Eguana and Sonnenbatterie to Optimize Operational Synergies to Deliver Germany’s # 1 Solar Energy Storage Solution to U.S. and E.U. Markets
April 22, 2014 (Source: Marketwired) — Eguana Technologies Inc (“Eguana”) (TSX VENTURE:EGT), a leading manufacturer of high performance power electronics for “smart grid” energy storage, announced today that it and Sonnenbatterie GmbH (“Sonnenbatterie”) have agreed to a number of changes to their supply and license agreements that are intended to optimize operational synergies between the two companies and to globalize Sonnenbatterie’s holistic solution to self consumption of low cost solar energy for lifestyle energy management.
Under the new supply agreement, Eguana will manufacture for Sonnenbatterie a fully integrated electronics enclosure that meets smart grid standards for all the leading residential energy storage markets. In addition to the Bi-Direx power inverter, Eguana will integrate additional functionality that is currently sourced by Sonnenbatterie from outside suppliers to enable a less complex, highly scalable platform that can be easily assembled close to local demand.
The agreement will also amend the supply and license agreements to include US residential applications, in addition to European markets currently served by Sonnenbatterie. Eguana has already shipped more than 1,000 Bi-Direx units to Sonnenbatterie since entering into the first supply agreement in May, 2013.
Sonnenbatterie was recently ranked # 1 in key customer satisfaction surveys for the rapidly growing home solar energy management market conducted by EUPD Research and is the #1 supplier in Germany (~50% market share) for lithium based energy storage systems. EUPD Research is predicting that the German market for solar energy lifestyle solutions will grow from an estimated 6,000 units in 2013 to 100,000 units per year by 2018. See: http://reneweconomy.com.au/2014/solar-storage-demand-tipped-boom-germany-15695
Commented Sonnenbatterie CEO Christoph Ostermann: “In our opinion Eguana has the most advanced smart grid energy storage inverter in the market, and an exceptionally strong power electronics and operations team. We are going to continue to work with Eguana to explore ways to expand our unique partnership.”
Eguana’s patented Bi-Direx product has emerged as the leading smart grid energy storage inverter in the world for non – utility residential and commercial energy storage (See News Release February 19, 2014: Germany’s Fraunhofer Institute Selects Eguana’s Bi-Direx Energy Storage Inverter for Smart Grid Energy Storage Research) Bi-Direx, is also a key enabler of lower cost larger cell battery technologies for non-utility scale applications and micro-grids, and is currently in product trials with multiple leading US developers and battery manufacturers. Eguana’s patented technology and its proprietary control strategy will also allow Sonnenbatterie to move easily to other battery technologies to suit specific applications, and maintain its market leadership.
“We are very excited about being part of the Sonnenbatterie story,” said Michael Carten, CEO of Eguana. “This collaboration will drive lower costs, better operating efficiencies, and will accelerate time to market for new products to meet the specialized requirements of each local market. The agreement levers our core competencies in power electronics and supply chain management to increase top line revenue and margin per unit sale. We are continuing to explore mechanisms to drive greater value for both parties from this partnership.”
Sonnenbatterie was founded in Germany in April 2010 with technology that was under development since 2008. The company specializes in the development and manufacturing of next generation smart energy storage systems with a storage capacity range of 4.5 kWh to 60 kWh and above. Over 2,500 Sonnenbatterie units have been sold throughout Europe. The company is headquartered near Kempten, Germany with offices in Los Angeles, California.
About Eguana Technologies Inc:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. is a technology leader in power electronics for “distributed” or “edge of grid” and remote “micro-grid” energy storage systems. Its proven patented Bi-Direx energy storage inverter has the industry’s highest battery charging and discharging efficiencies and unique control strategy that allows it to accommodate all the leading battery technologies.
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; statements concerning the size of the residential energy storage market; statements concerning the value of our energy storage inverter for advanced battery technologies; and statements concerning the potential for lower product costs, greater operating efficiencies, faster time to market and higher revenues and margins on products manufactured and sold to Sonnenbatterie.
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. 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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