CALGARY, ALBERTA--(April 14, 2015) - Eguana Technologies Inc (EGT:CA) , ("Eguana" or the Company") a leading supplier of high performance power conversion and control systems for distributed energy storage is providing shareholders and other stakeholders an update on operations for its 2nd fiscal Quarter ("Q2") ended March 31, 2015.
Demand for Eguana's Bi-Direx power control and conversion system ("PCS") continues to grow in Europe. Production volumes during Q2 were up approximately 28% from the previous Quarter ending December 31, 2014. Customer forecasts are also tracking higher for the next 2 Quarters and for the balance of the calendar year. Over 4,000 Bi-Direx PCS have been shipped to date, making the Bi-Direx PCS, the leading power control system for European residential solar self-consumption markets.
During Q2, the Company advanced development of its innovative AC Battery with two Tier 1 lithium battery manufacturers in power ratings targeting US residential and commercial demand charge reduction applications respectively. The AC Battery responds to demand in the US market for a UL certified turn-key energy storage system which can be easily connected to home and commercial energy management software packages. Official roll out of the joint products is targeted for the current Quarter with commercial deliveries targeted for the summer of this year.
During the Quarter, Eguana combined with Honolulu based E-Gear LLC to successfully demonstrate a prototype AC Battery in field tests for residential energy storage applications in Hawaii. The demonstration AC Battery, which was tested by E-Gear in collaboration with the local utility, used batteries supplied by an Asian Tier1 battery manufacturer. Eguana has previously announced a multi-year supply contract with E-Gear for Hawaiian and other US markets.
During the Quarter, Eguana shipped its first UL certified Bi-Direx power control systems for distributed grid frequency regulation in the US Northeast. This is a new, and potentially very large, market which the Company believes will be a source of growing revenues in the second half of this year and beyond.
- The Company continued to record design wins during Q2 with emerging battery technologies as part of its strategy to demonstrate technology leadership in the sector. In addition to its joint development work with leading developers of lithium technologies, 8 different battery developers have successfully deployed the Bi-Direx PCS for new flow battery technologies; including zinc bromide, vanadium redox, zinc-air, liquid metal, large format alkaline rechargeable batteries and for a unique saltwater battery technology. The target applications for the low cost flow batteries served by Eguana are primarily commercial demand charge management and micro-grids in power ratings up to 30kW.
Eguana is also gaining industry recognition as a technology leader and was recently acknowledged by Green Tech Media a leading industry publication as one of the leaders in power control and conversion for distributed energy storage. http://www.greentechmedia.com/content/images/reports/storagemonitor_ESgraphic_3.png
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 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 markets; planned production increases of our Bi-Direx product; statements concerning potential cost reductions, and statements; and statements concerning plans to roll out new products in 2015.
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 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.
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