CALGARY, Alberta, May 30, 2019 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. ("Eguana" or the "Company") (TSX-V: EGT, OTCQB: EGTYF) today announced results for its first fiscal quarter ended March 31, 2019.
Highlights
- Completed exclusive supply contract for Europe with European PV market leader Hanwha QCELLS to brand, market, and sell the Eguana Enduro as part of their Q.HOME+ package
- Increased Australian customer base, added sales and technical sales team, initiated customer training, and shipped initial volumes to our distributor AC Solar Warehouse
- Approved for the Simply Energy virtual power plant (VPP) program, Simply Extra, in Australia and completed first installations
- Completed product and installation training for CED Greentech North East and PurePoint Energy for increased sales coverage across Connecticut, Massachusetts, and New York
- Completed new customer agreements with New Energy PR and Solar Roots PR for increased sales coverage in Puerto Rico
- Completed $4 million preferred share financing and loan settlement with the Company’s largest shareholder, Doughty Hanson
The Company successfully completed a private label supply agreement with European residential solar leader Hanwha QCELLS to exclusively brand, market, and sell the Eguana Enduro product throughout Europe. QCELLS brings a massive selling and installation infrastructure, including more than 1,000 Q.Partners across Europe.
“Over a very short period of time QCELLS transitioned from a solar PV panel manufacturer to the #1 residential solar distributor/installer in Europe according to PV Magazine (Jan. 2019). QCELLS’ goal now is to become the market share leader in residential energy storage based on the success of their Q.Home+ bundled package, which includes the Eguana Enduro,” commented Eguana CEO Justin Holland. “The Enduro was a natural fit with their existing products and business model. Considering the size and scale of their sales and installation teams, we expect a similar rise within the storage segment.”
The Company also continued building customer and distribution channels in the Australia and US markets through its standardized onboarding program. Of note was the entry into the South Australian Home Battery Scheme, a combined $200 million grant and loan subsidy specific to residential energy storage, and acceptance into the utility VPP launched by Simply Energy. The VPP provides consumers with access to an additional $5,100 over a five-year period.
Revenues for the quarter were negatively impacted due to a short-term global battery module shortage which has since been remedied. The module shortage created a +$600 thousand backorder situation during the quarter, which has since risen to approximately $2.3 million. Additional battery capacity has been confirmed and the Company does not foresee any further module disruption on a go forward basis. The company will have its inventory position on battery modules reestablished during the current quarter and expects to fulfill all back orders within the fiscal year. Total open orders have continued to ramp and now exceed $9 million, including back orders, and are balanced across our three target markets, Australia, United States, and Europe.
“We have been working closely with LG Chem on the module allocation situation and have confirmation they will meet our growing order book on a go forward basis. Our positioning within the Australian and North American markets has provided significant increases in partner purchase orders which we expect to fulfill this calendar year,” Holland added.
In order to support order growth and working capital needs the Company has announced a $3 million private placement to close on or about June 12. The Company is also pursuing additional non-dilutive financing options in parallel with the announced private placement.
About Eguana Technologies Inc.
Based in Calgary, Alberta Canada, Eguana Technologies Inc. (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has 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 in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers 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
Company Inquiries
Justin Holland
CEO, Eguana Technologies Inc.
+1.416.728.7635
Justin.Holland@EguanaTech.com
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.