License Agreement Signed

Sustainable Energy Technologies Ltd. has agreed to license its advanced power electronics technologies to RWE Piller GmbH for fuel cell applications.

CALGARY, Alberta – June 7, 2002 [] The license, which may not be assigned or sublicensed outside the RWE corporate group of companies, is exclusive for applications using the Nuvera fuel cell system, and is otherwise non-exclusive. In exchange, RWE Piller will pay a license fee of US$790,000 upon completion of factory acceptance testing, as well as ongoing royalties based on the kW rating of power electronics products incorporating Sustainable Energy’s technologies. RWE Piller has been funding Sustainable Energy’s non-recurring engineering costs, as well as providing “in kind” technical and engineering support to complete the development of its power inverter for several months. Under the agreement, the license will also include all new intellectual property developed by the Corporation during continued funding of non-recurring engineering by RWE Piller. Sustainable Energy has several patents pending and continues to file for new patents with the US Patent Office. “Our relationship with RWE Piller, which is one of the world’s leading power supply manufacturers, is an important validation of the potential of our technology,” said Michael Carten, President and CEO of Sustainable Energy. “Also, the value of RWE Piller’s “in kind” technical and engineering support in accelerating the product development process is incalculable.” The corporation intends to deliver several prototypes to RWE Piller later this month, and to manufacture a further 25 inverters for delivery later this year. The same platform will be used for product offerings by Sustainable Energy to the grid-connected and off-grid solar photovoltaic power markets.
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