Sustainable Energy Technologies Ltd. says it has received a $500,000 investment from Doughty Hanson to accelerate the production of energy-storage inverters for German solar battery systems.
The inverters will be delivered under a previously announced multiyear deal with a European developer of solar battery systems. Sustainable Energy expects to deliver at least 10,000 inverters to Germany over the next 30 months.
Solar batteries enable homes and businesses to store solar power for use during peak-demand periods, thus reducing demands on the power grid and helping to create smart grids that can react to sudden power swings and free up stored energy when needed.
The convertible debenture is unsecured, bears interest at 8% per annum and is for a period of six months.