CALGARY, ALBERTA and HONOLULU, HAWAII--(Marketwired - March 30, 2017) - Eguana Technologies Inc. (TSX VENTURE:EGT) (OTCQB:EGTYF) and E-Gear LLC are pleased to announce that the Eguana AC Battery with E-Gear's Energy Management & Control (EMC) technology is the first AC coupled grid interactive lithium-ion battery system approved by the City and County of Honolulu Department of Planning and Permitting's Material and Methods (MM#) expedited approval process. This unlocks the backlog of over 1MWh of utility connected residential battery installations under contract through E-Gear dealers in Hawaii.
"This process will help continue our cooperation with the industry and the State of Hawaii to achieve the energy independence so important to the community we serve," said Timothy Hiu, Deputy Director of the Department of Planning and Permitting. "The Mayor's office has been supportive of industry and we have made a consistent effort to educate our personnel on the highly innovative solar industry, where the technological advances are so rapid that it's important to establish this type of relationship. The City and County of Honolulu has partnered going back over a decade to accomplish this task and our contribution to the betterment of the State and this City to move toward a more sustainable energy industry will continue."
"Our customers are demanding products that are available today, and are not interested in just reserving a system for some unknown length of time." Said Tim Johnston, President of Hawaii Energy Smart, an E-Gear technology dealer. "We have been chasing other products for over a year now. Other suppliers just could not deliver product that supports the new solar program, which is necessary for us to maintain our business."
"We have worked tirelessly with our partners and customers in Hawaii to introduce this solution that enables the next phase of Hawaii's renewable transition," said Brent Harris, CTO of Eguana Technologies. "Eguana remains committed to supporting the growth of the Hawaiian market with our AC coupled solution that is compatible with any PV system already installed or approved for installation in Hawaii. The AC Battery is a proven and fully certified product that supports any of the functionality being considered under the HPUC's Distributed Energy Resources docket."
Installations for backlog customers will begin through E-Gear dealers in April, and the pipeline of contracted systems is expected to grow with many customers awaiting demonstration of permitted and operating systems before committing to a purchase.
About E-Gear, LLC
E-Gear, LLC is a renewable energy innovation company offering proprietary patented and patent pending edge-of-grid energy management and storage solutions. These systems provide intelligent real-time adaptive control, flexibility, visibility, predictability and support to energy generating customers, renewable energy solution providers, energy service companies (ESCO's) and Utilities.
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 VENTURE: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
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.
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.