Eguana Technologies Inc.

Eguana Technologies Inc.

December 16, 2014 23:32 ET

CORRECTION FROM SOURCE: Eguana Strikes Multi-Year Supply Contract to Supply Bi-Direx Power Control Systems for Residential Solar Energy Storage in Hawaii

CALGARY, ALBERTA--(Marketwired - Dec. 16, 2014) -

A correction from source is issued with respect to the release issued December 16, 2014 07:00 ET. The second paragraph has been updated. The corrected release follows:

Eguana Technologies Inc (TSX VENTURE:EGT), ("Eguana" or the "Company") a technology leader in power conversion and control systems for "distributed" or "edge of grid" energy storage systems announced today that it has entered into a 3 year contract to supply Bi-Direx power control and conversion systems to E-Gear LLC (E-Gear), a leading renewable energy product innovation and development company based in Hawaii. The supply contract is further to a previously announced letter of intent. - See: News Release dated September 2, 2014.

E-Gear is a named participant in Hawaiian Electric's Distributed Generation Interconnection Plan (DGIP) published August 26, 2014. ( If the pilot tested technology is approved, E-Gear estimates demand for Bi-Direx power control and conversion systems in the first year of the contract at approximately 6 Megawatts. First commercial deliveries are targeted for the end of Q1, 2015, pending Hawaiian Electric approval and UL certification of an integrated energy storage system using a wall mounted outdoor rated Bi-Direx power control system and UL certified lithium batteries sourced by E-Gear.

Distributed energy storage systems allow utilities and customers to shift surplus solar energy produced during low demand periods to high demand periods allowing utilities to more effectively balance loads on residential feeders. Distributed energy storage also provides support for utility voltage control and frequency regulation which can be adversely impacted by high penetration levels on residential feeders.

Industry leaders believe that energy storage will be standard for residential solar PV systems in high penetration markets by 2018. See "Renewable Energy Storage Gains Critical Mass," Renewable Energy World, October, 2014.

"In Hawaii, the load balancing and power quality issues are immediate and Hawaiian electrical utilities will provide valuable leadership in setting the standards for residential storage across the United States. Our goal is to be part of that process," said Michael Carten CEO of Eguana. "E-Gear is a proven innovation leader in the State and we are pleased to have been able to win their business."

About Bi-Direx

Eguana's Bi-Direx is a high performance high efficiency power control and conversion system for distributed storage. More than 2,500 Bi-Direx systems have been shipped in the past 18 months primarily to Germany for a fast growing solar self consumption market. Eguana manufactures Bi-Direx power control systems for grid connected energy storage in power ratings ranging from 1.8 kilowatts to 15 kilowatts with power conversion efficiencies that are comparable to best in class solar inverters.

Unlike conventional power inverter solutions Bi-Direx enables advanced battery technologies to be deployed on a cost effective basis in the lower power ratings needed for residential systems. Bi-Direx has also been designed from the bottom up to optimize performance of all the leading battery technologies allowing system integrators a wide latitude in selecting the right battery for the right application. Eguana's Bi-Direx platform is based on proprietary and patented technologies and meets all smart grid interconnection standards for Europe Japan and North America.

About EGUANA TECHNOLOGIES, INC: Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of all the advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.

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Forward Looking Information

The reader is advised that some of the information herein may constitute "forward-looking information" within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include statements concerning potential growth in demand for residential solar storage in Hawaii and the United States generally; the capability of the Bi-Direx platform to enable advanced battery technologies to be deployed in the lower power ratings needed for residential systems; the capability of the Bi-Direx platform to optimize performance of multiple battery technologies and the growth of storage in US residential markets

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 risks identified in the Company's disclosure documents, which may be found on its website, or at

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.

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