The AC Battery provides a fully functional turn-key energy storage solution that only needs to be paired with any of the Energy Storage Management Systems currently coming to market for a broad range of applications. The AC Battery can be used to store electricity from solar and use it during evening hours, or can be used by fleet aggregators to provide utility grid management services including voltage control, frequency regulation, demand response and load balancing.
The engineering teams at LG Chem and Eguana have been working closely to integrate controls for the AC Battery which is expected to be available for commercial shipping early this summer.
"LG Chem is a well-respected global brand with a leading position in battery energy storage deployment," said Michael Carten CEO of Eguana Technologies. "We are very excited to be partnering with LG Chem to bring our first AC Battery to North American markets."
Sunghoon Jang, Senior Vice President for LG Chem, said of the collaboration with Eguana,
"Eguana Technologies is the market leading supplier for grid tied storage inverters in Europe with more than 4,000 units shipped within the last 18 months. Their technology leadership and product platform is proven with thousands of units deployed in the global market. This is why we chose Eguana as our system partner. We are going to strengthen the partnership with Eguana and put our best effort to stand up as the No.1 battery maker in the North American ESS market."
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 LG Chem:
LG Chem Ltd. is one of the world's largest lithium-ion battery manufacturers with significant market share in consumer, automotive and stationary applications. The LG Chem Energy Solution division engineers and delivers full turnkey, utility-scale energy storage systems. LG Chem, Ltd. is a globally diversified chemical company which operates three main business units: Petrochemicals, IT & Electronic Materials, and Energy Solution. The company manufactures a wide range of products, from petrochemical goods to high-value added plastics, and extends its chemical expertise into high-tech areas such as electronic materials and rechargeable batteries.
For more information, please visit www.lgchem.com.
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.
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/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 concerning the value of the Company's energy storage inverter; and statements concerning growth potential for energy storage in European and North American 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 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 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.