NEWS RELEASE TRANSMITTED BY Marketwire
FOR: Sustainable Energy Technologies Ltd.
TSX VENTURE SYMBOL: STG
Sustainable Energy: tenKsolar's PARALEX(TM) Enabled RAISWAVE(TM) Systems to be Manufactured in Ontario
MAY 15, 2012 - 08:30 ET
- Revolutionary RAIS(R) PV Module and Light-Smart reflectors generate up to 60% more energy per square metre measured rooftop to rooftop.
- PARALEX(TM) "smart grid" energy storage inverter enables easy upgrade for emergency back-up power and solar PV on-site consumption applications.
LONDON, ONTARIO--(Marketwire - May 15, 2012) - Sustainable Energy Technologies ("Sustainable Energy" or the "Company"), (TSX VENTURE:STG) a manufacturer of leading edge power electronics for distributed generation and storage, and tenKsolar (www.tenksolar.com) a photovoltaic (PV) solutions leader, jointly announced today that the PARALEX™ enabled RAISWAVE™ solar PV system will be manufactured in Ontario meeting Ontario's domestic content rules for sale within the Province.
tenKsolar's RAISWAVE™ system with its revolutionary RAIS® PV Module and Light-Smart reflectors generates more energy than traditional solar PV systems. Comparing rooftop to rooftop, total energy output is up to 60% greater per square meter. The RAISWAVE™ system is non-penetrating and highly shade tolerant enabling better use of available space. It also sheds snow better than conventional racking systems making it ideal for the Canadian climate.
Sustainable Energy's PARALEX™ technology is an integral component of the RAISWAVE™ architecture and the companies are collaborating closely to optimize cost and performance for global markets.
According to tenKsolar CEO Joel Cannon, "We design solar PV to be a utility grade generation asset and we are out to revolutionize the delivery of solar energy. Highest reliability, lowest energy cost, complete safety, and built-in storage compatibility define tenKsolar systems."
Utilizing the patented extra low voltage PARALEX™ "GTES" (for grid tie energy storage) the RAISWAVE™ system will offer a low-cost high-performance energy storage upgrade for back-up emergency power and for self-consumption applications. This will be an industry first.
The integrated product solution responds to two of the three priorities identified by the Ministers of Energy and Economic Development and Innovation for Ontario's recently announced (April 12, 2012) Clean Energy Economic Development Strategy, namely: - "increased exports of made in Ontario products" and "exploring energy storage."
"Energy storage for smart grids is an important part of Sustainable Energy's future," commented Brent Harris P.Eng, Chief Technical Officer of Sustainable Energy. "Based on our market research, we are satisfied that the PARALEX "GTES" technology enables materially higher bi-directional conversion efficiencies for grid tied energy storage at a much lower cost than any other technology in sight. The PARALEX™ "GTES" meets all the "smart grid" requirements for European including utility control over power factor and reactive power. It is market ready," added Harris.
According to IMS Research, a leading London based research firm, demand for smart grid inverters with energy storage functionality will be more than 2.5 Gigawatts per year in 2015, representing a $1 billion per year export market at current market prices. As an Ontario based manufacturer, already exporting Canadian technology driven clean energy products, Sustainable Energy is looking forward to contributing to the success of Ontario's Clean Energy Economic Development initiative.
tenKsolar (www.tenksolar.com) offers high efficiency, high reliability systems for commercial rooftop solar with game changing safety features to protect against fire and shock risk. Its patent pending Cell Optimizing technology yields maximum solar output and multiple levels of redundancy to ensure long-term reliability. Founded in 2008, tenKsolar is headquartered in Minneapolis, Minnesota.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) is a Canadian power electronics company which supplies Canada, the U.S. and Europe. The Company's patented inverter technologies are a breakthrough in power inverter design and functionality for all forms of distributed generation and storage and smart grid applications. Approximately 20 MW of 1st and 2nd generation products have been installed in 7 different countries.
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 of parallel solar; (ii) 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 20 MW 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, we include: statements concerning the performance of the RAIS WAVE™ system statements concerning the performance of the PARALEX™ inverter; statements concerning the size of the market for energy storage inverters and the performance of the PARALEX™ grid tie energy storage inverter; and statements concerning the potential for increased export sales and revenue growth for Sustainable Energy.
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.
Chief Executive Officer