Sustainable Energy Technologies Announces 2004 Results

Sustainable Energy Technologies Ltd. (TSX VENTURE:STG), a developer of power electronics for the alternative energy industry, reported its financial and operating results for the fiscal year ended September 30, 2004. The net loss for 2004 was ($798,716), by comparison to a loss of ($3,026,555) in 2003. Revenue for 2004 was $1,687,793, by comparison to $384,985 in 2003. Of this, $1,283,641 came from the restructuring of long-term liabilities to RWE Piller GmbH. Liquidity, as measured by working capital, increased by $657,577 to $400,659 as of September 30, 2004. Subsequent to the year-end, Sustainable Energy completed an equity issue to raise net proceeds of $1,661,000. During 2004, the Company: – Completed the development of its SUNERGY product series for the-grid connected solar power market. The Company submitted the SUNERGY inverter to Underwriters Laboratories (“UL”) for certification in the North American market – UL certification is a precondition to commercial sales. Although UL certification of the inverter has not yet been issued, the inverter has been passing all the tests to which it has been submitted, including thermal performance and safety ratings, and anti-islanding regulations. Also, an industrial prototype of the SUNERGY inverter has been operating for several months at the University of […]

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