Eguana Technologies' BiDirex Inverters to be "Made in Germany"
(Marketwire (Canada) Via Acquire Media NewsEdge) CALGARY, ALBERTA--(Marketwired - Oct. 24, 2013) - Sustainable Energy Technologies Ltd (formerly TSX-V "STG" and now operating under the name Eguana Technologies Inc) (TSX VENTURE:EGT) announced today that it has entered into an agreement with leading electronics manufacturer, SRI Radio Systems GmbH (www.sri.de) to have Eguana's smart grid "BiDirex" energy storage inverters manufactured at SRI's plant in Durach, Bavaria.
BiDirex storage inverters provide core power conversion functionality and smart grid connectivity for the market leading Sonnebatterie solar energy management systems in European markets under a previously announced exclusive agreement with Prosol Invest GmbH.
Prosol Invest has been shipping Sonnenbatterie systems powered by Bi-Direx inverters made in Canada since August of this year, and is now set to ramp production of its full product line with "made in Germany" Bi-Direx inverters.
Christoph Ostermann CEO of Prosol Invest commented: "Sonnenbatterie now commands a leadership position in the German energy storage market, and we are back ordered for the Eguana powered Sonnenbatterie systems. The Eguana agreement with SRI is a pivotal event that will allow us to ramp production for our partners and customers in Europe."
Justin Holland, COO of Eguana Technologies commented: "SRI's world class manufacturing and supply chain management capabilities are located within 15 kilometers of Prosol Invest, enabling us to virtually wipe out logistics costs, drive down product cost, shorten product delivery lead times, and reduce our environmental impact by eliminating product packaging with reusable material handling equipment. This is a significant step forward for Equana."
The German made Sonnenbatterie has emerged as the leading European energy management system designed to maximize on site consumption of solar energy. Sonnenbatterie offers intelligent integrated product solutions with storage capacities ranging from 2 kilowatt hours to more than 60 kilowatt hours. No other product in the market offers the scalability and customer choice of the Sonnenbatterie product line - a feature that is facilitated by Eguana's proprietary technology.
Germany has staked out a global leadership position in the use of energy storage as a means of increasing the use of renewable energy and reducing stress on the transmission and distribution infrastructure. London based IHS Research is predicting that the cumulative installations in Germany are expected to grow to 2,500 Megawatts by 2017, a leap from 12 Megawatts in 2012.
SRI is a member of the TQ Group of companies, one of the world's leading contract manufacturer of electronic and electro-mechanic devices, with more than 1,200 employees in the group.
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.
Sustainable Energy Technologies Ltd announced that effective September 4, 2013 the Company would operate under the name, Eguana Technologies Inc. The legal name of the Company has not changed, but the Company will do business as Eguana Technologies Inc, pending approval of the official name change by shareholders, which will be sought at the Company's Annual General Meeting October 29, 2013. Effective Monday, September 9, 2013, the Company ceased trading under "STG" and began trading under its new ticker symbol "EGT" on the TSX Venture Exchange.
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.
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 the features of our energy storage inverter and its value for residential and commercial non-utility scale energy storage system; statements concerning the performance of the Sonnenbatterie suite of products and its share of the energy storage market in Germany.
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 current Annual Information Form which may be found on its website or at sedar.com 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eguana Technologies Inc.
+1.403.508.7177 ext 111
Source: Eguana Technologies Inc.
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