Business
Eguana Provides a Business and Financial Update and Announces a Private Placement of Up To $2.0 Million
Calgary, Alberta--(Newsfile Corp. - November 23, 2023) - Eguana Technologies Inc. (TSXV: EGT) (...
About this update from Eguana Technologies Inc
[{"type":"text","content":"Eguana Provides a Business and Financial Update and Announces a Private Placement of Up To $2.0 MillionCalgary, Alberta--(Newsfile Corp. - November 23, 2023) - Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) (\"Eguana\" or the \"Company\"), a leading developer and manufacturer of high-performance energy storage systems, is pleased to provide a business update and announce its intention to complete a non-brokered private placement offering.Business Update The Company continues its positive progress pursuing utility and distributed energy resource management (\"DERs\") partnerships, bringing the Company's participation in VPPs to seven across North America and Australia. The Eguana solution is positioned to work with distributed energy resource provider platforms that are fully integrated with the Eguana Cloud Platform, and Eguana's existing product line of energy storage solutions (\"ESS\"). The Eguana energy storage platform has been developed to support all grid related VPP functions.The Company believes the near-term outlook for the energy storage industry is positive, as utility engagement continues to increase within the electricity sector, with a drive for utilities to roll out VPPs in support of grid modernization. To take the next step in the VPP sector, the Company has announced a multi-year Virtual Power Plant (VPP) Referral and Promotion partnership with a long-time major utility partner in Australia, which will be driven through direct and multi-media marketing. Further, the Company anticipates additional VPP announcements in the coming quarters. Alongside VPP partnerships, Eguana's installer training, through Eguana university, continues to exceed expectations, with over 1,200 enrollments year to date, representing more than 200 installation companies. Trained installers are key to the consumer interface and experience, through both distribution and VPP channels.\"Partnerships, which include signed agreements, provide rapid access to sales channels, where the utility or finance companies already have existing customer bases and are in position to finance or incentivize energy storage solutions for their base,\" commented Justin Holland, Eguana CEO. \"A perfect example is our recently announced FinanzDesk partnership in Europe where initial ESS units will be offered to current customers, under lease agreements, st...