Sustainable Energy Technologies Raises $500K
Sustainable Energy Technologies, a Calgary-based designer, manufacturer and distributor of power inverters for grid-connected solar PV systems, announced that it has received a C$500K investment from UK-based Doughty Hanson Technology Ventures.
Doughty Hanson has been investing in Sustainable Energy Technologies since 2009.
PRESS RELEASE:
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) (“Sustainable Energy” or the “Company”) is pleased to announce that Doughty Hanson Technology Ventures (“DHTV”) will invest $500,000 to enable the Company to accelerate production of its energy storage inverters for German solar battery systems. The inverters will be delivered under a previously announced multi-year deal with a leading European developer of solar battery systems (News Release dated February 19, 2013).
George Powlick, Managing Director of DHTV commented: “Sustainable Energy’s inverter is a natural fit for the energy storage market with distinct efficiency, cost and integration advantages that make it compelling. We believe this market presents a large opportunity for the Company and we continue to work with management to help make it a reality.”
Solar batteries enable homes and businesses to store solar power for use during peak demand periods reducing demands on the power grid and helping to create “smart grids” that can react to sudden power swings and free up stored energy when needed. Sustainable Energy’s energy storage inverters manage the connection of the battery to the power grid and to the homeowner, seamlessly transitioning from charging to discharging the batteries to optimize the use of the solar energy.
Germany and Italy will be explosive markets for residential storage; and expectations are for tens of thousands of systems to be installed in Germany alone this year with as many as 9,000 MW to be installed in Europe alone over the next 6 years according to industry experts.
(See: Solar Batteries Could be Utilities Next Headache; Reuters, March 8 2013: http://news.yahoo.com/solar-batteries-could-utilities-next-101729309.html)
Depending on power ratings and the energy storage required up to 3 energy storage inverters are typically included in each solar battery system. Sustainable Energy is forecasting delivery of a minimum 10,000 inverters to Germany over the next 30 months with the potential for more than double that amount over the same period.
“We are very excited about our partnership in Europe and we have had engagement from multiple large players in this energy storage sector over the past 10 – 12 weeks for this and other applications. The investment by Doughty Hanson is strong validation of the significant value of our patented technology and the strategy we are executing.” commented Michael Carten CEO of the Company
The Convertible Debenture is unsecured, bears interest at 8% per annum, and is convertible into 50,000, $10, 8% First Preferred Shares (“Preferred Shares”) of Sustainable Energy. The Preferred Shares are themselves convertible into common shares of the Company at a price of $0.105 per share. The term of the Debenture is for a period of 6 months enabling the Company to secure longer term financing for its business. DHTV has a pre-emptive right to participate in up to $1 million of such a financing alongside outside investors and management, including the option of tendering the Convertible Debenture as payment.
As additional consideration the Company will issue detachable common share purchase warrants to acquire up to 4,750,000 common shares of the Company at an exercise price of $0.105. This financing remains subject to TSX Venture Exchange approval.
The Company also announced that the Company has issued $114,000 3% Secured Debentures to the CEO of the Company on terms identical to the previously announced (See News Release dated June 29, 2012) issue of 800,00 3% 5 yr Royalty Debentures. Subject to approval of the TSX Venture Exchange the Company will also issue 39,900 bonus shares at a nominal price of $0.50 per share.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry’s only industry standard inverter enabling the higher yields and installation flexibility; the solar industry’s only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry’s highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Contact Information:
Sustainable Energy Technologies Ltd.
Michael Carten
Chief Executive Officer
403.508.7177 #111
Michael.Carten@sustainableenergy.com
Photo courtesy of Shutterstock.
Source:
http://www.pehub.com/193135/sustainable-energy-technologies-raises-500k/
News
Doughty Hanson Completes Restructuring
08/02/2013
Doughty
Hanson, one of the largest independent private equity firms in Europe,
today announced its intention to focus on its private equity business following the creation of a new partnership structure.
After the death of co-founder and majority shareholder Nigel Doughty in February 2012, Dick Hanson has resumed his role as Head of Private Equity and Executive Chairman. He has conducted a review of the overall business to ensure it is best positioned to continue to deliver outstanding returns to the investors in its funds. As a result of this review, the Firm will focus on its core business of private equity. No future funds will be raised for its Real Estate or Technology Ventures businesses.
Members of the Real Estate team will continue to manage Real Estate Fund II as before. Members of the Technology Ventures team will continue to invest Technology Ventures II and manage the Technology Ventures portfolio.
Doughty Hanson CEO, Stephen Marquardt, said:
After the death of co-founder and majority shareholder Nigel Doughty in February 2012, Dick Hanson has resumed his role as Head of Private Equity and Executive Chairman. He has conducted a review of the overall business to ensure it is best positioned to continue to deliver outstanding returns to the investors in its funds. As a result of this review, the Firm will focus on its core business of private equity. No future funds will be raised for its Real Estate or Technology Ventures businesses.
Members of the Real Estate team will continue to manage Real Estate Fund II as before. Members of the Technology Ventures team will continue to invest Technology Ventures II and manage the Technology Ventures portfolio.
Doughty Hanson CEO, Stephen Marquardt, said:
“We have spent
considerable time speaking with our investors and reflecting on the
future of the business. While we have had notable successes in both
Real Estate and Technology Ventures, the real heritage of Doughty Hanson
lies in its private equity business, where we have an outstanding track
record. Following the creation of a partnership structure for the
private equity business, today’s announcement is a logical step and in
the best interests of our investors, the firm and its many
stakeholders.”
"We are not planning to make changes to our Real Estate or Technology Ventures teams, which will continue to manage their existing funds as before and will focus on generating returns for our investors. However, we will not be establishing any new funds in these sectors.”
For over 25 years, Doughty Hanson has had a history of creating value, investing responsibly and generating superior returns for its Limited Partner investors.
"We are not planning to make changes to our Real Estate or Technology Ventures teams, which will continue to manage their existing funds as before and will focus on generating returns for our investors. However, we will not be establishing any new funds in these sectors.”
For over 25 years, Doughty Hanson has had a history of creating value, investing responsibly and generating superior returns for its Limited Partner investors.
Recent transactions have included
-the acquisition of
Quirón/USP Hospitales, one of the largest private hospital operators in
Spain;
- Eurofiber, a major fibre optic company in the Netherlands; and
in Germany,
- the public-to-private acquisition of CinemaxX by Vue
Entertainment.
Recent realisations have included
- the successful IPO of
Tumi (a Private Equity Fund IV portfolio company) on the NYSE in April
2012, as well as
- a secondary public offering in November 2012, and
- the
sale of Norit (a Private Equity Fund V portfolio company) which was
announced in June 2012.
No comments:
Post a Comment