This morning Eguana Technologies (TSX.V: EGT) announced they have expanded their Evolve residential product line with the introduction of the Evolve LFP energy storage system. The new system will be available immediately to solar dealers and wholesale distributors in both the United States and Caribbean markets. This cobalt free lithium iron phosphate becomes the first home battery offered to consumers with this battery chemistry.
The result of the new storage system is due to increasing market requests for a Cobalt free LFP based solution. In the company statement, Eguana CEO Justin Holland stated, “Our advanced technology platform lends itself to easy integration with different battery chemistries and energy management software which, provides for a standardized price point for both the NMC (Nickel Manganese Cobalt) and LFP products. The development team also maintained all key product advantages including: expandable and modular battery capacity, remote diagnostics and analytics, and quick and simple installation.”
The Evolve LFP is already certified in North America and the company states they will complete Australian certification this coming October. Based on early market feedback, the introduction of the LFP system will make Eguana’s Evolve the ideal solution for residential solar and electrical contractors.
Just like the original Evolve, the battery will be scalable from 14 to 42 kWh, have an expected life of 15 years, and will be virtual power plant enabled (a stream investors are keenly watching).
At the time of publishing Eguana common stock is up 12% to 14c.
FULL DISCLOSURE: Eguana Technologies is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Eguana Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
