© Eguana Technologies General | January 24, 2020
Eguana inks deal for residential energy storage systems
Eguana Technologies Inc. has entered into a development contract with an unnamed renewable energy company to develop and certify proprietary residential storage systems for distribution through its sales channels across global markets.
The company disclosed in a press release the contract value of more than USD 1 million. The company has received upfront payments of over USD 750,000 with the balance due upon successful product certification. The partner will distribute and sell the new product solution through their channels. Eguana Technologies CEO Justin Holland said, “The team is excited to integrate a leading energy storage software solution with our Evolve platform for major markets including the United States and Australia. The Company has maintained fleet aggregation and virtual power plants will drive substantial growth in all residential markets, this new initiative will deliver certified products perfectly positioning Eguana into both of those segments. Work has commenced, and we expect to begin prototype testing by the end of March 2020.” Eguana Founder and Executive VP Brent Harris said, "We were awarded this development contract in recognition of the advanced control and integration capabilities that have been built into our energy storage platform. There is no other product on the market that can be integrated so quickly and comprehensively into third party energy management systems and our experienced team supports our partners to ensure top performance for the partner's application." In 2019, Eguana made a transition to Jabil as its manufacturing partner and confirmed in October that its first units were expected to be tested in the four to six weeks following that confirmation. An attempt was made with both companies to determine whether Jabil would be involved in this recent Equana contract and to what extent but has not yet received a reply.