CALGARY, Alberta, May 25, 2017 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSX-V:EGT)
(OTCQB:EGTYF) today announced results for its second quarter ended March 31, 2017.
Highlights
- Approved by Honolulu Department of Permitting and Planning for expedited AC Battery approval
- Completed residential AC Battery optimization with new JH3 modules, reducing product footprint by 33%
- Completed first prototypes of Commercial three phase AC Battery with JH3 modules and received multiple demonstration orders
for late summer installation post-certification
- Initial testing with Australian utility to validate AC Battery grid support capabilities
Outlook remainder of year
- Hawaiian orders fulfillment with 2nd generation AC Battery beginning in June
- Increasing order volumes in Hawaii quarter over quarter
- Commercial system pilot demonstrations in New York, Ontario, and Central America
- First volume order and roll out in Australia with Itochu
- Increasing revenue in Europe, expanding automotive relationship
- European distribution partnership with fully integrated, indoor rated, Energy Storage System
Demand for the Company’s AC Battery for residential solar storage continues to accelerate in Hawaii; and is
expected to be the primary driver of revenue growth for the Company throughout the balance of the year. During the
second quarter the Company became the only grid interactive lithium based system with an expedited permitting approval from the
Honolulu Department of Permitting and Planning, reducing the AC Battery permitting process time from several months to a 5-minute
web based automatic approval. “This expedited approval process has accelerated sales and installation activities in Hawaii,
doubling our US order book” commented Justin Holland, Eguana’s CEO. “Standard system sizes are also larger than anticipated with
60% of current orders at 19.2kwh or higher, giving us a advantage in the market with our AC Battery which is expandable without the
need for additional power controls, increasing the per sale revenue and contribution.”
Including additional orders received, the Company’s year to date order book is beyond $5 million in the US,
second generation Residential AC Battery has been completed, and the supply chain has been set up to begin shipments in June.
The Company’s first commercial order in Australia, targeting the self consumption segment, was delayed in the
quarter as its initial customer took longer than anticipated to establish its energy storage business “We have completed first
installations and product training and our expectation is to receive first volume orders this quarter with shipments by the end of
the calendar year.” The Company also confirmed testing has commenced with an Australian utility for grid support validation.
Commercial product prototypes and validation testing have been completed as final design details are finalized
in preparation for UL certification. The commercial product has an expandable battery capacity and can be installed in parallel for
larger system applications. In addition to planned pilot projects in California, Texas, and Alberta the Company is in discussion
for additional demonstrations in New York, Ontario, and Central America.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX.V:EGT) (OTCQB:EGTYF) 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 one of the leading suppliers 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
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (collectively,
"forward-looking statements") within the meaning of applicable securities laws that and are based on certain assumptions and
analysis made by the Company's management as of the date of this press release. Forward-looking statements include, without
limitation, statements with respect to strategy, the development plans of the Company, availability of customers, market
penetration, the Company's intentions, business prospects and opportunities, extent of solar resource usage and future growth and
performance opportunities. The words "believes", "expects", "expected", "plans", "may", "will", "projects", "anticipates",
"estimates", "would", "could", "should", "endeavours", "seeks", "predicts", "intends", "potential", "opportunity", "target" or
variations of such words of similar expressions thereto and the negatives thereof, identify forward-looking statements.
Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and
expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the
Company as of the date of such statements, outside of the Company's control and are inherently subject to significant business,
economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being
entirely or partially incorrect or untrue.
Forward-looking statements contained in this press release are based on various assumptions, including, but not
limited to the following: (i) the Company's ability to achieve its growth strategy; (ii) the demand for the Company’s products and
fluctuations in future revenues; (iii) the Company's business model and assumptions; and (iv) expectations of growth in the
industry in which the Company operations and the markets in which the company's products are sold. By their nature, forward-looking
statements are subject to known and unknown risks and uncertainties, many of which are beyond the Company's control, that may be
general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions
will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be
achieved. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put
undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements
are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking
statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release
are qualified by these cautionary statements.
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.