Sustainable Energy Technologies Attracts Capital for Solar Converter

Under a recapitalisation arrangement, Sustainable Energy Technologies Ltd. will obtain C$5 million for the company’s power electronics subsidiary, Sustainable Energy Laboratories Ltd. The investment will come from SET’s major shareholder, Sabre Energy Ltd.

CALGARY, Alberta, CA, 2001-09-20 [SolarAccess.com] “The financing for Sustainable Labs comes at a critical time for us,” says president and CEO Michael Carten. “We have completed development of power conversion technologies that we strongly believe offer very unique advantages in the distributed generation markets, especially the exploding solar electric market in the United States.” “We are on track with our strategy to position ourselves with a major residential fuel cell player, and to capture a significant share of that market as it matures,: he adds. “We are also on track to deliver a unique upgradeable inverter for the residential solar market in North America, which should generate substantial revenues in 2002.” Upon completion of the equity transactions, Sabre will own 51 percent of Sustainable Labs, which will increase to 60 percent upon conversion of the debentures. SET will own the remaining shares of Sustainable Labs. “Very difficult capital markets have made it impossible for us to raise equity from traditional sources,” explains Carten. “The investment by Sabre, who better understands the potential of our technologies, will provide us with the capital required to complete the commercialization and certification process and realize this potential.”
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