ORILLIA, ONTARIO and TORONTO, ONTARIO--(Marketwire - July 17, 2012) - ProFab Solar, a joint venture company between Sustainable Energy Technologies Ltd. (TSX VENTURE:STG) and Steel Tree Structures, an Orillia based provider of prefabricated building structures are pleased to provide the following update:
- On June 14 2012 the first ProFab Solar system was shipped, installed and commissioned for Unconquered Sun in less than a day. Unconquered Sun is a Windsor based solar PV module manufacturer which will market ProFab Solar systems exclusively in the Windsor and surrounding Essex County region.
- 10 additional ProFab Solar systems are now in production and booked for July installations in Ontario.
- First orders have been booked for ProFab Solar systems with leading distributors in the U.S. Northeast and Atlantic Canada, demonstrating the reach of the ProFab Solar concept to markets outside Ontario.
"In less than 90 days since product launch we are seeing interest in ProFab Solar across Canada and in several US markets for its value in reducing labor costs and de-risking the installation process for installers and project developers," commented Livio Filice Director of Sales for ProFab Solar.
Ontario's Minister of Energy recently directed the Ontario Power Authority to begin awarding 250MW of new small FIT and micro-FIT contracts under restructured FIT 2.0 rules. This action opens new market opportunities in Ontario for ProFab Solar to increase sales.
About ProFab Solar:
ProFab Solar is a complete factory assembled and pre-certified solar PV system that is enabled by Sustainable Energy's PARALEX shade tolerant inverter technology.
Factory assembly of solar PV systems reduces on-site labor costs by up to 90%; and de-risks the installation process for installers. Shade tolerance is critical to cost effective factory assembly since it allows a standardized product to be deployed in multiple different site conditions. With conventional inverters, costly site-specific design is needed to avoid the disproportionate effect of local shading on system performance.
Sustainable Energy's PARALEX is the only inverter to deliver the benefits of the parallel system architecture at industry standard costs and with an industry standard maintenance profile.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) is a Canadian power electronics company which supplies Canada, the U.S. and Europe. The Company's patented inverter technologies are a breakthrough in power inverter design and functionality for all forms of distributed generation storage and smart grid applications.
For solar applications, the Company's technology enables solar panels to be using the parallel design architecture rather than the conventional series architecture. There is widespread solar industry recognition of the value of the parallel design in increasing system yields, and eliminating the need for expensive site-specific system design. Sustainable Energy's PARALEX inverter is the only product able to deliver the benefits of the parallel system architecture at industry standard costs and with an industry standard maintenance profile.
Approximately 20 MW of 1st and 2nd generation products have been installed in 11 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, we include: statements concerning the impact of our technology on solar PV system performance; statements concerning the potential Ontario FIT and Micro-Fit markets; anticipated demand for the ProFab Solar factory assembled systems; statements concerning the value of ProFab Solar; and statements concerning Sustainable Energy's strategy.
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.
Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at www.sedar.com. 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.