Sustainable Energy Technologies Ltd.
TSX VENTURE : STG

Sustainable Energy Technologies Ltd.

June 20, 2005 10:57 ET

Sustainable Signs Major Supply Contract for Spanish Market

CALGARY, ALBERTA--(CCNMatthews - June 20, 2005) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) and Gabriel Benmayor SA jointly announced today that Free Power S.L., a distributor of solar power systems based in Barcelona, Spain will source all its solar PV inverter needs for the rapidly growing Spanish market from Sustainable and Gabriel Benmayor S.A. Initial forecasts are for 500 units with a market value of approximately $1.8 million with the potential for up to 1,000 units - a potential market value of approximately $3.6 million - over the next 12 to 15 months from the same customer.

The 5 kW inverters will be manufactured in Barcelona Spain under a previously announced partnership between Gabriel Benmayor and Sustainable. The initial 500 units are for solar PV systems marketed by Free Power, for which Free Power has an assured supply of solar PV modules. Free Power will also be distributing SUNERGY inverters to installers throughout Spain.

"Spain is emerging as the fastest growing market in Europe and one that will be dominated by larger investor owned projects," said Dr. Leon Benmayor, Managing Director of Gabriel Benmayor. "The SUNERGY's superior performance in terms of power output, especially its ability to maintain full power output in high temperatures is attracting remarkable attention from the market, and we are planning to quickly ramp up production."

"The contract with Free Power will give us the traction needed to gain a solid position in the Spanish market and to demonstrate the value of our products in other markets, including the US." said Michael Carten President and CEO of Sustainable Energy. Our inverter is ideally suited to the Spanish and Mediterranean markets. The fact that the inverter is also manufactured and serviced by a Spanish company gives us an excellent opportunity to gain a sizable share of this market. With new feed in tariffs similar to those in Germany, Spain is expected to grow very quickly, and be larger than the entire US market by the end of 2006," Carten added.

Sustainable Energy Technologies Ltd (www.sustainableenergy.com) based in Calgary Alberta Canada develops, manufactures and markets advanced power electronics products for emerging renewable energy markets. The SUNERGY series of inverters has efficiencies among the highest in the industry and the industry's best thermal rating ensuring maximum power output from the solar modules in all weather conditions. In addition to the SUNERGY series, Sustainable Energy also manufactures inverters for leading developers of stationary fuel cell power modules providing the same very high electrical conversion efficiencies.

Gabriel Benmayor is a leading manufacturer of tooling products to the electronics industry based in Barcelona.

Free Power SL www.freepower.es based in Barcelona Spain is a leading distributor of products to the solar power industry and an affiliate of Gabriel Benmayor S.A.

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.

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