Sustainable Energy Completes Interim Closing of Flow Through Issue
CALGARY, ALBERTA, Nov 1, 2010 (Marketwire via COMTEX News Network) --
Sustainable Energy Technologies Ltd. (TSX VENTURE:STG)
STG Markets Limited Partnership ("STG Markets") announced today that has completed an interim closing on 150 exchangeable limited partnership units ("LP Units") for gross proceeds of $1.5 million. The net proceeds of the issue will be used to provide liquidity to meet growing demand for SUNERGY inverters.
About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) is a Canadian company which designs and manufactures advanced power electronics enabling solar PV systems to be installed using an extra low voltage "parallel" system architecture. With" parallel solar" each panel operates at its optimum power output under all conditions. System output is thereby less prone to shading losses from normal building obstruction, dirt and debris, or mismatch losses from variances in orientation of the panels due to building design limitations.
The benefits of parallel solar are: (i) 5% - 25% higher total system power output; (ii) more panels can be installed on each site resulting in higher revenues per sale for the distributor; and higher revenues for the project owner; (iii) the elimination of solar PV specialists reducing installation costs and enabling distribution and installation by mainstream building trades; and (iv) extra low household level operating voltages eliminating the risk of serious injury or death from electrocution with conventional high voltage systems.
Sustainable Energy's SUNERGY inverter is the only inverter to enable parallel solar in higher power ratings and with a delivered cost that is competitive with conventional grid connected solar PV inverters.
Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the US Patent and Canadian 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 forecast production of SUNERGY inverters and targeted production capacity and statements concerning the potential for growth in the solar industry. 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.
SOURCE: Sustainable Energy Technologies Ltd.
Sustainable Energy Technologies Ltd. Michael Carten Chief Executive Officer (403) 508-7177 #111
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