Sustainable Energy Technologies: Sales & Marketing Agreement
Sustainable Energy Technologies Ltd. Canada’s solar inverter company and LIGHTWAY Solar America, Inc., the U.S. subsidiary of Lightway Green New Energy Co. Ltd., a vertically integrated module manufacturer,announced today they have entered into a Cooperation Agreement under which Sustainable Energy PARALEX inverters can be bundled with the high quality LIGHTWAY solar panels in a pre-packaged kit that will offers specific benefits to the growing residential/small commercial market of the Northeast US.
LIGHTWAY with its parent company Lightway Green New Energy Co. Ltd. has invested over US$600 million of capital since 2008 to build 400MW of annual production capacity to date. LIGHTWAY entered the US market in 2011 and has developed a national sales channel with their main office in Iselin, NJ and distribution outlets on both the east and west coasts.
“This agreement marks the beginning of another positive relationship in the USA. Early market response for our PARALEX solution has been positive, identifying and securing OEM partners has been a key priority for our sales team.” said Michael Carten, CEO of Sustainable Energy Technologies. “Our team looks forward to working with LIGHTWAY, whom we view as an emerging brand in the USA”.
“The ability to develop a downstream partnership with PARALEX enables Lightway to expand our product portfolio and also creates an opportunity for us to grow our footprint in the residential/small commercial markets through the offering of a cost effective solution with superior technical advantages.” said William Shen, VP of Sales and Marketing, for LIGHTWAY.
Under the non-exclusive agreement,Sustainable Energy will collaborate with LIGHTWAY to market the value of the parallel system architecture in the target market as well as providing system design and technical support.
About LIGHTWAY Green New Energy CO LTD
Founded in 2008, LIGHTWAY Green New Energy Co., Ltd. is a leading international vertically integrated manufacturer of multi-crystalline ingots, wafers, cells, and modules. LIGHTWAY’s comprehensive production chain guarantees superior product quality and a cost effective structure, benefiting a global customer base. LIGHTWAY is dedicated to a long-term growth strategy that includes technological innovation, downstream partnerships and financial solutions in order to meet the energy demands of a changing world. This market strategy resulted in a successful Q4 2011 in which LIGHTWAYexecuted over 100 MW of U.S. based sales contracts with the full expectation that this momentum will be carried over into 2012.
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 other 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, it includes: statements concerning the impact of Sustainable Energy’s technology on solar PV system performance, the forecasted demand for inverters and the forecasted rate of production by LightWay Green New Energy. While management believes these statements to be accurate they are dependent on a wide range of factors beyond management’s control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Companies’ 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 Companies do 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.
For further information please contact:
Sustainable Energy Technologies Ltd.
Chief Executive Officer
Sustainable Energy Technologies Ltd.
Regional Account Manager
LIGHTWAY Solar America, Inc.
US Director of Sales