Sustainable Energy Announces $500,000 Investment from Doughty Hanson to Accelerate Production of Energy Storage Inverters
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or
the "Company") is pleased to announce that Doughty Hanson Technology Ventures
("DHTV") will invest $500,000 to enable the Company to accelerate production of
its energy storage inverters for German solar battery systems. The inverters
will be delivered under a previously announced multi-year deal with a leading
European developer of solar battery systems (News Release dated February 19,
George Powlick, Managing Director of DHTV commented: "Sustainable Energy's
inverter is a natural fit for the energy storage market with distinct
efficiency, cost and integration advantages that make it compelling. We believe
this market presents a large opportunity for the Company and we continue to work
with management to help make it a reality."
Solar batteries enable homes and businesses to store solar power for use during
peak demand periods reducing demands on the power grid and helping to create
"smart grids" that can react to sudden power swings and free up stored energy
when needed. Sustainable Energy's energy storage inverters manage the connection
of the battery to the power grid and to the homeowner, seamlessly transitioning
from charging to discharging the batteries to optimize the use of the solar
Germany and Italy will be explosive markets for residential storage; and
expectations are for tens of thousands of systems to be installed in Germany
alone this year with as many as 9,000 MW to be installed in Europe alone over
the next 6 years according to industry experts. (See: Solar Batteries Could be
Utilities Next Headache; Reuters, March 8 2013:
Depending on power ratings and the energy storage required up to 3 energy
storage inverters are typically included in each solar battery system.
Sustainable Energy is forecasting delivery of a minimum 10,000 inverters to
Germany over the next 30 months with the potential for more than double that
amount over the same period.
"We are very excited about our partnership in Europe and we have had engagement
from multiple large players in this energy storage sector over the past 10 - 12
weeks for this and other applications. The investment by Doughty Hanson is
strong validation of the significant value of our patented technology and the
strategy we are executing." commented Michael Carten CEO of the Company
The Convertible Debenture is unsecured, bears interest at 8% per annum, and is
convertible into 50,000, $10, 8% First Preferred Shares ("Preferred Shares") of
Sustainable Energy. The Preferred Shares are themselves convertible into common
shares of the Company at a price of $0.105 per share. The term of the Debenture
is for a period of 6 months enabling the Company to secure longer term financing
for its business. DHTV has a pre-emptive right to participate in up to $1
million of such a financing alongside outside investors and management,
including the option of tendering the Convertible Debenture as payment.
As additional consideration the Company will issue detachable common share
purchase warrants to acquire up to 4,750,000 common shares of the Company at an
exercise price of $0.105. This financing remains subject to TSX Venture Exchange
The Company also announced that the Company has issued $114,000 3% Secured
Debentures to the CEO of the Company on terms identical to the previously
announced (See News Release dated June 29, 2012) issue of 800,00 3% 5 yr Royalty
Debentures. Subject to approval of the TSX Venture Exchange the Company will
also issue 39,900 bonus shares at a nominal price of $0.50 per share.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures
intelligent power inverters for a wide arrange of distributed generation and
storage technologies. The inverters incorporate patented breakthrough
technologies which enable the highest efficiency conversion of low voltage
direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar
industry's only industry standard inverter enabling the higher yields and
installation flexibility; the solar industry's only industry standard inverter
enabling the safety of extra low operating voltages and (iii) the industry's
highest bi-directional power conversion efficiencies for grid tied energy
storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been
installed in 7 different countries.
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 proposed financings, the market for energy storage in
Europe and elsewehere; and statements concerning its expectations of unit sales
over the next 30 months and 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sustainable Energy Technologies Ltd.
Chief Executive Officer
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