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Sustainable Energy Technologies Ltd announced the appointment of Sanjay Razdan as Chief Executive Officer, effective April 15, 2010. A seasoned global executive, Razdan brings extensive leadership experience in building and driving high growth global technology companies; and will lead Sustainable Energy as it delivers its rooftop solar power system architecture - PARALEX to Europe and North America.
Razdan's industry experience covers more than 22 years in developing, manufacturing and marketing energy management and automation solutions and products with companies including Honeywell Inc, Invensys PLC and De La Rue PLC. He brings to Sustainable Energy a proven track record in developing and successfully marketing integrated software and product-based total solutions like PARALEX (TM) in international markets. Razdan will be based in Toronto, Ontario.
Razdan will assume the CEO role from Robert Bucher, who is leaving for personal reasons, but who will continue with Sustainable Energy in an advisory capacity until May 31, 2010, to assist with the transition. Michael Carten, Executive Chairman of the Company, will serve as acting CEO from today until Razdan assumes his role next month.
"I am pleased to welcome Sanjay to Sustainable Energy and look forward to being an ongoing resource for the company," said Robert Bucher. "Sustainable Energy has achieved strong market momentum and the PARALEX strategies hold the potential to make the Company a leading player in the rooftop solar market.
"Sanjay is the right leader to guide the growth of Sustainable Energy and to execute on the PARALEX strategic initiatives," said Michael Carten, Executive Chairman, and a founder of Sustainable Energy. "His track record in leading technology based solutions companies is exactly the right formula for the solar PV industry which is moving very quickly towards integrated product solutions."
Most recently, Razdan was Managing Director of the cash processing solutions business of De La Rue P.L.C a $1.3 billion public company based in London England where he doubled sales profitably over a three year period with the launch of an integrated product and software solution for the banking industry. In that role, he had full P&L and operational responsibility for manufacturing, sales and new product development in 14 different countries around the world.
An electronics engineer, Razdan is also a graduate of Vlerick Management School and a graduate of the Advanced Management Program of Harvard Business School.
As part of his compensation, Sustainable Energy has agreed to grant Sanjay Razdan 5 million share options exercisable over a period of three years at a price of $0.41 per share, and 3 million performance warrants exercisable at the same price with vesting as to 50% based on a share price in excess of $0.60 per share plus two consecutive quarters of more than $1 million in earnings before interest taxes and amortization and as to 50% based on a share price in excess of $1.00 per share and two consecutive quarters of more than $2 million in earnings before interest taxes and amortization.
About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems under the SUNERGY trademark. Advanced power inverters are a critical enabler of all modern solar PV power systems converting the direct current ("DC") power output of the solar PV modules into the high quality alternating current ("AC") power required by the power grid. Advanced power inverters also optimize the performance of the solar PV modules and maintain the integrity and safety of the interconnection with the power grid.
In rooftop applications, the extra low operating voltage of the SUNERGY platform enables a system architecture that is inherently safe and that can be installed and maintained by most building trades without the need for PV specialists, significantly reducing the installed system cost and increasing investor yields.
In ground-based applications, multiple SUNERGY inverters offer higher system yield, less downtime and easier installation and maintenance, than larger "central" inverters. For these reasons, multiple smaller inverters like SUNERGY are increasingly displacing central inverters in European ground based applications - where system performance rather than name plate capacity is the driver.
Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the US Patent and Canadian 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 the potential for sales in the markets we have entered and statements concerning the manufactured cost of our products. 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. 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.
Contact: Michael Carten Sustainable Energy Technologies Ltd. Executive Chairman (403) 508-7177 #111 (O) or (403) 630-9544 (m)
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