CALGARY, ALBERTA and HONOLULU, HAWAII–(Marketwired – May 1, 2017) – Eguana Technologies Inc. (TSX VENTURE:EGT)(OTCQB:EGTYF) announced today that it has received an additional C$2.5M purchase order for its residential AC battery for the Hawaiian Customer Self Supply program from its partner E-Gear LLC.
“E-Gear installations began within days of being granted the expedited permitting approval process for the AC Battery and we are now seeing predictability within the sales and ordering cycle for solar+storage in Hawaii,” said Justin Holland, CEO of Eguana. “Creating consistent and growing baseline demand with our factory integrated and certified AC Battery was a crucial step for the Company and our expectation is to see quarter over quarter growth from the Hawaiian market as the state drives toward its 100% renewable energy target.”
The Company also noted that E-Gear LLC has begun signing dealers in California and continues to expand its network in the State with installations planned for this summer. California installers are scrambling to adopt more sophisticated energy storage solutions to meet the advanced Rule 21 interconnection requirements which are set to become mandatory in September 2017. Many of the power control solutions that have been utilized for backup power focused systems in the past currently do not meet the new grid interactive requirements. The Company has confirmed development and testing has been completed for the AC Battery and BiDirex platforms to meet all Rule 21 interconnection changes. “The flexibility in our patented technology allows us to respond very quickly to constantly changing grid interconnection requirements, both platforms already meet or exceed the new rules” Holland added.
About E-Gear, LLC
E-Gear, LLC is a renewable energy innovation company offering proprietary patented and patent pending edge-of-grid energy management and storage solutions. These systems provide intelligent real-time adaptive control, flexibility, visibility, predictability and support to energy generating customers, renewable energy solution providers, energy service companies (ESCO’s) and Utilities.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with LG Chem Li-ion batteries. Our solution can be seamlessly integrated with a local energy management system or a distributed fleet control network using open communication protocols to provide a fully functional energy storage installation. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as a standalone product, as part of new solar storage installations, or as a retrofit to solar PV installations already in place.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX VENTURE:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years’ experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company’s ability to obtain necessary approvals from the TSX Venture Exchange.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company’s most recent audited Financial Statements which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Justin Holland
CEO, Eguana Technologies Inc.
+1.416.728.7635
[email protected]
Product Inquiries
Vishwas Ganesan
Director of Business Development, USA
+1.408.685.2670
[email protected]
