- 5.8 Megawatt commitment valued at est. $3.2 million -
Calgary, Alberta, July 2, 2008: Sustainable Energy Technologies Ltd. (TSXV: STG), ("the Company" or "Sustainable") announced today that it has signed a Distribution Agreement with a.c.e. Power Electronics S.A, ("ACEP") of Athens, Greece, under which ACEP has the non-exclusive right to distribute Sustainable's products and services as part of turnkey solar PV systems being marketed and installed by ACEP throughout Greece.
ACEP has assembled a series of solar PV projects for its own account and for customers, into which it has specified Sustainable products, and which are awaiting permitting by the Greek authorities for, among other things, capital subsidies for solar PV systems. The initial projects total 5.8 megawatts.
Sustainable has committed to supply its products to these projects against purchase orders from ACEP, as the projects are approved. Assuming all the projects go ahead as planned, the total value of the deliveries would be approximately $3.2 million at current exchange rates.
"Greece has enacted a generous incentive program, consisting of feed in tariffs and capital subsidies, but imposed a moratorium on approvals for capital subsidies shortly after announcement last year due to an unexpectedly high number of applications," said Michael Carten President & CEO of Sustainable. "It appears that applications for subsidies are now being processed, and we are optimistic that this market will begin to realize its growth potential later this summer and that our deliveries will begin in September of this year."
About ACEP: Based in Athens, Greece, ACEP has been distributing integrated power electronics solutions to the Greek market for almost 30 years. Its products include UPS systems, voltage stabilizers, generating sets, DC to AC inverters, DC to DC power supplies, frequency converters, solar PV modules and battery chargers.
About Sustainable: Based in Calgary Alberta, Sustainable (www.sustainableenergy.com) Energy Technologies designs and manufactures and distributes power inverters for distributed alternative energy applications, including solar PV and small wind power systems and energy storage systems, such as batteries and stationary fuel cells. Sustainable's SUNERGYTM solar inverter is an "extra low voltage" platform which offers several very distinct advantages over high voltage inverters for grid connected solar PV systems, especially for thin film rooftop solar PV systems and building integrated PV applications.
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.