TORONTO, ONTARIO--(Marketwire - May 22, 2012) - Sustainable Energy Technologies ("Sustainable Energy" or the "Company"), (TSX VENTURE:STG) announces that the U.S. Commerce Department has announced (Thursday May 17, 2012) preliminary antidumping duties on the import of solar panels made with Chinese cells. The duties range from 31% to 250% percent, depending on the manufacturer.
The Company believes that the ruling will be positive to Sustainable Energy's outlook as most of its US sales are currently connected to sales of the US based tenKsolar RAISWAVE system. On Friday, May 18, 2012, TenKsolar announced (www.tenksolar.com) that it relies on solar cells produced in the United States, Taiwan and Korea and has avoided signing contracts with Chinese suppliers because of the pending trade case.
According to Bloomberg New Energy Finance, the U.S. decision to impose import duties on Chinese solar panels will raise Chinese module price to $1.11 approximately 17% higher than prior to the ruling.
We believe that the ruling will make the PARALEX enabled RAISWAVE system even more competitive in the US market," said Michael Carten CEO of Sustainable Energy. As the PARALEX inverter is a critical component to the tenKsolar system this will be positive to Sustainable Energy.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) is a Canadian power electronics company which supplies Canada, the U.S. and Europe. The Company's patented inverter technologies are a breakthrough in power inverter design and functionality for all forms of distributed generation storage and smart grid applications. Approximately 20 MW of 1st and 2nd generation products have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the potential for growth solar PV system performance; statements concerning the impact of the impact of US Commerce Department Duties on Chinese module pricing and on US demand for tenKsolar's products.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof.
Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at www.sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.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.