CALGARY , Sept. 3, 2019 /CNW/ - Eguana Technologies Inc. (EGT.V) (EGTYF) today announced that it has completed a multi-year master supply agreement with Jabil (JBL), one of the world's largest electronics manufacturing services (EMS) companies, to manufacture Eguana's residential and commercial energy storage systems.
"Given the success the company has had building out our distribution and dealer network we needed a manufacturing partner with the ability to produce around the world, with an engineering and design core competency, and a global supply chain and logistics network," commented Justin Holland , Eguana CEO. "Jabil has over 100 manufacturing sites and more than 200,000 employees, providing Eguana the scalability and reliability required to service our customer base and growing demand."
"Jabil is actively participating in transformative emerging markets for energy storage and distributed power. We are excited that Eguana has selected Jabil as a global manufacturing partner to realize its strategic objectives," added William L. Mitchell , Senior Director of Corporate Investment of Jabil.
Eguana has also confirmed it has secured working capital support from Export Development Canada (EDC). "Having EDC's support for working capital is a significant step forward for Eguana. As orders continue to scale working capital becomes critical to recognizing revenue, and this agreement immediately lowers our cost of capital and allows us to get Jabil started immediately," Holland said.
Jabil will initially focus on QCELLS Enduro production.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, EDC equips Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all EDC support is a commitment to sustainable and responsible business.
About Eguana Technologies Inc.
Eguana Technologies (EGT:TSX.V) (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.
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 Eguana's ability to obtain necessary approvals from 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 Eguana'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 Eguana's current Annual Information Form which may be found on its website or at sedar.com The Eguana 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.
SOURCE Eguana Technologies Inc.
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