- Agreement with world's #2 ranked inverter company changes Sustainable dynamic going into 2009 -
Calgary, Alberta, July 14, 2008: Sustainable Energy Technologies Ltd. (TSXV: STG), ("the Company" or "Sustainable") announced today that is has signed an agreement with Ingeteam SA, ("Ingeteam") under which the two companies will collaborate to develop markets for their respective products in Europe and North America. The agreement is pursuant to a previously announced letter of intent May 26, 2008.
Based in Navarra, Spain, Ingeteam manufactures inverters for the solar and wind power industries, and was ranked second in the world in sales to the solar industry in 2007 by Photon International and Sun and Wind Energy, two leading industry trade journals.
• In Europe, Ingeteam will market Sustainable's inverter platform under the SUNERGY and/or Ingeteam brand name for applications where the SUNERGY platform offers a performance advantage over conventional inverter technologies. These applications include many rooftop and building integrated solar PV systems, especially those involving the use of thin film solar modules, and most solar concentrator technologies.
• In North America, the Ingeteam and Sustainable inverters will be marketed under a joint label, with Ingeteam and Sustainable sharing in the costs of market development and product launch.
• Sustainable will also acquire non-exclusive distribution rights for Ingeteam inverters for European markets, including Spain, Portugal, France, Germany and Greece.
"Our partnership with Ingeteam significantly changes our dynamic going into 2009," stated Michael Carten, Sustainable Energy Technologies President & CEO.
"Our products will be distributed by one of Europe's most respected solar inverter companies, possessing one of the most comprehensive distribution networks for inverters throughout Spain and Italy. With the very strong partnerships we have already built in Greece, we now have distribution networks in all the major European solar markets, other than Germany and France."
"The Ingeteam alliance will create a powerful new competitor in the North American market, with the market's most comprehensive line of products, ranging from 3 kW to 500kW, and the only company offering customers the alternative of high efficiency low voltage inverters alongside more conventional high voltage inverters.
"The alliance also adds new revenue streams from the sale of Ingeteam inverters in Europe and North America, and immediately changes the dynamic of our relationship to the market. In Europe, we are now able to offer our customers the alternative of our inverter platform for smaller projects where the parallel alignment offers performance and cost advantages, or "central" inverters for large utility scale power projects," concluded Mr. Carten.
About Ingeteam: Based in Navarra Spain, Ingeteam S.A. (www.ingeteam.es) is a leading independent supplier of power conversion and control systems for wind turbines and solar PV systems. The solar division is ranked as one of the market leaders in the world and manufacturers a full range of high-voltage solar inverters with power ratings as high as 500kW. With 3,000 employees, Ingeteam is one of Spain's most important technology companies, and recently announced an investment of €17 million to create Southern Europe's first power electronics and power machines laboratory.
About Sustainable Energy: 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.