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Sustainable Energy Technologies: Q2 Results
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Sustainable Energy Technologies Ltd. reported its operating and financial results for the six month period ending March 31, 2009. The Consolidated Financial Statements and Management's Discussion and Analysis thereof can be found with the Company's public documents on SEDAR (www.sedar.com) and at the Company's website (www.sustainableenergy.com) under Investor/Financials/Fiscal 2009.
Highlights
- The solar PV market suffered its worst decline in demand for products ever due to deteriorating economic conditions beginning in September 2008. Expectations are that demand in 2009 could be down as much as 30% from 2008 levels, notwithstanding dramatic reductions in PV module pricing. Lower module prices and increased support for solar PV in more European countries and in North America including Ontario are expected to drive growth in 2010 back to 2008 levels and to much higher levels in the following three years.
- No new projects were begun in Sustainable Energy's first target markets - Spain and Greece - due to uncertainty over the feed in tariff structures in each country. The result is that there were virtually no product sales during Q2. The Spanish market is not expected to pick up until the second half of 2009. Greece has become very active since the middle of Q2 and has an estimated 3 GW of projects in the pipeline and Sustainable has continued to grow its pipeline of projects. Given the normal cycle from project approval to procurements, first deliveries are not expected to occur until September 2009.
- Unlike the Gen I inverter platform which cannot be sold in North America Germany France of Italy, the Gen II inverter platform meets the certification standards for all the major markets in the world. Prototyping and internal CE certification for the Gen II inverter platform was completed during Q2, and the platform is currently undergoing evaluation by the Canadian Standards Association for compliance with UL 1741 for North America and German VDEW interconnection guidelines.
- Sustainable is targeting summer 2009 for UL and VDEW certification. With new equity funding the Company's plan is to begin first production runs for two product platforms by the end of the 3rd Quarter and to have first production in the middle of the 4th Quarter.
- Notwithstanding the market distortions and limited financial resources Sustainable continued to invest resources towards executing its 2009 Plan, in the expectation that market conditions will begin to improve in the second half of 2009 and will return to 2008 levels in 2010.
- Two very successful shows in Q2 have caused the Company to increase sales and engineering capacity in Greece to respond to RFQ's. Greece has recently proposed a generous feed in tariff for smaller (up to 10kW) rooftop systems with a 25yr feed in tariff of EUR 0.55/kWh and no taxes to become effective by the end of June, 2009.
- In Spain, Sustainable secured the endorsement of two major distribution channels: Salicru S.A. - Spain's largest supplier of back-up power and energy management systems - will distribute products under the Salicru label throughout Spain and Portugal. Techno-Sun - one of Spain's largest and most respected wholesale distributors of solar PV systems - has begun marketing products under SUNERGY brand name and recommending products for use with thin film PV modules.
- Increased recognition of the value of the parallel architecture to the solar PV industry, the strength of the Company's intellectual property portfolio, and the positioning of its products in the market place enabled Sustainable to complete an $8.9 million equity financing in order to execute its product launch and marketing strategy in Europe and North America.
About Sustainable Energy: Based in Calgary, Canada, Sustainable (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems. 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.
Sustainable Energy has developed and patented an inverter design which is a breakthrough in solar inverter technology. It is the only inverter design which allows grid connected solar PV systems to be designed using a "massively parallel" architecture with an industry standard form factor and with electrical conversion efficiencies that meet or exceed industry leaders.
Sustainable Energy's technologies are the subject of 9 patents issued by the US Patent Office with further patents pending.
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.
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.
Contact:
Michael Carten
Sustainable Energy Technologies Ltd.
President & CEO
(403) 508-7177 #111
Email: [email protected]
Website: www.sustainableenergy.com
Sustainable Energy Technologies Ltd. reported its operating and financial results for the six month period ending March 31, 2009. The Consolidated Financial Statements and Management's Discussion and Analysis thereof can be found with the Company's public documents on SEDAR (www.sedar.com) and at the Company's website (www.sustainableenergy.com) under Investor/Financials/Fiscal 2009.
Highlights
- The solar PV market suffered its worst decline in demand for products ever due to deteriorating economic conditions beginning in September 2008. Expectations are that demand in 2009 could be down as much as 30% from 2008 levels, notwithstanding dramatic reductions in PV module pricing. Lower module prices and increased support for solar PV in more European countries and in North America including Ontario are expected to drive growth in 2010 back to 2008 levels and to much higher levels in the following three years.
- No new projects were begun in Sustainable Energy's first target markets - Spain and Greece - due to uncertainty over the feed in tariff structures in each country. The result is that there were virtually no product sales during Q2. The Spanish market is not expected to pick up until the second half of 2009. Greece has become very active since the middle of Q2 and has an estimated 3 GW of projects in the pipeline and Sustainable has continued to grow its pipeline of projects. Given the normal cycle from project approval to procurements, first deliveries are not expected to occur until September 2009.
- Unlike the Gen I inverter platform which cannot be sold in North America Germany France of Italy, the Gen II inverter platform meets the certification standards for all the major markets in the world. Prototyping and internal CE certification for the Gen II inverter platform was completed during Q2, and the platform is currently undergoing evaluation by the Canadian Standards Association for compliance with UL 1741 for North America and German VDEW interconnection guidelines.
- Sustainable is targeting summer 2009 for UL and VDEW certification. With new equity funding the Company's plan is to begin first production runs for two product platforms by the end of the 3rd Quarter and to have first production in the middle of the 4th Quarter.
- Notwithstanding the market distortions and limited financial resources Sustainable continued to invest resources towards executing its 2009 Plan, in the expectation that market conditions will begin to improve in the second half of 2009 and will return to 2008 levels in 2010.
- Two very successful shows in Q2 have caused the Company to increase sales and engineering capacity in Greece to respond to RFQ's. Greece has recently proposed a generous feed in tariff for smaller (up to 10kW) rooftop systems with a 25yr feed in tariff of EUR 0.55/kWh and no taxes to become effective by the end of June, 2009.
- In Spain, Sustainable secured the endorsement of two major distribution channels: Salicru S.A. - Spain's largest supplier of back-up power and energy management systems - will distribute products under the Salicru label throughout Spain and Portugal. Techno-Sun - one of Spain's largest and most respected wholesale distributors of solar PV systems - has begun marketing products under SUNERGY brand name and recommending products for use with thin film PV modules.
- Increased recognition of the value of the parallel architecture to the solar PV industry, the strength of the Company's intellectual property portfolio, and the positioning of its products in the market place enabled Sustainable to complete an $8.9 million equity financing in order to execute its product launch and marketing strategy in Europe and North America.
About Sustainable Energy: Based in Calgary, Canada, Sustainable (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems. 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.
Sustainable Energy has developed and patented an inverter design which is a breakthrough in solar inverter technology. It is the only inverter design which allows grid connected solar PV systems to be designed using a "massively parallel" architecture with an industry standard form factor and with electrical conversion efficiencies that meet or exceed industry leaders.
Sustainable Energy's technologies are the subject of 9 patents issued by the US Patent Office with further patents pending.
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.
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.
Contact:
Michael Carten
Sustainable Energy Technologies Ltd.
President & CEO
(403) 508-7177 #111
Email: [email protected]
Website: www.sustainableenergy.com