Successful AC Battery Launch with LG Chem
CALGARY, ALBERTA--(July 9, 2015) - Eguana Technologies Inc (EGT:CA) , ("Eguana" or the Company") a technology leader in power conversion and control systems for distributed, grid edge energy storage systems outlined its results for Q3 and outcomes of the AC Battery Product Launch at the recent Grid Edge Live conference in San Diego California.
- Shipments continued to increase in Q3 representing the 6th consecutive Quarterly increase for the company. Quarterly revenue is expected to come in at approximately $1.8 million driven primarily by an increase in product sales for the European solar PV self-consumption markets as the company's primary customer Sonnenbatterie continues to command the European market. Sonnenbatterie recently announced the expansion of their sales network into the Italian market where they expect to maintain their leadership position.
- Eguana's U.S. launch of its residential AC Battery in partnership with LG Chem was highly successful in positioning the Company as a smart grid technology leader. The company is presently focused on expanding its growing customer base to include: Utilities, ESCOs, Independent Power Producers (IPP) and Residential Third Party Ownership (RTPO) companies.
- The Company has received a multi-unit order from a leading global solar PV project developer for the AC Battery. Shipments are expected in August with initial installations taking place at a California net zero residential complex where the AC Batteries will be aggregated to demonstrate the grid services capabilities of a networked residential energy storage system. The company will also commission additional systems at their American R&D facilities.
- The company, along with LG Chem, has finalized vendor agreements with one of the largest global electrical wholesalers. Final product integration is expected to be completed this summer with immediate AC Battery shipments to follow.
- Previously shipped Bi-Direx units have been successfully integrated into 20 lithium ion residential storage systems which are currently being deployed into the PJM territory. These installations are driving higher grid efficiency through frequency regulation and represent the largest networked residential installation in the country to date. Final commissioning is expected to be completed in the next 60 days.
"The market response has simply been amazing, we have had two very successful shows in the past month and are seeing new opportunities coming from all parts of the market and around the globe" commented Michael Carten CEO of Eguana Technologies. "In addition to the continued growth in Europe, we are seeing new demand from leading players in the US, Asia and Australia which we are confident will convert to channel partnerships during the current Quarter and increased revenue growth this year and into 2016."
About The AC Battery:
The AC Battery is a pre-integrated and fully certified energy storage system which requires only a grid connection and a dispatch signal to provide a fully functional and durable energy storage installation to the consumer. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as part of new solar storage installations or as a retrofit to solar PV installations already in place.
About EGUANA TECHNOLOGIES, INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent, high performance, low-voltage power control and conversion solutions for smart grid and micro-grid energy storage systems. Eguana's patented software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
Forward Looking Information
The reader is advised that some of the information herein may constitute "forward-looking information" within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include statements concerning our market position and customer response to the AC Battery, statements concerning reported revenue for Q3 2015, and statements concerning the potential for new channel partnerships and increased revenues during our 2016 fiscal year
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 risks identified in the Company's disclosure documents, which may be found on its website, or at www.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.
Eguana Technologies Inc.
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