Doughty Hanson Technology Ventures has bought 50,000 First Preferred Shares and roughly 5.2 million warrants of Sustainable Energy Technologies Ltd. for $500,000. Doughty Hanson, a European PE shop, currently holds 100% of the Series 9 Shares of Sustainable Energy. Alberta, Canada-based Sustainable Energy makes solar inverters. Doughty has previously committed to providing up to $3 million in new equity to Sustainable Energy over the next 6 months .
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) (“Sustainable Energy” or the “Company”) a manufacturer of next generation solar inverters announced today that, further to the Company’s press release on August 23, 2010, Doughty Hanson Technology Ventures (“Doughty Hanson”) has acquired 50,000 First Preferred Shares (“Series 9 Shares”) and 5,161,290 warrants (“Additional Warrants”) for gross proceeds of $500,000, on the terms previously announced. The Series 9 Shares are similar to, and rank pari passu with First Preferred Shares Series 7. The Series 9 Shares issued to Doughty Hanson are subject to a four month hold period expiring on December 27, 2010 and are convertible into common shares of Sustainable Energy (“Common Shares”) at $0.155 per share. As a result of this first draw down, Doughty Hanson currently holds 100% of the Series 9 Shares of Sustainable Energy. The Additional Warrants to acquire one Common Share per warrant are exercisable at $0.155 until August 23, 2011 and are also subject to a four month hold period.
About Doughty Hanson: Doughty Hanson (www.doughtyhanson.com) is one of Europe’s most successful independent private equity firms. Since 1985, Doughty Hanson has undertaken more than 118 investments with an aggregate acquisition value in excess of €28 billion. Doughty Hanson employs over 50 investment professionals of 15 nationalities, located in offices in London, San Francisco, Frankfurt, Madrid, Milan, Munich, Paris and Stockholm.
About Sustainable Energy: Sustainable Energy (www.sustainableenergy.com) designs, manufactures and distributes power inverters for grid-connected solar PV systems under the SUNERGYTM trademark. Advanced power inverters are a critical enabler of all modern solar PV power systems converting the direct current (“DC”) power output of the solar PV modules into the high quality alternating current (“AC”) power required by the power grid. Advanced power inverters also optimize the performance of the solar PV modules and maintain the integrity and safety of the interconnection with the power grid. The SUNERGY inverter is the only inverter platform manufactured today, which enables the game changing parallel system architecture with industry leading efficiencies and with an industry standard cost and form factor. Its PARALEXTM (www.paralexsolar.com) system architecture enables each solar module to operate independently of any other module in the system delivering 5-15% increased energy yield, without the expensive hardware and continuing maintenance cost of micro-inverter products. Every module delivers its maximum power potential while eliminating the string inverter impact of shading, soiling and other real world factors.
The extra low operating voltage of the SUNERGY platform enables a system architecture that is inherently safe and that can be installed and maintained by most building trades without the need for custom design, significantly reducing the installed system cost and increasing investor yields. Sustainable Energy’s technologies are the subject of multiple patents issued by and pending with the US Patent and Canadian Patent Offices.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.