CALGARY, Alberta , June 20, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. (TSX-V:EGT) (OTCQB:EGTYF), one of the leaders in power conversion and control systems for distributed energy storage, today announces its long standing partner, Mercedes Benz Energy GmbH (“MBE”), endorses Eguana’s Evolve home storage system to address the global market and work directly with MBE distributors.
Mercedes Benz Energy recently announced it will choose select partners for EV infrastructure including home storage and Eguana is pleased to receive their acknowledgement. Residential energy storage is an important part of a complete e-mobility ecosystem and MBE will recommend that distributors source residential energy storage products directly from Eguana.
“Under the original private label agreement all systems were destined for the Australian market, however with this transition Mercedes has opened additional markets for Eguana’s Evolve and other product lines,” commented Justin Holland, Eguana Technologies CEO. “MBE sales worked with us to transition additional distributors in Australia, Europe, Africa, and the Middle East. We are very excited to see our products move into this rapidly expanding distribution network.”
As part of the transition the Company has received a full engineering report and endorsement of its Evolve product from Mercedes Benz Energy detailing all test and field results. “We ran the Eguana through 6 months of intense testing to ensure reliability and functionality,” stated Gordon Gassmann, Chief Executive Officer at Mercedes Benz Energy. “We are confident the product is right for the markets and are happy to transfer our distributor relationships directly to Eguana.”
Eguana has since added multiple distributors across noted regions and as a result expects sales projections to increase as additional distributors are contracted. Initial product roll-out, which was planned to begin in June, is expected to take place throughout the fourth fiscal quarter. The Company has agreed to cancel the existing supply agreement in favour of the expanded global reach working directly with key distributors.
About Eguana Technologies Inc.
Based in Calgary, Alberta, Canada, Eguana Technologies (TSX.V:EGT) (OTCQB:EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of 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
Company Inquiries
Justin Holland
CEO, Eguana Technologies Inc.
+1.416.728.7635
Justin.Holland@EguanaTech.com
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 pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.
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 most recent audited Financial Statements 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.
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