CALGARY, ALBERTA--(Marketwire - July 2, 2008) - Sustainable Energy Technologies Ltd. (TSX VENTURE:STG), announced today that it has signed a Distribution Agreement with a.c.e. Power Electronics S.A, ("ACEP") of Athens, Greece, under which ACEP has the non-exclusive right to distribute Sustainable's products and services as part of turnkey solar PV systems being marketed and installed by ACEP throughout Greece.
ACEP has assembled a series of solar PV projects for its own account and for customers, into which it has specified Sustainable products, and which are awaiting permitting by the Greek authorities for, among other things, capital subsidies for solar PV systems. The initial projects total 5.8 megawatts.
Sustainable has committed to supply its products to these projects against purchase orders from ACEP, as the projects are approved. Assuming all the projects go ahead as planned, the total value of the deliveries would be approximately $3.2 million at current exchange rates.
"Greece has enacted a generous incentive program, consisting of feed in tariffs and capital subsidies, but imposed a moratorium on approvals for capital subsidies shortly after announcement last year due to an unexpectedly high number of applications," said Michael Carten President & CEO of Sustainable. "It appears that applications for subsidies are now being processed, and we are optimistic that this market will begin to realize its growth potential later this summer and that our deliveries will begin in September of this year."
Monday, July 07, 2008
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