Sustainable Energy Technologies annual report 2003

Calgary based Sustainable Energy Technologies is a public company that develops and manufactures alternative energy products that enable distributed renewable energy resources to be integrated with the existing electrical infrastructure. The company has moved from a development stage company to one that manufactures power electronic products that can compete globally and which will play an important role in the transition to a cleaner world. Achievements in the past year have included a joint effort with RWE Piller GmbH to develop a power electronics platform for a fuel cell inverter. Ten inverters were delivered to Nuvera Fuel Cells and were reported to have performed very well in the Avanti distributed generation fuel cell. The universality of the inverter was demonstrated when the same power electronics platform was used to support a 5 kW grid interactive converter for the solar power market. During the 18-month period ending on March 31, 2003, the company invested $1.5 million to create their first two commercial product lines, without net investment of shareholder equity. The objective for the future is to generate cash flow and earnings from sales into the solar power market and to build a leadership role in the stationary fuel cell industry. The major challenge will lie in product support and customer service. As the customer base expands, the company will invest in product-tracking software. This annual report includes an auditor's report, consolidated financial statements including balance sheets, statements of income and deficit, statements of cash flows, and notes to the consolidated financial statements. tabs