U.S. PARTNERSHIP NEWS RELEASE
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") Canada's solar inverter company and LIGHTWAY Solar America, Inc. ("LIGHTWAY"), the U.S. subsidiary of Lightway Green New Energy Co. Ltd., a vertically integrated module manufacturer,announced today they have entered into a Cooperation Agreement under which Sustainable Energy PARALEX inverters can be bundled with the high quality LIGHTWAY solar panels in a pre-packaged kit that will offers specific benefits to the growing residential/small commercial market of the Northeast US.
LIGHTWAY with its parent company Lightway Green New Energy Co. Ltd. has invested over US$600 million of capital since 2008 to build 400MW of annual production capacity to date. LIGHTWAY entered the US market in 2011 and has developed a national sales channel with their main office in Iselin, NJ and distribution outlets on both the east and west coasts.
"This agreement marks the beginning of another positive relationship in the USA. Early market response for our PARALEX solution has been positive, identifying and securing OEM partners has been a key priority for our sales team." said Michael Carten, CEO of Sustainable Energy Technologies. "Our team looks forward to working with LIGHTWAY, whom we view as an emerging brand in the USA".
"The ability to develop a downstream partnership with PARALEX enables Lightway to expand our product portfolio and also creates an opportunity for us to grow our footprint in the residential/small commercial markets through the offering of a cost effective solution with superior technical advantages." said William Shen, VP of Sales and Marketing, for LIGHTWAY.
Under the non-exclusive agreement,Sustainable Energy will collaborate with LIGHTWAY to market the value of the parallel system architecture in the target market as well as providing system design and technical support.
About LIGHTWAY Green New Energy CO LTD
Founded in 2008, LIGHTWAY Green New Energy Co., Ltd. is a leading international vertically integrated manufacturer of multi-crystalline ingots, wafers, cells, and modules. LIGHTWAY's comprehensive production chain guarantees superior product quality and a cost effective structure, benefiting a global customer base. LIGHTWAY is dedicated to a long-term growth strategy that includes technological innovation, downstream partnerships and financial solutions in order to meet the energy demands of a changing world. This market strategy resulted in a successful Q4 2011 in which LIGHTWAYexecuted over 100 MW of U.S. based sales contracts with the full expectation that this momentum will be carried over into 2012.