REPORTS FIRST VOLUME ORDER FOR AUSTRALIA
Eguana Technologies Inc. (EGT.V) has received $3-million in orders for its AC battery for the Australian residential market.
"Through our partnership with Itochu Corp., we have been able to establish a strong beachhead in the Australian market with a very capable national distributor that positions us for growth," said Justin Holland, chief executive officer of Eguana Technologies. "Enirgi Power Storage has the scale and battery expertise required to deliver our products into key regional markets for energy storage within Australia. We are pleased to be able to support their growth expectations across residential and commercial segments."
The Australian residential storage market is widely expected by analysts to be the fastest growing storage market in the world over the next several years. Australia's market dynamics are being driven by a unique combination of behind-the-meter self-consumption and grid service revenues supported by the country's utilities and electricity retailers. Initial growth was driven by Australia's strong solar resource and state-level feed-in tariffs, but since these tariffs have ended, high and rising electricity prices combined with falling cost of storage have resulted in an increasing percentage of solar systems being installed with energy storage.
"Enirgi Power Storage is a strong first channel for Eguana in Australia," said Hiroaki Murase, manager at Itochu. "The Eguana AC battery will enable Enirgi to offer flexible high performance solutions to a range of customers across Australia and to adapt to the steadily advancing requirements of grid service opportunities."
"It was very important as Enirgi Power Storage undertook this growth initiative into the lithium solar-plus-storage market that we launch with a versatile, high performance product offering," said Todd Vains, chief operating officer of Enirgi LLC. "Eguana's AC battery enables our immediate entry into the residential market, and their product portfolio will support our expansion across all segments."
About the AC battery
The Eguana AC battery is a certified, grid-ready power control solution preintegrated with LG Chem lithium-ion batteries. The company's solution can be seamlessly integrated with a local energy management system or a distributed fleet control network using open communication protocols to provide a fully functional energy storage installation. The AC battery provides maximum flexibility for system aggregators that want to deploy it as a stand-alone product as part of new solar storage installations or as a retrofit to solar PV installations already in place.
About Eguana Technologies Inc.
Eguana Technologies designs and manufactures high performance power controls for residential and commercial energy storage systems.