Click here to close now.


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 and on the Company's website at

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 ( 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 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.

Sustainable Energy Technologies Ltd.
Michael Carten
Chief Executive Officer
[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
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
SYS-CON Events announced today that has been named a "Bronze Sponsor" of SYS-CON's @DevOpsSummit Silicon Valley, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. provides open-source software ELK turned into a log analytics platform that is simple, infinitely- scalable, highly available, and secure.
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, will explore HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
Today, we are in the middle of a paradigm shift as we move from managing applications on VMs and containers to embracing everything that the cloud and XaaS (Everything as a Service) has to offer. In his session at 17th Cloud Expo, Kevin Hoffman, Advisory Solutions Architect at Pivotal Cloud Foundry, will provide an overview of 12-factor apps and migrating enterprise apps to the cloud. Kevin Hoffman is an Advisory Solutions Architect for Pivotal Cloud Foundry, and has spent the past 20 years b...
DevOps delivers remarkable results. But does it help all of IT? Can traditional ‘mode 1’ IT benefit as much as innovative ‘mode 2’? How about the rest of your business? Or have you just shifted your bottleneck? And if so, what can you do about it? Improving dev and ops is necessary, but not sufficient. It often just shifts the burden sideways (e.g., to PMs, SQA, InfoSec, DBAs, NOC, etc.), upstream (to the PMO, Controller, Business Liaison, etc.), or downstream (to TechPubs, Service Desk, Traini...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...