Sustainable Energy's Energy Storage Inverter Selected by Leading European Energy Management System Supplier
CALGARY, ALBERTA--(Marketwire - Feb. 19, 2013) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company"), a manufacturer of intelligent power electronics for distributed generation and storage systems, announced today that it has agreed on the essential elements of an exclusive, multi-year deal to supply its energy storage inverters to a leading supplier of energy management systems for European markets. The agreement is subject to negotiation of final licensing and supply contracts over the next 30 days, and satisfactory integration of the inverter into the energy management system over the next 60 days.
Michael Carten, CEO of Sustainable Energy commented: "We are right on track with our strategy for this segment of the market. Our expectation is to deliver a minimum of 10,000 units to the German market over the next 30 months with first deliveries targeted for May. We are excited about the relationship with our partner, who is not disclosed for competitive reasons, and we both expect to be able to expand this relationship into other markets. We will keep shareholders updated as we meet our internal milestones."
German Federal Ministry of the Environment staff have recently advised that the Ministry will introduce an incentive program to encourage solar energy storage by May of this year. According to press reports, (see: # ) the program will provide direct subsidies for the purchase of energy storage systems storing up to 30 kilowatt hours of solar energy for self-consumption. In addition to the subsidies, German government owned KFW Bankengruppe provides attractive high ratio low interest loans to assist buyers to acquire these systems.
Carten added: "As it did with solar power 9 years ago, Germany is taking the lead in making energy storage an integral part of the smart power grid of future. Our energy storage inverter is positioned to become an industry standard in the consumer and small commercial segment of the solar energy storage market with lower costs, a simpler design, and much higher efficiencies than any other product in the market."
Energy Storage Inverter
Sustainable Energy's bi-directional energy storage inverter directly connects high efficiency batteries to the grid with the power industry's highest round trip (battery charging and discharging) efficiencies. Unlike most inverters, the Company's platform has an open, industry standard, communications protocol which enables full utility control over the battery dispatch and power quality functions needed for smart grid operations.
The software configurable platform has been designed from the ground up to be easily integrated into power management systems, allowing OEM partners to quickly develop lower cost products for multiple markets around the same electronics platform. The energy storage inverter is CE certified and meets all VDE smart grid connectivity standards. The same inverter is currently on track for certification for North American and Japanese markets in the next few weeks.