Eguana Technologies Inc.
TSX VENTURE : EGT

Eguana Technologies Inc.

January 30, 2014 15:34 ET

Eguana Delivering Strategic Targets: Company Files Annual Financial Statements and Provides Operations Update

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2014) - Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the Company"), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications announced that it has filed its Consolidated Financial Statements for the year ending September 30, 2013, along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.eguanatech.com.

Update on Operations:

  • Sonnenbatterie rolls out product suite of 8 Bi-Direx powered energy storage systems - the most comprehensive line of integrated residential and commercial energy storage systems anywhere
  • Bi-Direx becoming the technology leader for emerging larger cell battery technologies
  • Bi-Direx records multiple design wins with Fortune 500 technology company and Germany's prestigious Fraunhofer Institute for micro-grids and smart grids
  • Bi-Direx revenues for first 6 months top $800,000
  • Eguana on track to commence Bi-Direx production in Germany during current Quarter

Shipping Sonnenbatterie Systems in Europe

Integration of Bi-Direx inverters into Sonnenbatterie energy storage systems for the European market was completed during the last Quarter (Q1, 2014). During this Quarter, Sonnenbatterie began shipping and installing 8 integrated energy storage systems with scalable storage capacity from 2.5 kilowatt hours ("kWh") to 60 kWh. More than 500 Bi-Direx inverters manufactured in Canada have been shipped to Sonnebatterie in just over 6 months of signing Supply and License Contracts with Sonnenbatterie in May 2013.

"The speed with which the companies were able to integrate the energy storage inverters into so many different productized solutions is truly remarkable. It is testimony to the simplicity of the Bi-Direx design and its unique open controls architecture," commented Michael Carten, CEO of Eguana. "The Sonnenbatterie suite of products is the largest, most comprehensive line of energy storage systems in Europe, if not the world. Sonnenbatterie is the market maker for integrated residential and small commercial energy storage in Germany."

Eguana on Track to Secure Technology Leadership with Emerging Low Cost Battery Technologies

Eguana is on track to position its Bi-Direx inverter as the technology leader for the emerging larger cell and lower cost battery technologies under development in the United States and Japan with multiple developers of high efficiency low cost battery technologies taking or committed to take Bi-Direx inverters for product trials. Larger cell technologies are the key to lower manufactured costs, but typically require very high current/voltage outputs in distributed applications. "This is our sweet spot and the sector of the market where our advantages will be the greatest," Carten added. "At this juncture only Bi-Direx is capable of delivering a power conversion platform for these technologies that will support a global product offering in Europe the US and Japan."

6 Months Revenue Grow From Standing Start to $800,000

Revenues on the sale of Bi-Direx inverters for the first six months were just over $800,000. Revenues were proximately from sales to Sonnenbatterie but also included sales to other integrators for micro-grids and to developers of battery technologies for trials.

Important Design Wins in Germany and the US

During the past 6 months 2014 Eguana recorded notable design wins validating the value of Bi-Direx for this market.

  • The Company has received repeat orders for Bi-Direx from a leading Fortune 500 technology company to power a high performance flow-battery technology as part of a scalable (10kW - 100kW) turnkey energy storage system for military and industrial micro-grids. The repeat orders are strong validation of Bi-Direx' value for low cost flow-battery technologies.
  • The prestigious Fraunhofer Institute selected Bi-Direx as its control platform to demonstrate the capability of distributed energy storage to participate in supplying primary (spinning) reserve markets for the power grid. This is an important validation of Bi-Direx' smart grid functionality by the world's leading smart grid research group. Fraunhofer chose Bi-Direx for its flexibility and advanced control features that will allow its Smart Grid Research Group to develop and actually implement creative control strategies that will enable higher penetration of distributed generation onto the grid.

Japan Slower than Anticipated

Eguana is behind plan on its strategy to secure at least one OEM partnership in Japan during CY 2013. The Company reduced its effort to secure a Japanese partnership during Q1, 2014 in order to focus resources on a successful Sonnenbatterie rollout and to advance marketing in the US. The Company is nevertheless still actively engaged with several senior players in the market with a view to positioning Eguana for the next product iterations this year.

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.

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 concerning the features of our energy storage inverter and its value for energy storage system, the potential for energy storage in global markets; the potential for new business in the US and Japan and plans for future production in Germany.

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 current Annual Information Form 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.

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