Itochu Targets Australian Residential Storage Market with Eguana's AC Battery
CALGARY, ALBERTA--(Marketwired - Aug. 18, 2016) -
Eguana Technologies Inc. (TSX VENTURE:EGT)(OTCQB:EGTYF) announced today
that its partner Itochu Corporation has placed the first order for its
integrated AC Battery energy storage solution. The order represents
initial traction into the fast growing Australian residential market and
will be distributed through an existing Itochu partner. The partner,
who will remain unnamed at this time for competitive purposes, has
existing distribution, installation and service coverage throughout
Australia.
"We are very pleased that Itochu has been able to execute so quickly into the Australian market and with a market leader that has the distribution and installation infrastructure in place to manage the projected growth rates of the Australian market" said Justin Holland, CEO of Eguana. "This demonstrates Itochu's true global reach and we look forward to expanding our relationship in Australia, Japan, and other regions for residential and commercial applications."
"The reception of the AC Battery product in the Australian market has been very positive," said Hiroaki Murase, Manager at Itochu. "The Australian residential energy storage market is expected to reach 62MW in 2017 and our partners are looking for proven, flexible solutions like the AC Battery to deliver performance across a range of applications. We are very optimistic with the business growth opportunities in 2017."
About Itochu
With approximately 130 bases in 65 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with industry leading 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.
Company Inquiries"We are very pleased that Itochu has been able to execute so quickly into the Australian market and with a market leader that has the distribution and installation infrastructure in place to manage the projected growth rates of the Australian market" said Justin Holland, CEO of Eguana. "This demonstrates Itochu's true global reach and we look forward to expanding our relationship in Australia, Japan, and other regions for residential and commercial applications."
"The reception of the AC Battery product in the Australian market has been very positive," said Hiroaki Murase, Manager at Itochu. "The Australian residential energy storage market is expected to reach 62MW in 2017 and our partners are looking for proven, flexible solutions like the AC Battery to deliver performance across a range of applications. We are very optimistic with the business growth opportunities in 2017."
About Itochu
With approximately 130 bases in 65 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with industry leading 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.
Eguana Technologies Inc.
Justin Holland
CEO
+1.416.728.7635
Justin.Holland@EguanaTech.com
Product Inquiries
Eguana Technologies Inc.
Vishwas Ganesan
Director of Business Development, USA
+1.408.685.2670
Vishwas.Ganesan@EguanaTech.com
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