CALGARY, ALBERTA--(Marketwire - Sept. 27, 2012) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company"), a designer and manufacturer of intelligent power inverters for a wide range of distributed generation and storage technologies, has successfully begun marketing its world-class proprietary AC battery technology to energy storage integrators in Europe.
Initial market feedback confirms that Sustainable Energy's low voltage pulsed step technology guarantees at least 5% higher efficiencies for low voltage AC battery systems at much lower costs than any other product on the market.
Sustainable Energy's AC battery uses the same software configurable power electronics platform as its PARALEX solar inverter, and is easily configured to directly match the output voltages of all the leading lithium-ion and lead-acid batteries in the market.
A key part of Sustainable Energy's cost and efficiency advantages is the Company's proprietary bi-directional functionality which allows low voltage battery charging and discharging without the need for additional complex and expensive bi-directional DC/DC conversion devices. The bi-directional functionality gives Sustainable Energy's patented technology a strong competitive edge over designs being developed solely for high voltage solar inverters. With significant conversion efficiency, manufactured cost, and design simplicity advantages, Sustainable Energy is poised achieve significant market share in this emerging space.
Based on published industry data, the Company estimates demand for decentralized, grid-tied energy storage in its power ratings at 8.2 GW over the next 4 years, more than 75% of which will be in Japan, Germany, Italy and the United States. At an average of $0.30/watt for storage electronics this represents a $2.4 billion addressable market over 4 years.
"The initial market feedback on our storage inverter has been terrific. Every integrator we met with confirmed that our low voltage inverter is the natural fit for decentralized energy storage and has efficiencies that are higher than any other solution in the market," said Martin Duerr, Director of Business Development.
Michael Carten, CEO of Sustainable Energy, commented, "It is now all about selecting the right partners to ensure that we take the highest possible share of each of our target markets. We expect to be in a position to announce partnerships by end of this year, and we are targeting revenue growth beginning mid-2013."
The underlying driver for decentralized energy storage is the increased penetration of solar energy as mainstream generation capacity. According to Photon Consulting (March 2012), by 2016, one third of of new generation capacity globally will be solar PV, up from 19% in 2011. High efficiency energy storage is needed to convert the intermittent solar energy which is inherently non dispatchable into firm power that can be used by the customer or the utility to offset peaks in demand during periods of high grid utilization.
Sustainable Energy's AC battery targets three main applications:
- Stand-alone grid-interactive storage used by industrial and even residential consumers to avoid high monthly utility demand charges by drawing power from the power grid during non-peak periods and use it during peak periods to reduce demand on the power grid at peak periods.
- A simple low cost retrofit to installed solar PV systems to add energy storage for solar "load shifting" where solar energy is collected by the system owner during off hours to be used during peak periods to replace high cost grid-supplied electricity for his own needs.
- Consumer or utility owned and controlled electric vehicle quick-charge stations to charge vehicles even during peak hours and conversely to draw stored energy in electric vehicles batteries to balance loads on the power grid.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage high current DC inputs in the industry.
A standard software configurable electronics platform positions Sustainable Energy in several high growth segments of the solar and storage market. These include
- Cost effective parallel wiring of solar panels enables a paradigm shift to factory assembly of modular "AC Solar" building products that eliminate electrical constraints on system design and can be installed by mainstream building trades
- The power industry's only low cost high efficiency battery management electronics for non-utility grid tied energy storage markets
- A thin film AC module which changes the competitive landscape making the aesthetically more attractive thin film modules competitive for residential and small commercial buildings
- High efficiency conversion of low voltage/high current inputs is mission critical to emerging parallel cell technologies
Approximately 20MW of 1st and 2nd generation fuel cell and solar inverters have been installed in 11 different countries.
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 conversion efficiencies and competitive advantages of Sustainable Energy's' technology for energy storage systems; statements concerning market outlook for decentralized energy storage; statements concerning the potential for development agreements and supply contracts; and statements concerning the potential for sales revenues. 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.