Calgary, Alberta (GLOBE NEWSWIRE) - Eguana Technologies Inc (TSX-V:EGT) (OTCQB:EGTYF), one of the leaders in power conversion and control systems for distributed energy storage is pleased to announce it has completed a distribution agreement with German distributor Technologietransfer & Marketing GmbH ("Tt&M") (www.ttmarket.com).
Germany continues to lead the global energy storage landscape with supportive policy structure. Driven by the need to reduce transmission losses and grid constraints on the national grid, the business case for storage continues to strengthen. By the end of 2016, approximately 50,000 households and commercial operations had invested in solar + storage systems, making it the largest global market for residential energy storage. According to GTAI research, new PV battery systems could reach annual installation rates of 50,000 systems by 2020.
“Eguana has designed an impressive system containing all the key features of the current market leaders with a smaller footprint and faster installation process,” added Stefan Skirl, founder of Tt&M. “With an existing understanding of the German market and patented touch-free service features like autorecovery and remote diagnostics, we believe together we will capture a significant position in the marketplace, starting with Germany, Austria and Switzerland.”
"Successful products in this market need to be integrated as other disparate multi-manufacturer designs have been unable to gain meaningful traction from third party integrators due to patch work design and increasingly complex installations,” stated Justin Holland, CEO of Eguana Technologies. “Utilizing our proprietary technology, we have developed a fully integrated system that can be installed in 1-2 hours, which was a critical feature to attract an established German distributor like Tt&M, who brings an impressive track record of taking innovative solutions to market through an existing network of installers and electricians.”
Retrofit installations will also represent additional volume opportunities in Germany as the 20-year guaranteed feed-in tariffs for early installations are phased out. There are currently over one million households with PV systems installed on residential rooftops representing significant upside for retrofit battery installations alongside new PV + Storage systems. Eguana's solution, with a simple AC side installation, has been developed to maximize installer efficiency in new and retrofit applications. The Company is planning market roll out through the first half of 2018.
About Technologietransfer & Marketing GmbH
For more than 20 years Tt&M GmbH has been very successful working with companies from various industrial sectors. Tt&M supplies a variety of systems, supported by many tier-one companies, including medical device manufacturers, defense contractors, ship and automotive manufacturers, automation technology, crane manufacturers, elevator manufacturers, escalator manufacturers and mechanical engineering companies. Tt&M GmbH services begins with direct engagement with the manufacturers through to procurement, storage, sales and support, and final customer delivery. Since 2015 Tt&M GmbH has been a sales partner for Mercedes-Benz Energy GmbH. In addition to residential energy storage systems, Tt&M GmbH also sells industrial and large-scale energy storage solutions to multiple customer groups.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX-V:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years’ 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
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.
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SOURCE: Eguana Technologies Inc.