CALGARY, ALBERTA–(Marketwired – Nov. 22, 2016) – Eguana Technologies Inc. (TSX VENTURE:EGT)(OTCQB:EGTYF) is pleased to announce growing market traction in Hawaii with partner E-Gear LLC and receipt of $1.8M CDN purchase order to meet increasing demand in early 2017.
“With the restoration of market certainty, we are now seeing the acceleration of energy storage sales and installations,” stated Justin Holland, CEO of Eguana Technologies. “It has been a tumultuous year for solar policy in Hawaii however with the addition of energy storage, markets are now moving and we are seeing renewed growth in Hawaii’s solar sector through E-Gear’s solar plus storage solution.”
The industry is relying upon success of the new energy storage driven Customer Self Supply (CSS) program to rebuild the local solar industry. Hawaiian Electric Company has reported a 368% increase in CSS applications since October, the dramatic increase in applications is a big step in rebuilding the local solar sector, which had been reduced by over 40% as a result of previous program changes.
Eguana and E-Gear will continue to work together to ensure product availability to meet growing demands in 2017. “We have maintained a very strong relationship with E-Gear ownership through the utility standstill and it’s exciting to see the hard work of both teams get rewarded with early market leadership” Holland added.
“Being in Hawaii from the beginning of the distributed generation boom, gives us the ability to understand what is needed for a complete and viable solution,” said Steve Godmere, co-founder of E-Gear. “Eguana Technologies’ high-efficiency power control and conversion system and LG Chem’s proven long-life advanced lithium-ion batteries complete the system.”
E-Gear / Eguana / LG Chem is the first advanced energy storage system approved in all 3 Hawaii solar tariffs allowing sales opportunities in both the new and retrofit markets.
“With every system being installed we are inching Hawaii closer and closer to its 100% renewable energy goal. We are effectively creating Hawaii’s largest distributed virtual power plant.” said Chris DeBone, co-founder of E-Gear.
About E-Gear, LLC
E-Gear, LLC is a renewable energy innovation company offering proprietary patented and patent(s) 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 industry leading 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)(OTCQB:EGTYF) 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]
www.EguanaTech.com
