Sustainable Energy Technologies, a designer and manufacturer of advanced power electronics for distributed smart grid and micro-grid applications, reportedly secured $500,000 equity financing from Doughty Hanson Technology Venture.
The company is going to utilize a part of the funds to shift production to its 3rd generation PARALEX “STX” inverter. The new generation of invertors is targeted at the North American and Japanese solar PV markets.
Utilizing the rest of the fund, the company will begin first production of its “AC Battery” for markets in Germany and Japan.
The company also reported a consolidation of its issued and outstanding common shares on the basis of ten old common shares for one new common share. The move will reduce the number of Common Shares issued and outstanding to 20,915,581. This is expected to attract US and European institutional investors seeking growth opportunities in the high potential decentralized energy storage market. The company hopes that all these will enhance shareholder value over the next two to three years.
“We are pleased with the vote of confidence that our financial partner, Doughty Hanson, has shown with this additional $500,000 investment in our company. The investment comes at a critical inflection point as we move forward with the implementation and commercialization of our growth strategy in Europe, the United States and Japan of our world class proprietary inverter technology. The investment will help us in these new markets for the roll out of our strategy and accelerate marketing in the high growth energy storage sector where we have a clear technology lead. The opportunities we are presented with have positioned us to further prove our value proposition to the global market place,” the CEO of Sustainable Energy, Michael Carten, commented in a statement.
A few months back, the company announced that it had successfully begun marketing its world-class proprietary AC battery technology to energy storage integrators in Europe.
Initial market feedback confirmed that Sustainable Energy's low voltage pulsed step technology guarantees at least 5 percent higher efficiencies for low voltage AC battery systems at much lower costs than any other product on the market.
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Edited by Rich Steeves