Welcome!

News Feed Item

Sustainable Energy Provides Shareholder Update and Announces Year End Financial Results for the Period Ended September 30, 2012

CALGARY, ALBERTA -- (Marketwire) -- 01/29/13 -- Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") announced that it has filed its Consolidated Financial Statements for the Six Months ending March 31 2012 along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.sustainableenergy.com

Operations Highlights

Sustainable Energy used 2012 to restructure its operating model to earn revenues through partnerships where its product forms part of a package or product distributed by OEM partners. The change is driven by management's judgment that that greater shareholder value will be created by focusing on well defined high growth market segments where the Company's technology enables unique product solutions which have the potential to take a material share of the segment.

tenKsolar: During 2012 the Company partnered with tenKsolar to create the industry's first fully modular structurally integrated solar PV package enabled by the Company's high efficiency parallel inverter. In Q1 Sustainable Energy entered into licensing and supply agreements with tenKsolar which will contribute a minimum of $5.4 million over the next 12 months with a possible $3 million at the end of the year if tenKsolar exercises its option to buy down Sustainable Energy's revenue sharing. Closing of the License Agreement originally scheduled for December 19, 2012 has been delayed at tenKsolar's request to allow documentation of a shareholder financing to be completed. TenKsolar has paid a $250,000 deposit to secure the License Agreement and closing is pending.

Solar Frontier: During 2012, the Company combined with Solar Frontier America to develop and demonstrate a structurally integrated bundle for Solar Frontier's high efficiency CIS thin film module for residential and small commercial rooftops and building facades. Sustainable Energy believes that the thin film "AC module" enabled by its inverter platform is the single best opportunity to bring high efficiency thin film to the rooftop and building facade market. Based in Japan, Solar Frontier is one of the top three thin film module manufacturers in the world with more than 1 GW of production capacity.

The AC module is only possible with Sustainable Energy's PARALEX inverter. With Japanese certification off the inverter expected later this Quarter (See Product Development) the strategy is to enable a global product offering and to make the PARALEX inverter the "go to" solution to use with all high efficiency thin film modules.

Energy Storage Inverter: During 2012, Sustainable Energy developed and began marketing a smart grid energy storage inverter for emerging German and Japanese residential and small commercial solar energy storage markets.

Low voltage inverters are at the core of lithium ion battery based energy management systems which will be distributed by utilities, major consumer products companies, and solar installers. Sustainable Energy's "AC battery" is the only high efficiency solution in the market and the only product designed from the bottom up to enable a lower cost OEM strategy critical to developers of the energy management systems.

Product Development: During Q4, 2012, the Company submitted their STX inverter platform for certification in North America and Japan. These certifications are on track and when completed Sustainable Energy will have the only low voltage inverter platforms certified for use in Japan, Germany, and North America. The STX platform is designed from the bottom up to enable a highly competitive OEM strategy

Outlook for 2013

"We believe that the potential for our energy storage inverter will be the single biggest contributor to shareholder value in 2013, commented Michael Carten CEO of Sustainable Energy Technologies. "Grid tied energy storage for residential, and small commercial applications, is a market that is about to break open in Germany and Japan driven by escalating grid prices and falling solar electricity costs. Using Photon International demand forecasts we estimate the value of the market in Germany Japan and the US at more than $6.5B over the next four years "

"In Germany we are already in discussions with the companies which we believe will be the market leaders with a view to embedding our platform in their product design. We are optimistic that we will meet our goal to secure OEM partnerships with companies representing a market share of better than 30%

We believe that success in Germany will lead to success in Japan which is lagging Germany in product development and will position Sustainable Energy's energy storage platform as a market leader.

Product sales revenues from solar in 2013 will be based on expanding the partnerships with Solar Frontier and EECOL that were put in place during Q1 2013. Our goal is to build out the Solar Frontier model in Japan as soon as the STX platform is certified and to partner locally to build a "made in Japan" inverter for this and other applications. We believe that we are able to build out the EECOL model in Canada and extend that model to the US market.

Financial Highlights for the Year Ending September 30, 2012

Net loss and comprehensive Loss: The Net Loss for the year was $5,318,365 compared to $6,692,891 in 2011, a decrease of $1,374,526 (20.5%). Adjusting for non-cash items the Net Loss was reduced by $2,430,655 to $3,031,487 (44.5%) compared to $5,462,142 in 2011.

Cash Flow Used in Operations Cash flow used in operations was reduced 76% to $1,601,842 compared to $6,713,772 in 2011.

Sales Revenues Sales for the year ended September 30, 2012 were $3,313,134 compared to $3,867,910 for the year in 2011 a decrease of 14%. The reduction was attributable almost entirely to the moratorium on new solar projects imposed by the Ontario government immediately following its re-election on October 6 2011 and reduced sales to tenKsolar.

About Sustainable Energy:

Sustainable Energy (www.SustainableEnergy.com) designs and manufactures advanced power electronics for distributed smart grid and micro-grid applications. Advanced power electronics are a critical interface between all distributed generation and storage systems devices, ensuring the delivery of high quality alternating current (AC) to the power grid as well as providing utility control over the interconnection and power quality. Sustainable Energy has designed a simple low cost platform that is software configurable for a wide range of low voltage generation and storage technologies, including solar PV fuel cells and all the emerging battery technologies. The Company's platform is based on breakthroughs in power conversion technology that enable its platform to convert high current/low voltage DC into high quality AC with conversion efficiencies that are materially higher than anything in the market.

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 impact of our technology on solar PV system performance; the impact for low voltage energy storage systems; our competitive position for energy storage applications; and the potential for long term revenues.

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.

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.

Contacts:
Sustainable Energy Technologies Ltd.
Michael Carten
Chief Executive Officer
403.630.9544
[email protected]

Investor Contact:
Alliance Advisors, LLC
Alan Sheinwald
(914) 669-0222
[email protected]

Valter Pinto
(914) 669-0222 x201
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices t...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to clos...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...