Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced in a news release that it was contracted by a renewable energy company to develop and certify proprietary residential storage systems for the partner to distribute in major markets, including Australia and the U.S.
The value of the contract is an estimated $1 million-plus, and already Eguana received upfront payments totaling more than $750,000. The Calgary-based energy firm will receive the remainder of the funds once the developed product gets certified.
To develop the new product, Eguana will need to integrate the partner's energy storage software solution with Eguana's Evolve energy storage hardware. Eguana has started the work and anticipates being ready to conduct prototype testing by the end of March 2020.
"The company has maintained fleet aggregation and virtual power plants will drive substantial growth in all residential markets," Eguana CEO Justin Holland said in the release. "This new initiative will deliver certified products perfectly positioning Eguana into both of those segments."
"We were awarded this development contract in recognition of the advanced control and integration capabilities that have been built into our energy storage platform," said Brent Harris, founder and EVP at Eguana. "There is no other product on the market that can be integrated so quickly and comprehensively into third party energy management systems and our experienced team supports our partners to ensure top performance for the partner's application."
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