© Eguana Technologies General | March 02, 2020
Eguana secures strategic investment from Itochu
The investment, in the form of unsecured convertible debentures, will allow the company to expand its existing relationship with Itochu Corp.
Eguana currently integrates Moxia Energy Holding's AI software "Gridshare Client" with the Eguana Evolve platform, which will now be exclusive to resale by Itochu, as part of the new strategic investment. The new product will come certified with a complete suite of virtual power plant features designed for fleet aggregation and residential applications, a press release stated. Eguana CEO Justin Holland said, "Our relationship with Itochu has remained very positive over a number of years and we are excited to welcome them as an investor and strategic partner. This partnership will open up additional sales channels and opportunities within fleet management and VPP's globally while strengthening our battery module supply availability and cost profile." Additionally, Eguana and Itochu have struck an amended marketing agreement as a condition of the financing. Under terms of the arrangement, Itochu will supply to Eguana lithium batteries for manufacturing Eguana products. "Itochu has a deep understanding of the entire renewables sector with diversified interests throughout the lithium battery supply chain," said Brent Harris, EVP at Eguana. "Their supply chain expertise will stabilize our battery supply chain and increase module availability in support of our growth trajectory in major markets.”