LONDON, ONTARIO--(Marketwire - May 14, 2012) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") and Bilagot Energy ("Bilagot") jointly announced today that Bilagot (www.bilagotenergy.com) and ProFab Solar ("ProFab") (www.profabsolar.com) have agreed to deploy 20 ProFab systems throughout South Western Ontario using innovative ground based and rooftop mounting solutions developed Bilagot which will further reduce installation time and installation costs of the ProFab system.
Under a memorandum of understanding between ProFab and Bilagot, the initial 20 installations will be installed during the third Quarter of this year subject to usual regulatory approvals and conditional upon implementation of announced changes to the Ontario Feed in Tariff structure.
Based in Sarnia Ontario, Bilagot has co-developed renewable energy projects in Ontario, the Philippines, Australia, India, Poland, Hungary and Russia. The innovative mounting structures were developed under a Bilagot sponsored L910 initiative with technical support from the University of Western Ontario Research Park and industry partners with a view to driving costs from the balance of system costs in North America.
"We are very excited about our partnership with Bilagot which will continue ProFab's drive to deliver the lowest cost ground mount balance of system package for solar PV modules manufactured in Ontario," commented Livio Filice Director of Sales for ProFab Solar. This partnership will enable us to build on early success with the factory assembled system by further reducing installation time and cost and by expanding our distribution with Bilagot and their channel partners. "We look forward to rolling out the first 20 systems and expect to gain a significant amount of traction as Bilagot expands its distribution channels across Ontario through 2012 and beyond."
The two companies have agreed to explore opportunities to utilize the ProFab Solar kit in medium and large-scale FIT projects.
About ProFab Solar:
ProFab Solar is a joint venture subsidiary of Sustainable Energy with Steeltree Structures which supplies the racking and assembles systems exclusively for ProFab Solar in Ontario. The ProFab system delivers a lower cost, lower risk solution for smaller system developers, which is more bankable, and which delivers attractive investment returns even with the new lower feed in tariffs.
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. Approximately 20 MW of 1st and 2nd generation products have been installed in 7 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, we include: statements concerning the impact of our technology on solar PV system performance; statements concerning the marketing plans for ProFab Solar; statements concerning the value of the Bilagot mounting system; statements concerning economic 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.
Contact Information:
Michael Carten
Chief Executive Officer
+1.403.630.9544
Michael.Carten@SustainableEnergy.com
ProFab Solar
Livio Filice
Director Of Sales
+1.416.816.5703
Livio.Filice@ProFabSolar.com