Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada), a developer of power electronics for renewable energy applications, has agreed to restructure its licensing and inverter supply arrangements with RWE Piller GmbH and RWE Fuel Cells GmbH, subsidiaries of the global multi-utility company RWE AG (Essen, Germany).
Under the agreement, RWE Fuel Cells will be substituted for RWE Piller as a non-exclusive licensee of Sustainable Energy's patented power inverter technologies for fuel cell applications, and contingent liabilities of Sustainable Energy totalling approximately $1.35 million, and payable to RWE Piller, have been terminated. In exchange, the company has extended the royalty-free period of the fuel cell licence.
"RWE Fuels Cells is one of the most important global players in the quest to bring fuel cells, and other distributed generation technologies to commercial, industrial and residential markets," said Sustainable Energy President and Chief Executive Officer Michael Carten. "The elimination of more than $1.3 million in contingent liabilities will improve our balance sheet and enhance cash flow as we move into commercial production of our line of solar power inverters this year."
