NEWSBMO InvestorLine AlertsSustainable Energy Technologies Ltd (STG:TSXV) - News Alert Sustainable Energy Chosen to Power 244 Projects in
Ontario Micro-Fit MarketSustainable Energy Technologies Ltd (TSX VENTURE:STG)
("Sustainable Energy") Canada's leader in solar inverter
technologies announced today that it will supply
SUNERGY inverters and peripheral components for
244 ground based Ontario micro-Fit projects being
developed by a major solar power project developer.
Total capacity of the systems, which will be
delivered over the next 6 months, is 2.44 MW."We believe that the micro-FIT market will take
$80 to $100 million worth of inverters over the
next 6 - 9 months. This is one of the first large
micro-FIT orders in the Province and positions
Sustainable Energy as a key player in this part
of the Ontario market," said Michael Carten,
Chief Executive Officer of Sustainable Energy."Demand for SUNERGY inverters is accelerating i
nto the first Quarter of 2011, as the OPA begins to
clear the backlog of applications, especially for
ground based systems like these, which must be
completed by May 30, 2011 to access higher FIT
rates.""In addition to the Ontario market, we are gaining
momentum in the United States and Europe, and
moving into 2011with a strong sales pipeline,
" added Carten.According to the Ontario Power Authority ("OPA")
there were approximately 19,000 micro-Fit
applications up to July 2, 2010 of which
less than 5% had been installed and commissioned
at the end of August 2010. At a maximum of 10kW
per system, this represents potential demand for
over 36,000 inverters in the SUNERGY power rating
worth between $80 and $100 million based on average
industry pricing. In its August 23, 2010 news
release, the OPA committed to eliminate the backlog
by the end of September, 2010, and all indications
are that this is happening.For confidentiality and competitive reasons
the Company does not ordinarily disclose the
value of specific contracts.