Eguana Launches Utility VPP to Reduce Energy Bills for Australian Consumers

CALGARY, Alberta, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. (TSX-V: EGT, OTCQB: EGTYF) ("Eguana" or the “Company”), is pleased to announce it has entered into a multi-year Virtual Power Plant (VPP) Referral and Promotion partnership with a long-time utility partner, to deploy Eguana’s Energy Storage Solutions (ESS) to Australian electricity customers. Eguana’s ESS will provide electricity bill savings, and back-up reliability for the consumer, while providing frequency control ancillary services (FCAS) for the utility.

The initial roll out across South Australia, Victoria, Queensland, and New South Wales will engage the utility partner’s retail network of approximately 750,000 customers with direct marketing campaigns outlining upfront rebates and monthly on-bill credits. In addition, the partner has also incentivized referrals for new customers brought into the program.

“We participated in the first VPP with our partner in 2019 and are excited to expand into the FCAS VPP with them. The Eguana platform was designed to deliver superior control accuracy and advanced verification reporting, two critical technology features for VPP applications” commented Eguana CEO Justin Holland. “With escalating consumer energy prices in Australia, VPPs are a way for our partner to provide relief for their customer base, while building out a robust and resilient distributed power grid.”

Australia is a global leader in recognizing the value of distributed energy resources for grid modernization. Through the integrated resource plan for its National Electricity Market, Australia is moving virtual power plants beyond pilot programs to play a critical role in the grid infrastructure of the future. Energy Networks Australia has forecasted that customers will be paid up to $2.5B AUD per annum for grid services from their distributed energy resources by 2050, while avoiding $16B AUD in network upgrades over the same timeframe. Virtual Power Plants will also assist the country in meeting its Net Zero 2050 objectives.

About Eguana Technologies Inc.

Eguana Technologies Inc. (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. The Company also markets and sells a suite of micro inverter products, which are integrated with its energy storage platform providing consumers with full solar + storage system architecture, for residential and commercial applications. Eguana has over two decades of 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 and its global distribution network in North America, Europe, and Australia.