Sustainable Energy Tests Inverter; Settles Lawsuit

Earlier this month Sustainable Energy Technologies Ltd. completed successful factory acceptance testing of its bi-directional, grid-interactive, 5 kW power inverter through License Agreement with RWE Piller GmbH.

Calgary, Alberta, Canada – July 18, 2002 [] Under the License Agreement, which was announced in June, RWE Piller will acquire a generally non-exclusive license to the company’s power inverter and DC-DC converter technologies for fuel cell applications only. The same power inverter platform being supplied to RWE Piller will also support a series of product offerings for other alternative energy applications, in particular, grid-connected solar photovoltaic systems. Sustainable Energy has also developed a bi-directional DC converter that will enable it to offer an optional upgrade for grid-interactive inverters to include battery management capabilities. The company also recently announced the settlement of a claim by Sabre Energy Ltd. for repayment of the amounts advanced under a Letter of Intent dated August 20, 2001. Under the agreement, Sustainable Energy will pay US$315,000 to Sabre, representing the full amount advanced under the Letter of Intent, plus US$9,774.01 in respect of interest. Sabre will file a discontinuance of the Statement of Claim issued by it in December, 2001, and will release Sustainable Energy from any claim that Sabre may have relating to the financial terms of the Letter of Intent. Repayment of the amounts advanced under the Letter of Intent was made possible with the completion of a previously announced private placement that was closed May 24, 2002 for approximately US$500,000.
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