|By Marketwired .||
|June 2, 2014 08:45 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/02/14 -- Eguana Technologies Inc (TSX VENTURE: EGT), ("Eguana" or the Company") a leading supplier of high performance power management for "edge of grid energy storage applications has filed its Interim Consolidated Financial Statements for the six month period ending May 31, 2014, along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.eguanatech.com.
1. Unit demand forecasts in Europe are up sharply beginning in July of this year. Firm orders under the Company's Supply Contract with Sonnenbatterie GmbH ("Sonnenbatterie") will increase Eguana revenues to approximately $1 million per month by mid-summer. 2. Revenues for Q2 (March 31, 2014) were $396,357, down slightly from Q1, due to variability in demand mix which is to be expected in an emerging market. Unit volumes are up for the current Quarter, and revenues for Q3 (June 30, 2014) will be more than double Q2 revenues at an estimated $1 million. 3. Eguana's high volume manufacturing line with TQS in Durach, Germany is now in production with a capacity to produce 1,000 units per month. This capacity is incremental to the 1,000 unit per month production capacity at the Calgary plant and is adequate to meet forecast demand for the balance of the year. Working capital needed to ramp production to higher production levels is minimal. 4. Eguana continues to record design wins with multiple battery companies demonstrating Bi-Direx' value as a "universal" platform to allow next generation technologies to access the higher growth "edge of grid" storage markets. The design wins are expected to convert to commercial revenues from sources in Japan and the US during the second half of this year and into 2015. 5. Under an announced letter of intent with Sonnenbatterie, Eguana will move from supplying a power electronics sub-assembly to supplying a higher value integrated power management module that will accommodate a wide range of battery options. This change will increase revenues and margins per unit to Eguana and is targeted to become effective in Q1 2015 (CY - Q4). 6. Under the same letter of intent, Sonnenbatterie Eguana will supply power management modules to Sonnenbatterie exclusively for the US residential market. Sonnenbatterie has already secured first US purchase orders for Eguana powered energy storage systems and the Company has visibility on revenues from other sources in the US later in this year and into 2015.
Michael Carten, CEO of Eguana commented: "The potential for solar + storage, especially in the distributed or 'edge of grid' market is exceptional. Driven by fundamental change in the cost structure of solar electricity, solar + storage is beginning to offer a competitive cost alternative conventional grid supplied electricity. So significant is this change that Barclay's recently (May 20, 2014) downgraded the entire electric sector of the U.S. high-grade corporate bond market based on what it sees as long-term challenges from solar + storage over the coming decade. See: http://blogs.barrons.com/incomeinvesting/2014/05/23/barclays-downgrades-electric-utility-bonds-sees-viable-solar-competition/
"Eguana's value proposition in this segment of the market is to enable system integrators and suppliers of integrated product solutions to optimize next generation battery technologies in the lower power ratings which are needed to achieve the scalability and redundancy needed by this market at a much lower cost and with much higher efficiencies than conventional inverters.
"Eguana has designed its platform for "universality" so that customers can achieve and maintain cost leadership by easily moving to the optimum battery for the application without changing their basic power management control strategies. Multiple design wins in the past six months are demonstrating that Eguana's technology is raising the power electronics bar for next generation batteries in this market."
About EGUANA TECHNOLGIES, INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. 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.
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning revenues for Q3 and revenues expected to be earned this summer; statements concerning the features of our energy storage inverter and its value for energy storage system, statements concerning the potential for securing commercial relationships with battery manufacturer; statements concerning the potential for energy storage in global markets; and statements concerning the potential for new business in the US and Japan.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's Management Discussion and Analysis related to its 2013 Annual Financial Statements. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.