Sustainable Energy Technologies to Certify "PARALEX" for Rapidly Growing Japanese Solar Market
CALGARY, ALBERTA--(Marketwire - June 22, 2012) - Sustainable Energy Technology Ltd. (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") today announced that tenKsolar has commissioned the Company to seek certification of the Company's PARALEX inverter for use with tenKsolar's RAISWAVE system in the Japanese market. The Company has previously demonstrated compliance of its inverter platform with the Japanese grid for grid connected fuel cell systems.
Japan is poised to overtake Germany and Italy to become the world's second-biggest market for solar power after China when new feed in tariffs, which are double the German rate, take effect on July 1, 2012. At approximately $0.54/kWh, the new tariffs are expected to attract between 3.2GW to 4.7 Gigawatts of new capacity additions in 2012 according to a Bloomberg New Energy Finance forecast. (See Bloomberg Business Week, "Solar Boom Heads to Japan Creating $9.6 Billion Market June 18, 2012").
Sustainable Energy's' PARALEX inverter is a key enabling component of the RAISWAVE system which achieves up to 60% more total energy per square foot of available rooftop space than conventional solar PV designs.
The Company is targeting to receive certification and to start shipping during the 4th Quarter of this year.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) is a Canadian solar inverter company which supplies Canada, the U.S. and Europe. The Company's patented inverter technologies are a breakthrough in power inverter design and capabilities for all forms of distributed generation and smart grid applications. The PARALEX inverter is the industry's only grid-interactive solar inverter which enables a "parallel" solar PV system architecture in higher power ratings at a cost and serviceability factor that is comparable to conventional inverters in the market. Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the Canadian and US 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, we include: statements concerning the impact of our technology on solar PV system performance and design flexibility; statements concerning the cost effectiveness of our product and the products of our competitors; and statements concerning potential demand for solar products in Japan. 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.
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