Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

October 21, 2010 08:30 ET

Sustainable Energy Chosen to Power 244 Projects in Ontario Micro-Fit Market

Micro-Fit Market Accelerating as Ontario Power Authority Clears 180 MW Backlog

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2010) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy") Canada's leader in solar inverter technologies announced today that it will supply SUNERGY inverters and peripheral components for 244 ground based Ontario micro-Fit projects being developed by a major solar power project developer. Total capacity of the systems, which will be delivered over the next 6 months, is 2.44 MW.

"We believe that the micro-FIT market will take $80 to $100 million worth of inverters over the next 6 – 9 months. This is one of the first large micro-FIT orders in the Province and positions Sustainable Energy as a key player in this part of the Ontario market," said Michael Carten, Chief Executive Officer of Sustainable Energy.

"Demand for SUNERGY inverters is accelerating into the first Quarter of 2011, as the OPA begins to clear the backlog of applications, especially for ground based systems like these, which must be completed by May 30, 2011 to access higher FIT rates."

"In addition to the Ontario market, we are gaining momentum in the United States and Europe, and moving into 2011with a strong sales pipeline," added Carten.

According to the Ontario Power Authority ("OPA") there were approximately 19,000 micro-Fit applications up to July 2, 2010 of which less than 5% had been installed and commissioned at the end of August 2010. At a maximum of 10kW per system, this represents potential demand for over 36,000 inverters in the SUNERGY power rating worth between $80 and $100 million based on average industry pricing. In its August 23, 2010 news release, the OPA committed to eliminate the backlog by the end of September, 2010, and all indications are that this is happening.

For confidentiality and competitive reasons the Company does not ordinarily disclose the value of specific contracts.

About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) is a Canadian company which designs and manufactures advanced power electronics enabling solar PV systems to be installed using an extra low voltage "parallel" system architecture. With" parallel solar" each panel operates at its optimum power output under all conditions. System output is thereby less prone to shading losses from normal building obstruction, dirt and debris, or mismatch losses from variances in orientation of the panels due to building design limitations.

The benefits of parallel solar are: (i) 5% - 25% higher total system power output; (ii) more panels can be installed on each site resulting in higher revenues per sale for the distributor; and higher revenues for the project owner; (iii) the elimination of solar PV specialists reducing installation costs and enabling distribution and installation by mainstream building trades; and (iv) extra low household level operating voltages eliminating the risk of serious injury or death from electrocution with conventional high voltage systems.

Sustainable Energy's SUNERGY inverter is the only inverter to enable "parallel solar" in higher power ratings and with a delivered cost that is competitive with conventional grid connected solar PV inverters.

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 concerning forecast demand for inverters in the Ontario micro-Fit market and statements concerning the potential for growth in the solar industry. 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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