Sustainable Energy Secures Operating Line to Fund Initial Component Purchases for Production Start in Guelph
Sustainable Energy Technologies Ltd (TSX V:"STG") ("Sustainable Energy" or the "Company") Canada's solar inverter company, announced today that it has secured an operating line commitment for up to $1.5 million from a Canadian Chartered Bank to fund component purchases for production start up in Guelph in May, 2011.
Toronto, Ontario - March 16, 2011 - Sustainable Energy Technologies Ltd (TSX V:"STG") ("Sustainable Energy" or the "Company") Canada's solar inverter company, announced today that it has secured an operating line commitment for up to $1.5 million from a Canadian Chartered Bank to fund component purchases for production start up in Guelph in May, 2011.
Contributing to the need for capital is the Company's announced 23 MW supply agreement with tenKsolar (News Release dated March 16, 2011). The Company is currently selling products into the Ontario market and Europe from existing inventory, but must quickly increase production to meet growing demand for its SUNERGY inverters. Doughty Hanson has agreed to extend its previously announced standby equity agreement subject to specified conditions to March 1, 2012 as additional security for the operating line in exchange for which the Company will issue 4,848,484 common share purchase warrants exercisable for a period of one year at $0.165 per share.
About Sustainable Energy:
Sustainable Energy (www.sustainableenergy.com) is Canada's solar inverter company. 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 SUNERGYTM 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. The benefits of parallel solar are: (i) 5% - 25%
higher total system power output; (ii) a better fill factor enabling better coverage of available space;
(iii) simplified system design and installation; and (iv) the safety of extra low operating voltages which
ensures the safety of building maintenance personnel, first responders, and tradesmen who may accidentally come into contact with system wiring.
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; statements
concerning demand for products and statements concerning the potential for positive cash flow and earnings. 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 From 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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact Information
Chief Executive Officer
Phone: 403.508.7177 #111
Phone: 403.508.7177 #113
Michael. Carten @SustainableEnergy.com Lise.email@example.com