CALGARY, ALBERTA--(Marketwired - Sept. 4, 2013) - Sustainable Energy Technologies Ltd (News - Market indicators) announced that it will operate globally under the name Eguana Technologies Inc ("Eguana" or the "Company") effective immediately.
The change in name creates an unmistakeable image that is linked to high efficiency energy storage and resilience under tough operating conditions - the shared characteristics of an Iguana and the Company's patented Bi-Direx™ energy storage inverter. The move coincides with the emergence of the Company's bi-directional power converter as the global leader for high efficiency residential and commercial energy storage systems.
"The past 100 days have validated our patented Bi-Direx™ platform as the premium power conversion system for emerging battery technologies in smart grid and micro-grid applications," said Michael Carten, CEO of Eguana. "In Europe, we have begun shipping Bi-Direx™ for the #1 solar battery system in the German market; in Japan, we have engagement from several of the largest electronics firms; and in the United States, we have demand from multiple sources for back-up power and peak shaving applications, as well as for electric vehicle charging stations."
As part of the move, the Company will now trade as "EGT" on the TSX Venture Exchange. The change to the Company's new ticker symbol is effective Monday, September 9, 2013. The Company's new website is www.eguanatech.com. Readers are also invited to follow industry and market news on Twitter at: https://twitter.com/EguanaTech.
Bi-Direx™ is the premium power electronics solution for "distributed" residential and commercial energy storage systems. A unique single circuit bi-directional conversion process enables higher round trip (charging and discharging) efficiencies than any other solution in the market with a radically simpler and lower cost system topology.
Bi-Direx™' unique "open" controls architecture, and a very cost effective OEM model, allows battery manufacturers and developers of energy storage/energy management systems to access the core power conversion functionality needed to build complete product solutions, at a much lower cost, and with much greater control over total system design, than is possible with any other solution in the market.
Demand for "distributed" energy storage is forecast to total more than 4.5 Gigawatts over the next four years, beginning in Germany, Japan, and the United States, according to London-based IHS Research. Based on estimated market pricing for energy storage electronics - $0.40 - $0.70 per watt - Eguana's addressable market over this period is between $1.8 billion and $3.15 billion.
About EGUANA TECHNOLGIES, INC:
Eguana Technologies designs and manufactures intelligent low-voltage power electronics for distributed smart grid and energy storage applications. High performance "smart" power electronics are critical to the use of grid connected energy storage systems, providing the interface between the system, the power grid and the load.
Eguana's Bi-Direx™ power conversion platform uses proprietary and patented technology to charge and discharge low voltage batteries with higher conversion efficiencies than any other product or combination of products on the market. With Bi-Direx™ technology, energy storage systems can achieve the superior cost safety and design flexibility offered by low voltage battery systems without compromising electrical conversion efficiencies. Eguana's Bi-Direx™ has full smart grid functionality, and is fully compliant with the tough European VDE 4105 interconnection standards, as well as meeting certification standards for North America and Japan.
Headquartered in Calgary, Alberta, Canada, Eguana Technologies is listed on the TSX Venture Exchange (TSX.V: EGT).
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.
Forward-Looking Information
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 Bi-Direx inverter and its value for non-utility scale energy storage systems and statements concerning the size of the market for power electronics for residential and commercial non-utility scale energy storage systems.
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.
