Jun. 14, 2012
SYDNEY, AUSTRALIA and UPLAND, CA -- (Marketwire) -- 06/14/12 -- Sustainable Environmental Technologies' (SET Corp) (OTCQB: SETS) (PINKSHEETS: SETS) worldwide distributor for its MultiGen product, World Environmental Solutions (WES), has received a purchase order to supply a MultiGen tri-generation system for an Australian Government Education Institution in the Riverina district of New South Wales. The natural gas-powered system will produce water from the air, heat, and reverse cycle air conditioning and electricity for the campus library and training rooms.
SET's MultiGen product is a unique solution that combines a number of highly reliable, efficient, low emissions, commercially proven technologies with its proprietary water-making technology. The MultiGen65g 90kWr system will provide a cooling capacity of 90kWr (26RT) to replace the facility's highly inefficient, obsolete air conditioning equipment. The water made from the air, approximately 450,000 litres per year (118,877 US gallons), will be used to irrigate nearby landscape. The natural gas-fired micro turbine component will generate 65kW of electricity per hour (569,000 kW per year), some of which will be used to power the MultiGen electric chiller while the micro turbine's waste exhaust heat will be used to power two absorption chillers. The chillers also can be fired by natural gas.
Excess electricity generated by the MultiGen system will be used at the site for other purposes, reducing the facility's grid requirement. The system can also operate as a back-up power supply in the event of an electricity grid failure. The MultiGen system will save an estimated 300 tons of CO2 per year. The existing building management system will monitor the system's performance and gas consumed, as well as the electricity and water produced. Return on investment is expected within five years.
'The WES team spent countless hours on projections and quotations that were the catalyst for this first sale in Australia and prompted its use as an educational example for energy efficiency,' said Mr. Bob Glaser, CEO, SET Corp. 'We are confident that the success of this first unit will prompt many new orders. We thank and commend the WES team for their continued perseverance in achieving this milestone. We believe MultiGen will be embraced enthusiastically in Australia.'
Grid-supplied electricity charges in Australia have increased by more than 40% in the last three years and are expected to increase a further 60% over the next two years due to the cost of new grid infrastructure and the July 2012 introduction of Australia's carbon tax. Many organisations are actively seeking solutions like SET's natural gas-powered MultiGen because gas prices increased by only 3.5% last year and are expected to hold steady, with predicted annual increases of 3.0 to 3.5%.
The Government's buying decision was influenced by MultiGen's ability to:
'During the last six months, we have worked with our technical partners and the facility to customize a MultiGen solution that meets the project requirements,' WES CEO Mr. Wallie Ivision said. 'Plans are already well advanced for the addition of a second MultiGen system at the facility, while a third is to be installed at another campus. We expect to receive more orders within the next three months.'
This project is set to act as a prime example of energy efficient technology and also function as an educational aid. It is to be used as part of the HVAC engineering curriculum within the NSW Government's education program. WES will be working with educators to develop a MultiGen learning module to be integrated into the courses offered to students at the campuses where MultiGen systems will be installed.
MultiGen is a unique integrated and flexible solution that includes water-maker air handling units, air-cooled electric and absorption chillers, natural gas-powered micro turbine, heat exchanger, together with a gas compressor, chiller pumps, waste heat exhaust ducting and computer controls. MultiGen can be scaled to produce thousands of litres of water from the air per hour, megawatts of electricity and enough cooling and heating capacity for a large shopping centre or manufacturing facility. More information can be found at http://www.setcorporation.us/multigen.html and www.multigen.com.au.
About SET Corp
Sustainable Environmental Technologies Corp. (SET Corp), through subsidiaries such as ProWater, LLC acquires, develops and markets strategic technologies that responsibly and economically solve environmental issues to bridge the gap between today's energy inefficient facilities and the sustainable development and design needs of tomorrow. SET Corp's technologies deliver essential resources for business operations while reducing its customers' environmental impact and conserving essential and diminishing resources. SET Corp's offering includes treatment, recovery, reclamation and re-injection services for produced water from oil and gas production and ultra-efficient tri-gen systems that offer combined cooling, heating, and power generation with the added capability of water production from a single energy source. www.SETCorp.us or www.ProWater.us
Safe harbor statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategies. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, and fraud. More information about factors that potentially could affect SET Corp's financial results are included in SET Corp's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-Q or 10-K and subsequent filings.