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TICKERS: EGT; EGTYF

Energy Firm Approved to Produce Home Battery Systems in South Australia
News Update

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The region is a key market for the energy storage systems designer/manufacturer; the company also reported that its order book is approaching $6 million over the last 120 days.

Swell Energy installs the Eguana Evolve in Southern California

Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced in a news release it will produce its Evolve home battery systems in South Australia after having been approved for two programs.

One is the Home Battery Scheme, in which, as of October 2018, 40,000 South Australian households had and will have access to $100 million in government subsidies to pay for installation of home battery systems. "The Home Battery Scheme will open up the largest demand market in the world," Eguana CEO Justin Holland noted in the release.

In the other program, the government's Clean Energy Finance Corporation program will deliver a $100 million funding package, including flexible loans, to support the home battery scheme. The goal is to help households pay the initial costs for storage technology.

"Under the scheme, priority will be given to system providers that commit to installing approved battery systems that are manufactured or assembled in South Australia, and I'm pleased that Eguana Technologies is bringing their Evolve system to the program," said Dan van Holst Pellekaan, South Australia's minister for energy and mining, said in the release.

Earlier, Eguana had reported that its global partnerships continue to expand and it has received additional orders, an additional $2.5 million in sales orders commencing August, with about 80% of those being re-orders from existing customers.

"With the order book approaching $6 million over the last 120 days, and over 25 new partner companies certified under the Eguana training program, we believe this growth trajectory will not only continue but will accelerate in the coming quarters," stated Justin Holland, CEO of Eguana.

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