Sustainable Energy Technologies Ltd.

Sustainable Energy Technologies Ltd.

December 29, 2006 17:49 ET

Sustainable Energy Closes $1.25 Million Financing

-Company to Accelerate 2007 Production of Inverters-

CALGARY, ALBERTA--(CCNMatthews - Dec. 29, 2006) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) (the "Company"), announced today that STG Markets Limited Partnership ("STG Markets") has closed a private placement of Limited Partnership Units arranged by D&D Securities as Agent for gross proceeds of $1,250,000. The Units are exchangeable at the option of the Company into Common Shares of the Company in 2007, at a price of $0.13 per share.

The net proceeds of the issue will provide funding for inventory build-out to accelerate production of SUNERGY inverters for the Spanish market beginning in the first calendar quarter of 2007.

Common Shares issued on the exchange of Units will be subject to a four (4) month hold period from the date of the exchange. STG Markets will pay fees equal to 8% of the gross proceeds of the issue, and the Company will issue 961,538 broker warrants exercisable at $0.13 per share.

About Sustainable Energy

Based in Calgary Alberta, Sustainable Energy ( develops manufactures and markets advanced power inverters for the renewable energy industry. Power inverters are strategic to the integration of new renewable energy technologies - solar and wind power, fuel cells, and energy storage systems - into the high quality power demands of the modern electrical grid.

The SUNERGY inverter is the first to directly link low voltage generation and storage systems to the power grid in a single power conversion step, delivering very high quality power, and electrical conversion efficiencies that are among the highest in the industry.

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information