Get the Latest Investment Ideas Delivered Straight to Your Inbox.

News Update

TICKERS: EGT; EGTYF

Energy Storage Firm Signs Three New Supply, Distribution Agreements Worth $12.6 Million
News Update

Source:

These agreements come after Mercedes-Benz ended its arrangement with the small-cap.

Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced in a news release it secured three new agreements for an aggregate amount of at least $12.6 million.

They consist of a master supply agreement with Hanwha Q Cells for Europe, a contract with the South Australian government for its early entry into the South Australian Home Battery Scheme and a distribution agreement with Australia-based AC Solar Warehouse for its debut in the Australian residential energy storage market.

These developments came after Mercedes Benz Energy (MBE) ended its prior arrangement with Eguana because MBE decided to exit the residential battery market.

Per the terms of the termination agreement between the two companies, Eguana returned test units and a corresponding $10,000 credit note to MBE. MBE paid Eguana a 700,000 termination fee, endorsed Eguana as a preferred energy storage solution, gave Eguana a full engineering report of all tests performed during the validation phase and transferred to Eguana its global energy storage sales system pipeline.

Due to MBE terminating its supply agreement with Eguana early, the energy storage company did not realize the anticipated MBE contract value of $13 million.

However, the company noted that it was with the help of MBE's endorsement, engineering report and sales pipeline that Eguana landed the new contracts in Europe and Australia. Already from those, Eguana received $637,054 in revenue and expects the remainder by 2021.

[NLINSERT]

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Eguana Technologies Inc. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Eguana Technologies. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Eguana Technologies Inc., a company mentioned in this article.




Want to read more about Alternative - Solar investment ideas?
Get Our Streetwise Reports Resources Report Newsletter Free and be the first to know!

A valid email address is required to subscribe