CALGARY, ALBERTA--(Marketwire - Oct. 25, 2012) - Sustainable Energy Technology Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the "Company"), a designer and manufacturer of smart grid inverters for distributed electrical generation and storage systems, today announced that certification of the 5kW PARALEX "STX" inverter for the Japanese solar market is scheduled to be completed during the first quarter of 2013. Japan's Electrical Safety & Environment Technology Laboratories ("JET") has been evaluating several STX samples and supporting documentation and final examination timelines are now being defined with JET to complete the testing and factory inspection process.
The 3rd generation PARALEX STX inverter is the power industry's only high performance smart grid inverter which can be used interchangeably for grid interactive solar PV and energy storage applications. Japan is poised to overtake Germany and Italy in becoming the world's second-largest market for solar power after China and the world's leading distributed energy storage market over the next 3 years. (See Bloomberg Business Week, "Solar Boom Heads to Japan Creating $9.6 Billion Market June 18, 2012" and Photon Consulting "Storage Annual 2012," March, 2012).
Mr. Michael Carten, CEO of Sustainable Energy commented, "We have three distinct revenue verticals in Japan where the PARALEX STX enables better system performance and lower cost compared to other inverter solutions in the market. Our flexible manufacturing and supply chain model allows us to partner locally to assemble a "Made in Japan" inverter with minimal capital investment to ensure product availability and support within Japan. With the JET evaluation underway, we are now able to advance discussions with identified potential partners."
The first Japanese STX inverter is optimized to enable the solar industry's first completely modular, structurally integrated, commercial rooftop solar system. Developed by Minnesota based tenKsolar, (www.tenksolar.com), the power electronics driven design uses tenKsolar's parallel cell architecture in combination with a "Cool Mirror" reflector by 3M to generate more total energy per sq. ft. of rooftop than any other PV system available. The tenKsolar design serves project system sizes from 5kW to 200kW and +MW using multiple standardized 5kW modules. The PARALEX STX inverter is a key enabler of the system and enables the system to be easily upgraded to include on-site energy storage.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures advanced power electronics for distributed smart grid and micro-grid applications. Advanced power electronics are a critical interface between all distributed generation and storage systems device ensuring the delivery of high quality alternating current (AC) to the power grid as well as providing utility control over the interconnection and power quality. Sustainable Energy has designed a simple low cost platform which is software configurable for a wide range of low voltage generation and storage technologies including solar PV fuel cells and all the emerging battery technologies. The Company's platform is based on breakthroughs in power conversion technology which enable its platform to convert high current/low voltage DC into high quality AC with conversion efficiencies that are materially higher than anything in the market.
Sustainable Energy's growth strategy is to partner strategically with companies which have the products and/or market position to lever the benefits of the Company's technologies into superior product solutions
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 advantages of products developed by tenKsolar; statements concerning the performance and competitive advantages of Sustainable Energy's' technology for energy storage systems; statements concerning market outlook for solar PV and energy storage in Japan and statements concerning the expectation of certification of the Company's inverter platform for the Japanese markets. 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.
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