Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

November 09, 2010 08:30 ET

Sustainable Energy's SUNERGY™ Inverter Named Core Product by Leading Ontario Electrical Distributor

- Announcement signals shift in industry distribution to more mainstream electrical supply companies -

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2010) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") Canada's solar inverter company, announced today that one of Ontario's largest electrical distributors has selected the SUNERGYTM inverter as its core inverter product for both micro-FIT and FIT projects in the Province under 100kW and will begin stocking the product before year end. An initiating order for 125kW has been received by the Company with a base demand forecast of 2MW for calendar 2011.

"This is an important partnership for us," said Michael Carten Chief Executive Officer of Sustainable Energy. "Ranked as one of the largest electrical distributors in the Province, our partner brings access to more than 1,000 electrical contractors along with significant retail exposure and a rapidly expanding renewable energy installer base." 

"Significantly, the relationship also signals a larger scale ramp of the Ontario solar industry as new mainstream channels add solar products to their catalogues, and favouring SUNERGY inverters for the easy to use and high yielding "parallel" architecture" Carten added. 

The electrical distribution company will launch a full solar product offering before year end in partnership with Sustainable Energy, as well as an Ontario module manufacturer and a racking solutions firm. Further details will be provided at the time of product launch.

The value of the parallel system architecture design and the ability to install the SUNERGYTM inverter outdoors continues to gain market share for Sustainable Energy across Ontario's fast growing micro-Fit and rooftop FIT markets . According to a recently completed report by ClearSky Advisors ("Ontario Market Forecast 2010-2015") Ontario will develop into a largely commercial rooftop market with more than 70% of new installations by 2015. Based on research data published in July, 2010 by IMS Research, Sustainable Energy estimates that the European and North American commercial markets below 150kW will need the equivalent of 5 million SUNERGYTM scale inverters over the next 4 years.

For competitive and customer confidentiality reasons, the Company does not disclose the value of the contracts or the customer.

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. 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 our technology on solar PV system performance; statements concerning the impact of system design on system performance of architecturally integrated solar power systems; statements concerning distribution channels in Ontario; and statements concerning the growth potential for commercial solar PV systems globally below 150kW. 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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