Eguana Announces Second Quarter 2023 Financial Results and Business Update

CALGARY, Alberta, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSX- V: EGT, OTCQB: EGTYF) today announced results for its second quarter ended June 30, 2023.

“Utilities have begun rolling out virtual power plant (“VPP”) pilots across the US and Australia, including attractive rebate and bill credit programs for consumers, while at the same time opening up recurring revenue opportunities for energy storage fleet aggregators, like the Eguana Cloud platform,” commented Eguana CEO Justin Holland. “We believe this industry engagement will drive technology mass adoption and put a focus on energy storage product platforms that have the control and accuracy to respond to utility signals, as we transition to a distributed power grid.”

Utility companies will promote energy storage solutions, where the Eguana energy storage platform has demonstrated key advantages with its advanced power control platform specific to accuracy and measurement, to remove renewable generation intermittency, to enhance grid reliability, and to build out required infrastructure, supporting massive projections for electric vehicle and growing energy demand. The International Energy Association (IEA) report estimates global electricity demand will rise by 20 to 30 percent by 2030¹. Eguana fits well between the utility companies and the consumer to ensure seamless, cost efficient and renewable energy solutions for the distributed power grid.

Mr. Holland added, “Increased inventory levels resulting from distributor investment throughout the second half of 2022, coupled with sequential interest rate increases impacting consumer access to capital, slowed consumer spending through the first half of the year. However, we are now seeing increasing shipments from our partners, a trend we expect to continue through the second half of 2023 and into 2024, where VPP adoption is expected to be a key growth driver.”

Business Highlights

• Modernized and expanded the Eguana Cloud platform, developed fleet control API, and added features to the onsite energy management system used in the Evolve energy storage product line to enhance VPP capabilities.
• Advanced Virtual Peaker partnership, a cloud-based DERMS (distributed energy resource management system) company that empowers modern utilities, aiming to be the most responsive distributed energy platform in the market. The partnership provides utilities and consumers with dynamic options to leverage batteries to benefit the power grid, while reducing energy costs and providing recurring revenue opportunities for the Company.
• Completed utility integration, testing and acceptance into Portland General Electric’s (PGE) Smart Battery program, and now listed as a preferred supplier on PGE’s website. Progressive utility companies are expected to accelerate and drive mass adoption through VPP programs, adding controlled renewables to strengthen grid reliability, to add electricity supply and to transition to a distributed energy system.
• Began software integration with additional DERMS providers, in various markets, to pursue VPP opportunities, spanning the US and Canadian markets.
• Completed the UL 1741 SB certification of redesigned 5kW PCS, to provide simplified whole home installations for installer partners.
• Simplified energy storage installation processes with the completion of two new Eguana hubs, 100 and 200 amp, which removes the need to install backup load panels during product installation.
• Surpassed the 500 plus enrollment target in Eguana University, Eguana’s comprehensive partner training platform, which includes system design, sales, installation, and commissioning.
• Completed frequency control auxiliary services (FCAS) VPP services in Australia, including accuracy and reporting, for the major utility company Simply Energy.
• Recertified our European Enduro ESS, with additional battery module options and commenced shipments.

“The team had another busy quarter across the business, with multiple DERMS software integrations completed, attaining UL1741SB product certification, and exceeding our September Eguana university installer enrollment target of +500, which all drive towards distribution channel growth and VPP program execution in the second half. With utility engagements now spanning US, Canada, Australia, and European markets, and installer training metrics ahead of schedule, our storage technology solutions are positioned for success.” commented Eguana COO Brent Harris.