Sustainable Energy Announces Second Closing on Private Placement
Sustainable Energy Technologies Ltd, a developer of breakthrough solar inverter technology, announced today that it has closed, on May 22, 2009, a brokered private placement of 126,500 Class “B” Units for gross proceeds of $1,265,000. The private placement of Class “B” Units was contemplated under a previously announced (News Release: May 8, 2009) private placement of Class “A” and Class “B” Units for gross proceeds of $7,635,000, and brings the total amount raised by the Company to $8.9 million.
Doughty Hanson, one of Europe’s leading venture capital investors, led the funding round acquiring 450,000 Class “A” Units for an aggregate consideration of $4.5 million. Other European and Canadian investors have acquired a total of 440,000 Class B Units in the two closings for an aggregate consideration of $4.4 million.
The net proceeds of the issue will be used to support the launch of Sustainable Energy’s SUNERGY II inverter in Europe and North America.
Details of the terms and conditions of the Class “A” and Class “B” Units may be found in the material change report filed May 15, 2009 on SEDAR (www.sedar.com). The Class B Units and the securities comprising the Class B Units are subject to a four month hold period.
About Sustainable Energy: Based in Calgary, Canada, Sustainable (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 Energy has developed and patented an inverter design which is a breakthrough in solar inverter technology. It is the only inverter design which allows grid connected solar PV systems to be designed using a “massively parallel” architecture with an industry standard form factor and with electrical conversion efficiencies that meet or exceed industry leaders.
Sustainable Energy’s technologies are the subject of 9 patents issued by the US Patent Office with further patents pending.
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