TORONTO, ONTARIO--(Marketwire - Nov. 23, 2011) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the "company") announced today that it has reached an agreement with a leading Chinese PV module manufacturer, which is targeting more than 250MW of production capacity for 2012, to bundle PARALEX inverters with its high efficiency solar modules and distribute the bundle to the solar installer community in the U.S.
Under this non-exclusive agreement, Sustainable Energy will also collaborate to market the value of the parallel system architecture as well as providing system design and technical support.
"This agreement once again proves the demand for PARALEX. We believe that the majority of solar PV systems for residential and small commercial systems will be "kitted" to reduce transaction costs and generally reduce the overall complexity of the installation by eliminating custom engineering."
"PARALEX simplifies distribution and system planning by enabling a standardized bundle which can be adapted on site to accommodate variations in site conditions and system sizes. Early market response for to the value added by PARALEX has been positive and securing OEM partners like this is a priority for our sales team," said Michael Carten, CEO of Sustainable Energy Technologies.
About Sustainable Energy:
Sustainable Energy's (www.sustainableenergy.com) patented inverter technologies are a breakthrough in power inverter design and capabilities for all forms of distributed generation and storage and other smart grid applications.
The SUNERGY™ 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 Sustainable's technology on solar PV system performance, and the forecasted production capacity by the unnamed Chinese partner. 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.
Contact Information:
Michael Carten
Chief Executive Officer
403.508.7177 #111
Michael.Carten@sustainableenergy.com