Eguana Technologies Inc.
TSX VENTURE : EGT

Eguana Technologies Inc.

January 29, 2015 08:30 ET

Eguana Technologies Announces 2014 Annual Results and Provides Update

Technology Leadership Driving Quarter over Quarter Growth in Shipments and Revenue

CALGARY, ALBERTA--(Marketwired - Jan. 29, 2015) - Eguana Technologies Inc (TSX VENTURE:EGT), ("Eguana" or the Company") a leading supplier of power control and conversion solutions for distributed energy storage systems today announced that it has filed its Audited Consolidated Financial Statements for the fiscal year ending June 30, 2014, 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. The Company is also providing an update and guidance for its First Quarter of 2015 ended December 31, 2014.

Financial Highlights:

  • Revenues for fiscal 2014 (Sept 30) totaled $2,284,764 up from $376,526 in 2013, as Eguana successfully transitions into energy storage markets.
  • Q1 '15 (Dec 31, 2014) revenues expected to be $1.375 million up from $921,639 in Q4'14, continuing quarter over quarter growth trajectory.
  • Conversion of all 8% First Preferred Shares ($21,123,341) common shares in Q1 '15 simplifies capital structure.
  • $5 million equity raise in Q1 '15 provides working capital reserves to optimize supply chain; expand engineering capacity to support growing base of customers and roll out new AC Battery solutions for US markets.

Operational Highlights:

  • Continued quarter over quarter growth in Bi-Direx shipments to expanding German residential solar self-consumption market.
  • Eguana estimates a better than 30% market share of the European residential solar self-consumption market in 2014. EUPD, a leading German research firm, estimates residential demand in Germany alone will exceed 100,000 units per year by 2018.
  • 1,000 unit per month production facility in Durach Germany is delivering to plan with capacity increases scheduled for Q3 '15. North American production line commissioned for US product roll out is shipping products.
  • Announced first US supply contract for Bi-Direx in Q1'15 with Hawaii based E-Gear LLC for residential storage market in Hawaii
  • Multiple advanced battery technology manufacturers are using Eguana technology for product development and demonstrations validating Eguana as technology leader for distributed storage

Outlook for 2015

  • Continued growth in the European residential solar market as energy storage attachment rates for new solar PV systems increase from less than 5% in 2013 to 20% in 2014, according to Germany's BSW-Solar.
  • Emerging strong growth in US demand for residential storage to enable higher solar penetration levels on residential feeders as demand for rooftop solar accelerates through 2017. Look for 43% compound annual growth through 2017 in US residential rooftop solar markets according to Goldman Sachs (January 6, 2015).
  • Expect Hawaii to lead the US market for residential storage in 2015 with changes in net metering pricing policies and 1,000 pilot projects across the islands as electrical utilities address power quality challenges from high penetration solar on residential feeders.
  • Demand from energy service companies for commercial energy storage solutions in lower power ratings to reduce high utility demand charges with behind the meter peak shaving. Demand for lower power ratings will be driven by demand in retail markets and need for critical redundancy factors in light industrial applications.
  • Expect multiple commercial scale flow battery demonstration projects from battery manufacturers targeting commercial demand charge markets and remote micro-grids.

A conference call will be held on Thursday January 29th at 4:30 pm EST to allow management to discuss these results with interested investors. Those interested in participating should dial 416-340-2216 or toll free at 1 800-396-7098. Please note that the conference call replay will be available until February 12th by dialing 1 800-408-3053. The pass code for the replay is 8956889.

About EGUANA TECHNOLOGIES, INC:

Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent, high performance, low-voltage power control and conversion solutions for smart grid and micro-grid energy storage systems. Eguana's patented 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 value of the Company's energy storage inverter; and statements concerning growth potential for energy storage in European and North American markets; statements concerning the economic drivers of distributed energy storage; planned production increases of our Bi-Direx product; potential changes in Hawaii which will drive increased use of energy storage; statements concerning growth in North American residential solar markets; characteristics of demand for commercial distributed energy; and statements concerning plans to roll out new products in 2015.

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.

Contact Information