Eguana Gets $1.75 Million Funding for Smart Grid and Micro Grid Power Conversion

Eguana Technologies Inc. an emerging supplier of high-performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, has completed its previously announced private placement of LP Units and Common Shares for gross proceeds of $1,750,500. The net proceeds of the issue will be used to increase Eguana's engineering support capacity; to secure additional production equipment for a manufacturing facility in Bavaria; and to increase working capital reserves.

Earlier this year, Eguana entered into an agreement with SRI Radio Systems GmbH to have Eguana’s smart grid “BiDirex” energy storage inverters manufactured at SRI’s plant in Durach, Bavaria. BiDirex storage inverters provide core power conversion functionality and smart grid connectivity for the market leading Sonnebatterie solar energy management systems in European markets under a previously announced exclusive agreement with Prosol Invest GmbH.

Prosol Invest has been shipping Sonnenbatterie systems powered by Bi-Direx inverters made in Canada since August of this year, and is now set to ramp production of its full product line with “made in Germany” Bi-Direx inverters. Christoph Ostermann CEO of Prosol Invest commented: “Sonnenbatterie now commands a leadership position in the German energy storage market, and we are back ordered for the Eguana powered Sonnenbatterie systems. The Eguana agreement with SRI is a pivotal event that will allow us to ramp production for our partners and customers in Europe.”

Justin Holland, COO of Eguana Technologies commented: “SRI’s world class manufacturing and supply chain management capabilities are located within 15 kilometers of Prosol Invest, enabling us to virtually wipe out logistics costs, drive down product cost, shorten product delivery lead times, and reduce our environmental impact by eliminating product packaging with reusable material handling equipment. This is a significant step forward for Equana.”

Eguana’s patented software driven approach to power conversion is quickly gaining recognition as the industry’s best power conversion solution for all the emerging low voltage battery technologies that will drive the energy storage market. “Expanding our engineering capacity allows us to move much more quickly to build the industry partnerships that will position Bi-Direx as the global market leader,” said Michael Carten, CEO of Eguana.

Shifting European production to SRI significantly improves Eguana’s ability to respond to increased demand and changes in product mix, at the same time simplifying the supply chain and reducing operating costs. “Our goal is to have SRI fully operational by the end of January,” Carten added.

Headquartered in Calgary, Alberta, Canada, Eguana designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity, and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.