy Corporation ("Eclipsall"), announced that they have agreed to collaborate to design, package and market upwards of 10MW of solar power "kits" based on the SUNERGY inverter to customers in the Ontario and other North American Markets.

Under a memorandum of understanding, the companies will work together to market solar power "kits" consisting of Sustainable Energy's 'Made in Ontario' SUNERGY inverters and Eclipsall's NRG PV modules beginning Calendar Q3 2011. The partnership will allow both companies to bundle the SUNERGY inverters and NRG PV modules directly into turn-key packages for the installer community in Ontario especially those serving the under 10kW micro-FIT market.

"Eclipsall is proud to partner with Sustainable Energy Technologies, a long standing Canadian inverter manufacturer that brings an extensive wealth of knowledge in solar PV. This partnership will allow Eclipsall to deliver on its commitment to provide value-add solutions and product offering to the Ontario market," said Leonid Mednik, Chief Operating and Financial Officer of Eclipsall Energy.

According to the Ontario Power Authority News On-Line: "as of April 1, 2011 more than 27,500 micro-FIT applications have been received, representing 252 megawatts (MW). Of these applications, more than 20,000 conditional offers have been made, representing 186 MW."

Of the approved projects, Ontario Power Authority data shows that only 39 MW (21%) have been installed to date indicating a very substantial backlog of embedded demand. The installer community in Ontario, especially many of those serving the micro-FIT market, are seeking full system packages from module suppliers; and Sustainable Energy is pleased to partner with Eclipsall to serve this market.

"This agreement with Eclipsall is important to Sustainable Energy in bringing increased awareness of the value of the SUNERGY technology to safely and reliably increasing energy harvests from each solar PV system at a very affordable life cycle cost," said Michael Carten, CEO of Sustainable Energy.

The agreement is part of our strategy to take a leading position in the micro-FIT and small rooftop market by partnering with other Ontario based suppliers of solar products to enable them to deliver better value to their customers. We look forward to the start and ramp up of Eclipsall's manufacturing plant, said Carten.

About Eclipsall Energy Corporation

Eclipsall Energy Corporation is a premier manufacturer and supplier of high quality PV modules. The company produces monocrystalline PV modules in 60 and 72 cell configurations primarily for the Ontario marketplace.

In November 2010, Eclipsall announced CDN$10 million in funding and have since secured state of the art European equipment and machinery through Rimas B.V from the Netherlands for its 120,000 square foot module manufacturing facility located in Toronto, Ontario, Canada. Eclipsall Energy plans to produce approximately 64MW annually at its manufacturing facility in Toronto beginning in Calendar Q2 2011 with plans to expand up to 120MW in the 1H 2012. The facility is expected to initially provide direct employment for over 90 individuals.

The Eclipsall management team has world class experience in the PV manufacturing industry and PV module fabrication process further enhanced by strategic partnerships with Meyer Burger of Switzerland and RIMAS of the Netherlands.

About Sustainable Energy:

Sustainable Energy (www.sustainableenergy.com) is Canada's solar inverter company. The Company's patented inverter technologies are a breakthrough in power inverter design and capabilities for all forms of distributed generation and smart grid applications.

The SUNERGY(TM) inverter is the industry's only grid-interactive solar inverter which enables a "parallel" solar PV system architecture in higher power ratings at a cost and serviceability factor that is comparable to other conventional inverters in the market. The benefits of parallel solar are: (i) 5% - 25% higher total system power output; (ii) a better fill factor enabling better coverage of available space; (iii) simplified system design and installation; and (iv) the safety of extra low operating voltages which ensures the safety of building maintenance personnel, first responders, and tradesmen who may accidentally come into contact with system wiring.

Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the Canadian and US 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 Sustainables' technology on solar PV system performance, the forecasted demand for inverters and the forecasted rate of production by Eclipsall. 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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