CALGARY, Alberta, June 26, 2017 (GLOBE NEWSWIRE) -- Eguana Technologies Inc (TSX-V:EGT) (OTCQB:EGTYF), one of the leaders in power conversion and control systems for distributed energy storage is pleased to report that it has received $3M CDN in orders for its AC Battery for the Australian residential market.
“Through our partnership with Itochu Corporation we have been able to establish a strong beachhead in the Australian market with a very capable national distributor that positions us for growth,” said Justin Holland, CEO at Eguana Technologies. “Enirgi Power Storage has the scale and battery expertise required to deliver our products into key regional markets for energy storage within Australia. We are pleased to be able to support their growth expectations across residential and commercial segments.”
The Australian residential storage market is widely expected by analysts to be the fastest growing storage market in the world over the next several years. Australia’s market dynamics are being driven by a unique combination of behind-the-meter self-consumption and grid service revenues supported by the country’s utilities and electricity retailers. Initial growth was driven by Australia’s strong solar resource and state level feed-in tariffs, but since these tariffs have ended, high and rising electricity prices combined with falling cost of storage have resulted in an increasing percentage of solar systems being installed with energy storage.
“Enirgi Power Storage is a strong first channel for Eguana in Australia,” said Hiroaki Murase, Manager at Itochu. “The Eguana AC Battery will enable Enirgi to offer flexible high performance solutions to a range of customers across Australia, and to adapt to the steadily advancing requirements of grid service opportunities.”
“It was very important as Enirgi Power Storage undertook this growth initiative into the lithium solar+storage market that we launch with a versatile, high performance product offering,” said Todd Vains, COO of Enirgi LLC. “Eguana’s AC Battery enables our immediate entry into the residential market and their product portfolio will support our expansion across all segments.”
About Enirgi Power Storage:
Enirgi Power Storage (http://www.enirgipower.com.au/) is the first fully integrated national power storage company that can take care of the full life cycle of batteries - from supplying new batteries, collecting the old ones and then recycling them. We are your battery specialists. Our goal is to look after the diverse battery and power storage needs of our customers, ranging from small businesses, through to national companies with large vehicle fleets and extensive industrial facilities.
Enirgi Power Storage is part of the international Enirgi Group, a diversified industrials and specialty chemicals company. Incorporated in 2010, Enirgi Group is a private corporation with four unique divisions, including Enirgi Power Storage, which own and operate world-class assets around the world. Our mission is to unlock value through the intelligent application of vision, innovation and organisation.
About Itochu:
With approximately 130 bases in 65 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with LG Chem 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-V:EGT) 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
| Company Inquiries | Product Inquiries |
| Justin Holland | Vishwas Ganesan |
| CEO, Eguana Technologies Inc. | Director of Business Development, USA |
| +1.416.728.7635 | +1.408.685.2670 |
| Justin.Holland@EguanaTech.com | Vishwas.Ganesan@EguanaTech.com |
Forward Looking Information
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 current Annual Information Form 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.