Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

July 14, 2011 08:00 ET

Sustainable Energy- Q3 Guidance and Update

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG)

Highlights

  • SUNERGY inverters take 15% share of Ontario microFIT market from standing start in Q1
  • Shipments up 45% from Q2 and up 81% over Q1 numbers
  • Estimates $1.1 million in sales revenue for Q3 up 40% from Q2

Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy") is pleased to announce that its SUNERGY inverters have taken approximately 15% of the Ontario microFIT market since Q1 and more than 10% of the entire Ontario market (excluding large ground bases systems). Shipments were up 45% over Q2, an 81% increase over Q1, 2011.

Guidance from the Ontario Power Authority indicates that there are still 22,253 microFIT applications in the queue representing 209 MW; with applications accelerating to 18 MW per month for June. The Company's average revenues per MW are approximately $533,000.

The microFIT market stalled during the past Quarter primarily due to directives from Ontario's largest electrical distributor - Hydro One – which limits aggregate solar connections on any line to 7% of peak load. Although shipments were up 45% over Q2, they were much less than would have otherwise been without this limitation.

The Company is now estimating revenues at approximately $1.1 million for the period up 40% over the previous period.

"To go from a standing start to 15% of the market is a terrific result for any new product; and a strong validation of Sustainable Energy's value proposition," said Michael Carten CEO of Sustainable Energy. "While we remain optimistic that Hydro One will increase its threshold and clear the backlog, we nevertheless moved very quickly to redirect resources to increasing our volumes in the US as soon as the impact of the Hydro One position became clear. (News Release: July 5, 2011)

Industry groups have been working collaboratively with Hydro One and the Ministry of Energy to bring Hydro One connectivity standards more in line with North American standards, which generally recommend fast tracking for the interconnection of all generators, where total generation on a line is below 15% of peak load or 50% of base load on the line.

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 SUNERGYTM 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 conventional inverters in the market. Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the Canadian and US Patent Offices. Follow us on Twitter @SunergySTG.

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, we include: statements concerning the impact of our technology on solar PV system performance; statements concerning demand for products in the Ontario microFIT market. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.

Many factors could cause the Company's 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.

Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at www.sedar.com The Company does 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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