- Year to date revenue up 240% at $4.64 million while maintaining flat year over year operating cost
- Bi-Direx recognized by global players as clear market leader for residential energy storage
- Discontinuance of Sonnenbatterie relationship opening new market opportunities in UK and Germany
- US strategy on track as Company books orders from top US solar integrators and distributors
CALGARY, ALBERTA--(Aug. 31, 2015) - Eguana Technologies ($EGT:CA), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, today announced that it has filed its Interim Consolidated Financial Statements for the Quarter (Q3 '15) ending June 30, 2015, along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com, and on the Company's website at www.eguanatech.com.
"Eguana is exceptionally well positioned to benefit from coming growth in the solar energy storage markets in the US, the United Kingdom, Australia, as well as Germany," said Justin Holland, newly appointed CEO of the Company. "The scale of the companies that we are dealing with and the scope of the opportunities we have in front of us continue to be a very strong validation of the strength of our brand and our patented approach to power control and conversion in our target markets."
- Revenue for the nine months ending June 30th, 2015 was $4.64 million compared to $1.36 million for the same time period prior year. Revenues for the Quarter were slightly lower than originally forecast at $1.55 million due to lack of agreement with Sonnenbatterie on pricing adjustments. Operating costs were maintained at 2014 levels validating Eguana's low cost operating model. This is notwithstanding one time charges to general and administrative costs to reflect uncertainty in collection of certain VAT receivables in Spain.
- Discontinuance of the long term Sonnenbatterie supply contract has opened the door to new visibility on significant OEM demand for the Bi-Direx platform in the United Kingdom and Germany. Current discussions are expected to lead to integration of software controls in the next Quarter with high volume deliveries beginning in the 1st calendar Quarter of 2016.
- Eguana has very good visibility on demand for the recently announced LG Chem AC Battery in the US and in Australia pending certification of the product in these markets. Certification testing has begun for the US and general availability is planned for October 2015. First sales are targeted for California and Hawaii where demand for residential solar is expected to ramp in the first calendar quarter of 2016. Certification in Australia will begin pending completion of a supply contract expected during the next Quarter.
- Eguana continues to execute on its US strategy contracting for private label distribution of the AC Battery by one of North America largest electrical distributors and purchase orders for demonstration projects from one of North America's largest solar developers.
- Development of AC batteries for commercial and industrial demand response markets in the US is ongoing. Eguana is tracking to deliver indoor and outdoor AC Batteries for retail chains with 2 Tier 1 lithium ion battery companies under an agreement in principle with one of Japan's largest trading houses by calendar Q1 2016.
About Eguana Technologies, Inc
Eguana Technologies (EGT:CA) 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.
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 concerning the value of the Company's energy storage inverter; and statements concerning growth potential for energy storage in European and North American and other markets; statements concerning the economic drivers of distributed energy storage; planned production increases of our Bi-Direx product; statements concerning potential cost reductions, and statements; and statements concerning plans to roll out new product.
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 Financial Statements and MDA for the Fiscal Period ending September 30 2014 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.
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