Jan 8 2009
Sustainable Energy Technologies Ltd. is pleased to announce that Greg Nelson has been appointed Executive Vice President and Chief Operating Officer of the Company effective January 5, 2009. Mr. Nelson is currently a Director of the Company and has been consulting to the Company in developing its product positioning strategy.
In his new role, Mr. Nelson will focus on managing the launch of Sustainable's line of thin film inverters for North American and European rooftop and building integrated solar PV markets. Mr. Nelson is a seasoned executive with more than 20 years experience in managing technology companies through commercialization of new products, including product positioning, marketing and sales and high volume manufacturing.
Mr. Nelson was previously Chief Executive Vice President and Chief Operating Officer for First Solar LLC (FSLR), now the world's largest manufacturer of thin film PV modules and Chief Operating Officer of ZBB Energy Inc (ZBB) an energy storage company. He also holds 7 US Patents in microelectronics manufacturing and packaging processes.
"Greg is an extraordinary executive leader who will make a significant contribution to Sustainable in executing our product strategies. During the past 20 years, he has played a pivotal role on the management teams of several companies growing sales revenues, negotiating international licensing and joint venture agreements establishing global supply chains and helping to build sales and manufacturing infrastructure in North America, Europe and Asia," stated Michael Carten, President & CEO of Sustainable Energy Technologies.
"Greg also has a unique expertise in the dynamics of thin film PV technologies and the potential of these technologies to dramatically change the dynamics of the solar PV industry itself. 2009 will be a watershed year for the industry with thousands of megawatts of new production capacity scheduled to come on stream. With Greg's commitment, we greatly enhance our management team's capabilities and better position the Company's products in this industry," concluded Mr. Carten.
"When I look at the next level of growth within the solar industry, it is clear to me, as it is to most knowledgeable observers, that the changing dynamics of the solar will mean a period of significant growth for the inverter industry," stated Greg Nelson, new COO of Sustainable Energy Technologies. "Being familiar with the inverter landscape, it is also clear to me that our inverter technology is leading edge, and offers the thin film industry the highest yield opportunities at one of the lowest costs per watt in the industry. I am excited to join Sustainable at this time, and to play a role in growing the Company into a significant participant in the inverter marketplace."
The Company has granted Mr. Nelson options to acquire 750,000 common shares (a total of 1,250,000) at an exercise price of $0.20 per share. Coincidentally, it has granted Michael Carten, the CEO of Sustainable, options to acquire 1,000,000 common shares (a total of 2,044,843) and has granted Cliff James, a Director of Sustainable, options to acquire 300,000 common shares (a total of 600,000) at the same exercise price. All options are pursuant to the Company's Stock Option Plan and vest as to 1/6 over a three year period.