Eguana Technologies Inc. (TSX.V: EGT) (OTCQB: EGTYF), a
developer and manufacturer of high-performance energy storage
systems, and AutoGrid, an industry leader in harnessing
distributed energy resources (DERs) for virtual power plants
(VPPs), announce a new partnership, to open additional VPP
opportunities for power providers around the globe. Together,
Eguana and AutoGrid will support grid resilience, increase
sustainability and empower consumers in the transition to net zero.
With the integration of Eguana’s residential
energy storage systems into the AutoGrid Flex™ platform, utilities
can promote rapid residential storage adoption and consumer
participation for energy transition. AutoGrid Flex™ supports
Eguana’s technology by enabling automated demand response during
periods of peak demand, directing the energy storage devices to
offset home energy loads, discharge energy back into the grid, and
charge up when energy cost is low or from renewable sources. As a
result, VPP operators can overcome shortfalls in supply, eliminate
outages, avoid additional transmission infrastructure, and bypass
the need for heavily polluting peaker power plants.
Further, Eguana joins AutoGrid’s growing network
of device makers aggregated and orchestrated into multi-asset VPPs
by AutoGrid’s AI-driven Flex™ platform. In combination, the two
companies’ solutions, along with utility rebate programs, help
consumers reduce the initial cost of energy storage, cut their
ongoing energy costs, and support the integration of clean,
renewable energy into the grid.
“Residential energy storage is helping
revolutionize how we operate and optimize the grid, and Eguana’s
technology is at the forefront of this critical work,” said Gisela
Glandt, vice president of VPPs at AutoGrid. “At AutoGrid, we’re
thrilled to support our shared mission with this new
partnership.”
“We are pleased to partner with AutoGrid and
complete the upfront integration of our platforms, which
immediately expands our VPP networks,” commented Daljit Ghotra,
chief technology officer at Eguana. “Recent data shows over ten
million residential customers in the United States were
participating in various demand response electricity programs, and
the AutoGrid partnership allows us to tailor our Eguana demand
response solutions for utility VPP programs.”
About AutoGrid
AutoGrid is committed to accelerating access to
sustainable energy in order to combat the climate crisis.
AutoGrid’s AI-driven software makes electric vehicles, batteries,
roof-top solar, utility-scale wind and other distributed energy
resources (DERs) smarter. By enabling prediction, optimization, and
real-time control of millions of energy assets at an unprecedented
scale, AutoGrid is making the vision of a decentralized,
decarbonized, and democratized new energy world a reality. With
over a decade of pioneering experience across the globe, AutoGrid
offers fleet owners, energy-as-a-service companies, renewable
project developers, utilities, and electricity retailers the
ability to build, own, operate, and participate in intelligent and
scalable Virtual Power Plants (VPPs) enabling them to disrupt the
dependency on fossil-fuel based energy. The AutoGrid Flex™ platform
is managing over 8 GW of VPPs in 9 countries. In 2022, AutoGrid was
acquired by Schneider Electric.
About Eguana Technologies
Inc.
Eguana Technologies (EGT: TSX.V) (OTCQB: 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, Australia, 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.
Company Inquiries
Eguana Technologies Inc.
Justin Holland,
CEO+1.416.728.7635Justin.Holland@EguanaTech.com
To learn more, visit www.eguanatech.com or
follow us on Twitter @EguanaTech
To learn more, visit AutoGrid.com
Forward Looking Information
The reader is advised that some of the
information herein may constitute forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning assigned by National Instrument
51-102 – Continuous Disclosure Obligations and other relevant
securities legislation. In particular, we include, among other
things: the Company’s ability to obtain necessary approvals from
the TSXV and the issuance of the Common Shares.
Forward-looking statements are 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. Such factors include, but are
not limited to, risks associated with: failure to obtain necessary
regulatory approvals, general economic, market and business
conditions; the operations of Eguana's assets, competitive factors,
achieving the strategic objectives, future financial results and
liquidity, ability to fund operations or obtain financing with debt
or equity, and other factors set out in the "Risk Factors" section
of the Company's most recent management's discussion and analysis
for the three and six months ended June 30, 2023, which may be
found on its website or at sedarplus.ca. Readers are cautioned not
to place undue reliance on forward-looking information, which
speaks only as of the date hereof. The Company does not undertake
any obligation to release publicly any revisions to forward-looking
statements 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 TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
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