AUGUST 8, 2005 - 11:01 ET
Sustainable Energy to Partner with Chinese on Wind Power: Agreement to Jointly Develop Vertical Axis Turbines for China
CALGARY, ALBERTA--(CCNMatthews - Aug. 8, 2005) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG), announced today that it has agreed to collaborate with a Chinese Group to advance the development and commercialization of Darrieus type wind turbines for use in China and other markets around the world.
Under a memorandum of understanding signed by Guo Shuyan on behalf of the China Renewable Energy Technologies Delegation, Sustainable Energy will license its technology and know how, and will collaborate with the Chinese, in advancing vertical axis wind turbine technology, beginning with the construction and testing of a commercial prototype of Sustainable Energy's 250kW turbine - the "Chinook 250" - at a test site in Southern Alberta.
Guo Shuyan is currently Vice Chairman of the Finance and Economic Committee of the National People's Congress, and was, until recently, Executive Director of the State Council Three Gorges Project Construction Committee.
"The partnership is an important validation of the value of our wind turbine design and of our expertise with this technology," said Michael Carten President & CEO of Sustainable Energy. "But equally importantly, the relationships we are building with the wind turbine partnership will provide the foundation for other partnerships to manufacture and distribute our power electronics products in the Chinese market.
Sustainable Energy has been a leader in vertical axis Darrieus type wind turbines known around the world as the Canadian wind turbine. The Chinook 250 design was developed with support from Canada's National Research Council in 1999 - 2000 to provide a simple, low-cost wind turbine that will significantly reduce costly diesel fuel consumption for power generation on small islands, in remote areas, and throughout the developing world.
"We scoured the world for a robust, simple and cost effective solution to remote wind power generation and that led us to Sustainable Energy," said He Dexin, Chairman of China Wind Energy Association and a member of the Delegation. "In combination with Sustainable Energy's extensive experience with power conditioning, they possess the unique capability to enable cost effective integration of renewable energy into remote diesel micro-grids, and to provide clean power to markets in remote areas of China and around the world."
The agreement with the Chinese is subject to approval of the National Research Council.
Sustainable Energy Technologies Ltd (www.sustainableenergy.com) develops manufactures and markets products for emerging alternative and renewable energy markets.
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.
