CALGARY, Alberta, Oct. 26, 2023 (GLOBE NEWSWIRE) — Eguana Technologies Inc. (TSX.V: EGT) (OTCQB: EGTYF), a developer and manufacturer of high-performance energy storage systems, and AutoGrid, an industry leader in harnessing distributed energy resources (DERs) for virtual power plants (VPPs), announce a new partnership, to open additional VPP opportunities for power providers around the globe. Together, Eguana and AutoGrid will support grid resilience, increase sustainability and empower consumers in the transition to net zero.
With the integration of Eguana’s residential energy storage systems into the AutoGrid Flex™ platform, utilities can promote rapid residential storage adoption and consumer participation for energy transition. AutoGrid Flex™ supports Eguana’s technology by enabling automated demand response during periods of peak demand, directing the energy storage devices to offset home energy loads, discharge energy back into the grid, and charge up when energy cost is low or from renewable sources. As a result, VPP operators can overcome shortfalls in supply, eliminate outages, avoid additional transmission infrastructure, and bypass the need for heavily polluting peaker power plants.
Further, Eguana joins AutoGrid’s growing network of device makers aggregated and orchestrated into multi-asset VPPs by AutoGrid’s AI-driven Flex™ platform. In combination, the two companies’ solutions, along with utility rebate programs, help consumers reduce the initial cost of energy storage, cut their ongoing energy costs, and support the integration of clean, renewable energy into the grid.
“Residential energy storage is helping revolutionize how we operate and optimize the grid, and Eguana’s technology is at the forefront of this critical work,” said Gisela Glandt, vice president of VPPs at AutoGrid. “At AutoGrid, we’re thrilled to support our shared mission with this new partnership.”
“We are pleased to partner with AutoGrid and complete the upfront integration of our platforms, which immediately expands our VPP networks,” commented Daljit Ghotra, chief technology officer at Eguana. “Recent data shows over ten million residential customers in the United States were participating in various demand response electricity programs, and the AutoGrid partnership allows us to tailor our Eguana demand response solutions for utility VPP programs.”
About AutoGrid
AutoGrid is committed to accelerating access to sustainable energy in order to combat the climate crisis. AutoGrid’s AI-driven software makes electric vehicles, batteries, roof-top solar, utility-scale wind and other distributed energy resources (DERs) smarter. By enabling prediction, optimization, and real-time control of millions of energy assets at an unprecedented scale, AutoGrid is making the vision of a decentralized, decarbonized, and democratized new energy world a reality. With over a decade of pioneering experience across the globe, AutoGrid offers fleet owners, energy-as-a-service companies, renewable project developers, utilities, and electricity retailers the ability to build, own, operate, and participate in intelligent and scalable Virtual Power Plants (VPPs) enabling them to disrupt the dependency on fossil-fuel based energy. The AutoGrid Flex™ platform is managing over 8 GW of VPPs in 9 countries. In 2022, AutoGrid was acquired by Schneider Electric.
About Eguana Technologies Inc.
Eguana Technologies (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high-performance residential and commercial energy storage systems. Eguana has 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 in Europe, Australia, and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services, and demand charge applications at the grid edge.
Company Inquiries
Eguana Technologies Inc.
Justin Holland, CEO+1.416.728.7635
Justin.Holland@EguanaTech.com
To learn more, visit www.eguanatech.com or follow us on Twitter @EguanaTech
To learn more, visit AutoGrid.com
Forward Looking Information
The 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. In particular, we include, among other things: the Company’s ability to obtain necessary approvals from the TSXV and the issuance of the Common Shares.
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: failure to obtain necessary regulatory approvals, 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.
