RE: RE: RE: FINANCING ARRANGEDAnd once again for the last time if this doesn't work.
SUSTAINABLE ENERGY SECURES $7.6 MILLION PRIVATE PLACEMENT
Sustainable Energy Technologies Ltd. has secured a minimum $7.6-million in financing to support the launch of its next-generation Sunergy II solar inverter platform in Europe and North America.
Doughty Hanson, one of Europe's leading venture capital investors, has led the financing round with an initial $4.5-million investment in Sustainable Energy, with an option to invest a further $1.5-million over the next six months. Other investors have invested a further $3.1-million, and the company expects to secure up to an additional $1.3-million by May 15, 2009.
Solar photovoltaic (PV) inverters convert the direct-current (DC) power generated by solar PV modules into alternating-current (AC) power required by the power grid. Sunergy II is the only inverter that allows grid-connected solar PV systems to be designed using a "massively parallel" architecture with electrical conversion efficiencies that meet or exceed industry leaders.
Conventional inverters require solar panels to be installed using a "series" architecture, where any reduction in power from one panel results in reduced power from all the panels. The impacts of partial shading caused by normal building congestion (for example, chimneys, railings and telecommunications towers) and of different panel orientations to the sun cause significant reductions in power yield, and require considerable design expense.
The massively parallel approach of Sunergy II enables each module to operate at its optimum level, significantly increasing total energy harvest from the system. In addition, the parallel architecture allows higher usage of available rooftop space at a lower design cost.
George Powlick, partner of Doughty Hanson Technology Ventures, who will join the board of the company, comments: "We've been studying the limitations of conventional serial inverter technologies for more than two years and believe that the parallel system architecture has the potential to accelerate solar PV as a mainstream power source. Sustainable Energy's approach is the only one we have seen with the ability to increase the energy output of a solar PV system while bringing down costs at the same time.
"Sustainable Energy has the unique combination that we look for in a potential investment: differentiated technology, a low manufactured cost on which to build a world-class company, and an ambitious and experienced management team. The company is well placed to consolidate its strong market position, and we look forward to supporting the management in achieving its ambitious growth strategy for the future."
Michael Carten, president and chief executive officer of Sustainable Energy, added: "Sustainable Energy is at an inflection point in its development. Changing market dynamics have created an unparalleled opportunity for our technologies and products, which must be seized now. This investment will enable us to do just that, and to build Sustainable Energy into one of the leading inverter companies serving the needs of the global solar industry.
"The value of our partnership with Doughty Hanson is substantial. As an experienced investor in the solar PV industry, their participation is an important validation of our technology's potential. Their commitment of capital and management resources enhances our abilities to create the key strategic relationships and to attract the people Sustainable Energy will need to execute on our business plan."