HONOLULU, HAWAII and CALGARY, ALBERTA--(Marketwired - Jun 15, 2016) - Eguana Technologies Inc. (TSX VENTURE:EGT)(EGTYF) announced today that its customer E-Gear LLC has sold the first units of an innovative new Solar+Storage Home Electric Vehicle charging product for existing Net Metering customers in Hawaii. Using Eguana's patented AC Battery and a dedicated PV array, the Electric Vehicle charging solution stores solar power in the batteries during the day to be used to charge the EV at night. An automatic transfer option allows EV charging to be completed using grid power on cloudy days.
"You would expect that with growing EV adoption on Hawaii, we would see larger grid connected solar systems being installed to cover the increased electrical consumption related to home charging," said Steve Godmere, Managing Partner at E-Gear LLC. "But the reality is that many EV owners were also early PV customers and the changes in the net metering program last year make expanding an existing PV system unattractive, so we came up with a solar charging solution that avoids adding generation capacity to the customer grid connection."
The solution is available today through certified E-Gear dealers in Hawaii in a range of sizes to support different charging requirements, and adds to the range of applications supported by Eguana's previously launched AC Battery product. Should regulations change to allow the new PV array to be grid connected in the future, the system is fully capable of grid connected operation for grid services applications.
"E-Gear's range of products really demonstrate the flexibility of our AC Battery to be easily adapted to new market requirements without requiring a completely new product design, and this most recent addition to the lineup is drawing a lot of attention in a leading EV adoption market" said Brent Harris, Chief Technology officer at Eguana. "It also demonstrates fulfillment of the energy storage promise to change the way we think about and use energy."
About E-Gear, LLC
E-Gear, LLC is a renewable energy innovation company offering proprietary patented and patent pending edge-of-grid energy management and storage solutions. These systems provide intelligent real-time adaptive control, flexibility, visibility, predictability and support to energy generating customers, renewable energy solution providers, energy service companies (ESCO's) and Utilities.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with industry leading Li-Ion batteries. Our solution can be seamlessly integrated with a local energy management system or a distributed fleet control network using open communication protocols to provide a fully functional energy storage installation. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as a standalone product, as part of new solar storage installations, or as a retrofit to solar PV installations already in place.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX VENTURE:EGT)(EGTYF) 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 the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
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.
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