Eguana Completes Oversubscribed $4.77 Million Private Placement of Units

CALGARY, ALBERTA--(Marketwired - Dec. 23, 2014) - Eguana Technologies Inc. (TSX VENTURE:EGT), ("Eguana" or the "Company") a technology leader in power conversion and control systems for distributed energy storage systems, announced today that a proposed $3 million private placement of common share and warrants was oversubscribed. The Company has completed a private placement ("Private Placement") of 15,907,903 Units with accredited investors in the United States and Canada at $0.30 per Unit to raise gross proceeds of $4,772,371 million.

Each Unit consists of one common share ("Common Share") of the Company and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one Common Share of the Company for a period of five years from the closing date of the Private Placement at a price of $0.39 per common share.

The net proceeds of the Private Placement will be used to:

• Accelerate launch of a North American verison of the Company's highly successful Bi-Direx power control system for the U.S. residenital solar energy storage market during Q1, 2015;
• Complete the development and launch of a mid range (10kW to 18kW) power control system for the U.S. commercial demand response market by the end of Q2, 2015;
• Increase engineering capacity to support a growing base of potential customer relationships with solar integrators and battery manufacturers;
• Optimize supply chain management for rapidly increasing production volumes in Europe; and
• Strengthen the Company's balance sheet.

The Company also announced that all the Company's Series 15 First Preferred Shares (the "Series 15 Shares") were converted concurrently with completion of the Private Placement. The conversion will result in all 62,500 issued and outstanding Series 15 Shares, having an aggregate value (including accrued dividends) of $706,336 being converted into an aggregate of 5,427,310 Common Shares.

Craig Hallum Capital Group LLC served as financial advisor and sales agent for the Company in connection with the sale of Units to accredited investors in the United States and BayFront Capital Partners, Ltd. acted as financial advisor to the Company and sales agent in Canada.In connection with the Offering, Eguana paid total cash commission of $310,966 and issued warrants to purchase 764,720 Common Shares at a price of $0.30 per share for a period of two years and warrants to purchase 271,883 common shares at a price of $0.39 per share for a period of five years. The Company also issued to BayFront Capital Partners, Ltd. 400,000 warrants to purchase common shares at a price of $0.33 per share for a period of 3 years for future corporate advisory services.

The Private Placement remains subject to final approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation.

About EGUANA TECHNOLGIES, 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 low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.

To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.

Neither 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 news release.

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: the Company's use of net proceeds from the Private Placement; the final approval of the TSX Venture Exchange; the development and launch of new products; Eguana's engineering capacity and production capabilities; the features of Eguana's power conversion and power control systems; and Eguana's competitive position as a technology leader for advanced battery technologies and demand for its products.

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 www.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.