Sustainable Energy Technologies Ltd (TSX VENTURE:STG; “Sustainable” or the “Company”) is pleased to announce that Greg Nelson has been appointed Executive Vice President and Chief Operating Officer of the Company effective January 5, 2009. Mr. Nelson is currently a Director of the Company and has been consulting to the Company in developing its product positioning strategy.In his new role, Mr. Nelson will focus on managing the launch of Sustainable’s line of thin film inverters for North American and European rooftop and building integrated solar PV markets. Mr. Nelson is a seasoned executive with more than 20 years experience in managing technology companies through commercialization of new products, including product positioning, marketing and sales and high volume manufacturing.
Mr. Nelson was previously Chief Executive Vice President and Chief Operating Officer for First Solar LLC (FSLR), now the world’s largest manufacturer of thin film PV modules and Chief Operating Officer of ZBB Energy Inc (ZBB) an energy storage company. He also holds 7 US Patents in microelectronics manufacturing and packaging processes.
“Greg is an extraordinary executive leader who will make a significant contribution to Sustainable in executing our product strategies. During the past 20 years, he has played a pivotal role on the management teams of several companies growing sales revenues, negotiating international licensing and joint venture agreements establishing global supply chains and helping to build sales and manufacturing infrastructure in North America, Europe and Asia,” stated Michael Carten, President & CEO of Sustainable Energy Technologies.
“Greg also has a unique expertise in the dynamics of thin film PV technologies and the potential of these technologies to dramatically change the dynamics of the solar PV industry itself. 2009 will be a watershed year for the industry with thousands of megawatts of new production capacity scheduled to come on stream. With Greg’s commitment, we greatly enhance our management team’s capabilities and better position the Company’s products in this industry,” concluded Mr. Carten.
“When I look at the next level of growth within the solar industry, it is clear to me, as it is to most knowledgeable observers, that the changing dynamics of the solar will mean a period of significant growth for the inverter industry,” stated Greg Nelson, new COO of Sustainable Energy Technologies. “Being familiar with the inverter landscape, it is also clear to me that our inverter technology is leading edge, and offers the thin film industry the highest yield opportunities at one of the lowest costs per watt in the industry. I am excited to join Sustainable at this time, and to play a role in growing the Company into a significant participant in the inverter marketplace.”
The Company has granted Mr. Nelson options to acquire 750,000 common shares (a total of 1,250,000) at an exercise price of $0.20 per share. Coincidentally, it has granted Michael Carten, the CEO of Sustainable, options to acquire 1,000,000 common shares (a total of 2,044,843) and has granted Cliff James, a Director of Sustainable, options to acquire 300,000 common shares (a total of 600,000) at the same exercise price. All options are pursuant to the Company’s Stock Option Plan and vest as to 1/6 over a three year period.
About Sustainable Energy
Based in Calgary, Alberta, Canada, Sustainable Energy Technologies Ltd (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’s inverter technology levers the lower cost/watt of PV modules in rooftop and building integrated applications by allowing each module to operate at is optimum power point, dramatically increasing total system yield under real world conditions, simplifying system design and installation and reducing balance of system cost.
With conventional solar inverters, each of the PV modules in a string will operate at the level of the poorest performing module. This will typically be caused by (i) partial shading of the PV modules from normal building congestion (e.g. from chimneys, parapets, railings power lines, telecommunications towers, etc), debris and dirt (ii) variances in power output due to variances of the orientation of the PV modules (e.g. building angles curvatures etc.) and (iii) variances in module manufacturing tolerances.
Avoiding the disproportionate impact of these factors on system performance now requires complex site specific custom design of the system, increasing system cost, and limits the number of locations where solar power can be deployed economically.
Sustainable’s technologies enable a “parallel” system architecture, which limits the disproportionate effect of partial shading on system performance, and eliminates module mismatch losses from variances in orientation of the modules and/or manufacturing tolerances. The Company’s patented approach is the first to enable a “parallel” architecture in high power ratings, with high efficiencies, and with a form factor, and a cost per watt that the industry expects.
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 and our competitive cost per watt. 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.