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TICKERS: EGT; EGTYF

Energy Storage Company Receives $1.8M in New Orders from Hanwha Q Cells
News Update

Source:

Eguana Technologies reported it received an additional $1.8 million in purchase order releases from Hanwha Q Cells and has restarted production at its contract manufacturing facility in Italy.

In a news release, Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced that "it has received a new series of purchase order releases totaling approximately $1.8 million from Hanwha Q Cells GmbH (QCells)." The company indicated that shipments are expected to occur over the next two quarters and advised that the scheduled deliveries will serve to provide a minimum monthly baseline demand that will facilitate stabilization of the supply chain and manufacturing operations.

The company's CEO Justin Holland commented, "The monthly baseline order commitment from QCells is a significant step forward and will bring steady demand over the coming quarters and the manufacturing consistency will improve product margins. Additionally, the small compact design of the Enduro, with its one person install capability, has allowed QCells installers to continue to work safely throughout this difficult period and conform to Germany's stringent two person social distancing guidelines while maintaining installation capability."

The firm stated that in spite of recent global supply chain disruptions and manufacturing interruptions due to the COVID-19 situation, it has successfully been able to manage material issues and maintain product supplies to QCells throughout the pandemic. The company said it has now reopened the contract manufacturing facility in Naples, Italy, that manufactures the QCells AC coupled energy storage solution (Q.HOME+ ESS AC-G2).

The firm noted that the new QCells orders combined with new orders for the U.S. and Australian markets have increased product demand to above pre-coronavirus levels. The company anticipates shipments will begin to increase later this month and continue through year end.

Eguana Technologies is a designer and manufacturer of high performance residential and commercial energy storage systems headquartered in Calgary.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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