CALGARY, ALBERTA--(Marketwired - July 21, 2014) - Eguana Technologies (TSX VENTURE:EGT) ("Eguana" or the "Company"), a leading manufacturer of high performance power conversion and control systems for "smart-grid" and "micro-grid" energy storage systems, today announced that one of the leading U.S. developers of next generation Vanadium Redox Flow Batteries has selected Eguana's Bi-Direx for ongoing battery system development and demonstration of its energy storage system. The development contract targets a commercially available product in 2015 for "firming" (reducing variability) the output of solar power plants.
No details on volumes or on the identity of the developer are being released at this time in order to maintain customer confidentiality and for competitive reasons.
"Selection of Bi-Direx to provide the critical power management functionality for this application is further validation of Eguana's technology leadership in power management for emerging low cost battery technologies," commented Brent Harris, Chief Technical Officer of Eguana. "Our design philosophy is to deliver a universal power management platform that is easily adapted to all the leading battery technologies, allowing battery manufacturers to offer complete energy storage systems, and/or operators of distributed energy storage fleets to easily accommodate different battery technologies using a common control and communications platform."
About Redox Flow Batteries
Redox flow batteries represent an important class of electrochemical energy storage devices. The name "redox" refers to chemical reduction and oxidation reactions employed in the battery to store energy in liquid electrolyte solutions which flow through the cells during charge and discharge. Redox flow batteries offer an economical and reliable solution to store electrical energy and greater flexibility to independently tailor power and energy storage ratings for a given application.
Redox flow batteries are characterized by high current density which results in high power and storage capacities with low system voltages. Eguana's Bi-Direx technology provides the critical power management needed to deal with the high currents associated with flow batteries with the industry's highest power conversion efficiencies.
Eguana is already supplying a Fortune 500 technology company with the power management functionality for a commercially available energy management system using zinc bromide flow battery technologies in power ratings ranging from 10kW to 100kW.
About Eguana's Bi-Direx Power Management
Eguana's Bi-Direx power management module is based on patented technology which enables very high efficiency conversion of high current low voltage energy storage technologies. Bi-Direx was designed from the bottom up to be easily adapted to the operating parameters of all high current low voltage storage technologies which will dominate the distributed storage market for because of their fundamentally lower cost structure.
Eguana's seamless conversion of DC to AC and AC to DC in a single power conversion step and very high speed control loops enable Bi-Direx to respond in real time allowing utilities to use distributed storage capacity as part of spinning reserve and to ensure better voltage control and frequency regulation. Eguana is partnering with Germany's Fraunhofer Institute to use Bi-Direx to develop control strategies to effectively integrate distribute generation into utility spinning reserves.
About EGUANA TECHNOLOGIES, INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
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 value of the Company's Bi-Direx platform for distributed energy storage; and statements concerning the value of redox flow batteries for similar systems.
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 Management Discussion and Analysis related to its 2013 Annual Financial Statements. 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.