Eguana Launches Utility VPP to Reduce Energy Bills for Australian Consumers
November 22 2023 - 9:00AM
Eguana Technologies
Inc. (TSX-V: EGT, OTCQB: EGTYF)
("
Eguana" or the “
Company”), is
pleased to announce it has entered into a multi-year Virtual Power
Plant (VPP) Referral and Promotion partnership with a long-time
utility partner, to deploy Eguana’s Energy Storage Solutions (ESS)
to Australian electricity customers. Eguana’s ESS will provide
electricity bill savings, and back-up reliability for the consumer,
while providing frequency control ancillary services (FCAS) for the
utility.
The initial roll out across South Australia,
Victoria, Queensland, and New South Wales will engage the utility
partner’s retail network of approximately 750,000 customers with
direct marketing campaigns outlining upfront rebates and monthly
on-bill credits. In addition, the partner has also incentivized
referrals for new customers brought into the program.
“We participated in the first VPP with our
partner in 2019 and are excited to expand into the FCAS VPP with
them. The Eguana platform was designed to deliver superior control
accuracy and advanced verification reporting, two critical
technology features for VPP applications” commented Eguana CEO
Justin Holland. “With escalating consumer energy prices in
Australia, VPPs are a way for our partner to provide relief for
their customer base, while building out a robust and resilient
distributed power grid.”
Australia is a global leader in recognizing the
value of distributed energy resources for grid modernization.
Through the integrated resource plan for its National Electricity
Market, Australia is moving virtual power plants beyond pilot
programs to play a critical role in the grid infrastructure of the
future. Energy Networks Australia has forecasted that customers
will be paid up to $2.5B AUD per annum for grid services from their
distributed energy resources by 2050, while avoiding $16B AUD in
network upgrades over the same timeframe. Virtual Power Plants will
also assist the country in meeting its Net Zero 2050
objectives.
About Eguana
Technologies Inc.
Eguana Technologies Inc. (EGT: TSX.V) (OTCQB:
EGTYF) designs and manufactures high performance residential and
commercial energy storage systems. The Company also markets and
sells a suite of micro inverter products, which are integrated with
its energy storage platform providing consumers with full solar +
storage system architecture, for residential and commercial
applications. Eguana has over 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 and its global
distribution network in North America, Europe, and Australia.
With thousands of its proprietary energy storage
inverters deployed, Eguana is one of the leading suppliers of power
controls for solar self-consumption, grid services and demand
charge applications at the grid edge. Focused on distributed energy
storage applications located at the point of energy consumption,
Eguana provides cost-effective solutions to modernize the power
grid, from the consumer to the electricity retailer, the
distribution utility, and the system operator.
To learn more, visit www.EguanaTech.com or
follow us on Twitter @EguanaTech.
Company Inquiries
Justin HollandCEO, Eguana Technologies
Inc.+1.416.728.7635Justin.Holland@EguanaTech.com
Sales Inquiries
Warren Gray General Manager, Eguana PTY Ltd. (Australia)(08)
8445 6169Warren.Gray@EguanaTech.com
Forward
Looking InformationThe 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.
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: the success of the VPP
Referral and Promotion partnership and the initial roll out across
Australia, 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.
Eguana Technologies (TSXV:EGT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Eguana Technologies (TSXV:EGT)
Historical Stock Chart
From Aug 2023 to Aug 2024