CALGARY, ALBERTA--(Marketwired - March 11, 2016) - Eguana Technologies Inc. (TSX VENTURE:EGT)(OTC PINK:EGTYF) a technology leader in power conversion and control systems for distributed energy storage is pleased to announce that it has entered into a development contract with the battery manufacturing subsidiary of a leading German automotive manufacturer.
"The entrance of automotive manufacturers into the stationary storage market signals a transition from the early integrators toward mainstream suppliers," said Martin Duerr, Director of Business Development at Eguana Technologies. "The collaboration is underway, and it is already apparent that the outcome will set a new standard for energy storage products," added Duerr.
"Europe has been a strategic focus over the past several months and we are proud to have been selected by one of the leading brands in the global automotive sector to lend our expertise and deliver our patented technology. The automotive entrants have global reach so they can take full advantage of our globally certified platform," commented Justin Holland, CEO at Eguana Technologies.
Under the terms of the agreement the partner will assume all prototyping costs and the Companies have agreed to complete a commercial contract for product distribution upon customer acceptance of initial prototypes in May.
The identity of the battery manufacturer cannot be released at this time in order to maintain customer confidentiality and for competitive reasons.
About Eguana Technologies Inc.:
Eguana Technologies Inc. (TSX VENTURE:EGT) (OTC PINK:EGTYF) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' 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 the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
Forward Looking Information
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