Sustainable Energy Releases Audited Financial Statements and MDA and Update

Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy") has
filed its Audited Consolidated Financial Statements for the year ending
September 30, 2011 along with Management's Discussion and Analysis thereof. The
Company has also filed an updated Annual Information Form. The Consolidated
Financial Statements, the Management Discussion and Analysis thereof and the
updated Annual Information Form are available on SEDAR at www.sedar.com and on
our website at www.sustainableenergy.com. 


Highlights: 

Operational Results:



--  Product sales revenues for the year ended September 30, 2011 increased
    81% to $3,867,910 compared to $2,120,346 for 2010. Revenues for the
    three months ended September 30, 2011 were $1,004,425 compared to
    $737,968 in revenues for the same period in 2010. Product sales revenues
    were negatively impacted in Q3 and Q4 by a number of politically driven
    factors in the Ontario market which was core to the Company's strategy
    for 2011. 
--  The Company has successfully demonstrated market acceptance of its
    products, which are reporting 99.7% reliability. In Ontario, the company
    took a 15% share of its target market during the 1st half. In the US, it
    secured a 23 MW long term OEM supply contract, and is building
    relationships with several of the leading national distributors for US
    distribution in 2012, as a low cost alternative to micro-inverters. 
--  The Company is meeting its manufactured cost targets. Inverter product
    margins averaged 26% over the year in low volumes and will be above 36%
    at current market prices by the end of this year.  
--  The Company has materially reduced its fixed operating costs. Quarterly
    costs for Q1, 2012 are less than 50% of Q1, 2011 levels, with further
    efficiencies targeted for the first half 2012. 
--  During Q1, 2012 the Company expanded its product portfolio to include DC
    side peripherals which have the potential to materially increase
    revenues per sale on sales to system integrators.  
--  Core technology development is now complete. The base platform has been
    certified for grid connection in all the major European and North
    American markets. The completion of a downsized 3kW product later this
    year will enable customers to service a full array of system designs and
    nameplate capacities with very high granularity. 



"We achieved all the main operational goals set for the Company in 2011 at this
time last year," said Michael Carten, CEO of Sustainable Energy. "We are meeting
our manufactured cost targets and averaging very respectable 26% average margins
on the core inverter product. We have also cut fixed operating cost 50%,
materially lowering our breakeven point." 


"We have been building distribution channels in the US market and we are gaining
traction in that market with leading systems integrators. Power optimization
products, especially micro-inverters, are quickly changing the solar landscape
in the US, but encountering resistance on larger projects due to higher
installed costs and concerns about long term serviceability. We are the
beneficiary of this resistance since we deliver the same value propositions as
micro-inverters but with the lower cost and easy serviceability of conventional
inverters." 


We are especially excited about the grid -tie energy storage potential which may
prove to be our greatest value creator," commented Carten. "We have a material
efficiency advantage with grid-connected battery systems, as well as a patented
control topology, which efficiently integrates batteries with solar PV to
increase the value of solar to the power grid. According to IMS Research, more
than 5% of all solar inverters shipped in 2015 will be equipped with energy
storage - approximately 2.25 GW." 


2012 Priorities and Outlook 

Sustainable Energy's two main priorities for 2012 are to build sales volumes in
the Ontario and US markets that will take the Company to positive cash flow; and
to build long term strategic partnerships that have the potential to unlock the
Company's core technology value in solar PV and energy storage.




--  In the US, the Company is gaining traction with national distributors
    and mid-market system aggregators by positioning the PARALEX inverter as
    a low-cost easily serviceable alternative to micro-inverters for
    residential and small commercial rooftop systems; and as a safer
    alternative for smaller ground based systems in agricultural,
    institutional and residential settings. The Company is also targeting
    one or more private label or OEM style partnerships with companies which
    have the ability to scale volumes for the PARALEX product.  
    
    Based on market data from IMS Research, the Company estimates the U.S.
    addressable market for inverters in its market segments at 1.2 Gigawatts
    in calendar 2012; and growing to 1.9 Gigawatts in 2014 with more than
    70% for systems between 10kW and 100kW. Assuming an average factory gate
    prices of US$0.38 per watt, this represents an annual market value in
    the US alone of approximately US$450 million in 2012; and US$750 million
    in 2014. 

--  The Company is cautiously optimistic about the recovery of the Ontario
    micro-FIT market, which had stalled during Q3 and Q4 2011 due to
    political uncertainty about the future of the Program and grid
    connectivity issues in rural areas. The market is beginning to move
    slowly and is expected to pick up sharply following conclusion of a
    pricing review by the Government to reflect reduced PV module pricing
    expected in the current Quarter. The Company believes that the
    addressable market for its products in Ontario should range between 60 -
    80 MW in 2012. It noted that there is significant potential on the
    upside when connectivity issues in rural areas are resolved since there
    is a 282 MW backlog of micro-FIT projects which are entitled to higher
    pre-review pricing.  
    

--  The Company is executing on its longer term strategy to lever its
    technology into strategic partnerships where its product advantage is
    value added to the partner's ability market position and/or technology
    enabling the partner to drive higher sales volumes. The Company's
    partnership with tenKsolar, a unique solar concentrator using patented
    reflector technology is the first of several such partnerships. The
    Company is optimistic about demand from tenKsolar which has a strong
    Asian partner and is gaining traction in the US and Europe. 
    
    During 2012, the Company expects to enter into strategic partnerships
    which will enable a substantially lower cost and more reliable "AC
    module" for rooftops and building facades using crystalline or high
    efficiency thin film modules; as well as a low cost utility dispatchable
    "smart grid AC battery" which enables load shifting to increase the
    value of solar energy and allows utilities to balance local load
    fluctuations. 
    
    Significantly, these developments use the current inverter platform
    putting the company on a business development path with no new product
    development needed. 

--  The Company warned that it is still very resource constrained due to the
    collapse of the Ontario market and its need to pay down legacy payables
    for component inventory committed to prior to the Ontario market
    collapse. Based on its conservative case demand forecasts, working
    capital needed to reach breakeven is relatively modest, but the Company
    will require a modest amount of additional capital which it is working
    to meet through increased sales and/or structured transactions. Doughty
    Hanson has invested $1 million out of a previously announced $1.5
    million standby equity commitment. 



About Sustainable Energy: 

Sustainable Energy (www.SustainableEnergy.com) is a Canadian solar inverter
company which supplies Canada, the U.S. and Europe. The Company's patented
inverter technologies are a breakthrough in power inverter design and
capabilities for all forms of distributed generation and smart grid
applications.


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, it includes:
statements concerning the impact of Sustainable Energy's' technology on solar PV
system performance; statements concerning market outlook and demand for solar
inverters; statements concerning manufactured cost of the Company's and margins;
and statements concerning the potential for sales revenues and strategic
relationships. While management believes these statements to be accurate they
are dependent on a wide range of factors beyond management's control and should
not be viewed as a guarantee of the specific outcome. Forward-looking
information is not a guarantee of future performance and involves a number of
risks and uncertainties. 


Many factors could cause the Companies' 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. The Companies do 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.
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