CALGARY, Alberta, March 04, 2019 (GLOBE NEWSWIRE) -- Hanwha Q CELLS GmbH and Eguana Technologies Inc. (TSX.V:EGT) (OTCQB:EGTYF) are pleased to announce that the companies have entered into an exclusive agreement to market, sell, and distribute the Eguana Enduro Home storage system throughout the European Union, Switzerland, and Norway under the Q CELLS brand. Hanwha Q CELLS GmbH (“Q CELLS”), the German subsidiary of Hanwha Q CELLS Co., Ltd. (“Hanwha Q CELLS”), one of the largest solar cell and module manufacturers in the world, is recognized as the market leader in Germany’s solar module market in 2018, according to EuPD Research.

“Q CELLS is the current European market leader for residential rooftop PV installations, a position that has been achieved through superior products and the development of the Q.PARTNER network,” stated Eguana CEO Justin Holland. “Home storage systems are included in over 50% of new solar systems currently sold in Germany and standard solar+storage packages support the fastest market penetration potential. This partnership is a natural fit for both companies and we look forward to working closely with the Q CELLS team.”

The Enduro is a fully integrated AC-coupled solution for the European self-consumption market, which allows homeowners to use their own PV electricity whenever they need it – night or day – which significantly reduces utility bills, while providing emergency back-up power through an integrated power outlet.

“Q CELLS searched the market for an AC-coupled solution that could be incorporated into our Q.HOME package. We believe that the Eguana Enduro is the product that best exemplifies our commitment to best-in-class products, quality, and reliability for our consumers and Q. PARTNERS,” said Vincent Lim, Head of Business Development and System Solutions at Q CELLS. “Our 2018 residential installations across Europe surpassed 15,000 customers. The addition of the Eguana Enduro to our Q.HOME package will allow us to continue this growth trajectory and maintain our leadership position.”

The agreement has an initial order quantity of 500 units, which extends the exclusivity period into the second contract year, with an additional minimum of 1,500 units through the second contract year for Q CELLS to maintain and extend exclusivity into the third year.

“This partnership with Q CELLS will put our Enduro product immediately in front of more than 1,000 installers across the region, with over 600 in Germany alone. We are looking forward to helping Q CELLS meet and exceed its sales targets,” added Martin Duerr, Director Business Development at Eguana.

About Hanwha Q CELLS

Hanwha Q CELLS Co., Ltd. (“Hanwha Q CELLS”) and Hanwha Q CELLS & Advanced Materials Corporation (Collectively, “Hanwha Q CELLS”) is one of the world´s largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar cells and modules. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S, Malaysia, China, and South Korea. Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from cells and modules to kits to systems to large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Hanwha Q CELLS provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 10 business enterprise in South Korea.

For more information, visit: https://www.q-cells.eu/

About Eguana Technologies Inc.

Based in Calgary, Alberta Canada, Eguana Technologies (EGT: TSX.V) 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 the leading supplier of energy storage solutions 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 InquiriesProduct / EES Inquiries
Justin HollandMartin Duerr
CEO, Eguana Technologies Inc.Director of Business Development
+1.416.728.7635+1.416.318.6675
Justin.Holland@EguanaTech.comMartin.Duerr@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.