Eguana Technologies (TSXV: EGT) is evidently building out its operations in Australia, unveiling this morning that it has acquired Solarlab Pty Ltd. The company is said to be engaged in energy storage along with residential and commercial solar markets throughout the country.
Established in 2017, Solarlab is said to be focused on the design, sales, installation, and monitoring of such solar and energy storage systems. The firm is a preferred supplier of storage and solar solutions to Embedded Electricity Network operators within the multifamily residential market.
“Solarlab’s team of skilled renewable energy sales and installation professionals in Australia positions Eguana with a direct and improved customer experience with greater control of our ecosystem. Consolidating the design and installation of our energy storage systems strengthens our relationship with utility partners as well as the deployment of virtual power plants, which are set to play a key role in the Australian market,” commented Justin Holland, CEO of Eguana Technologies.
READ: Eguana Reports Preliminary Calendar Q4 Revenue Of $10.3 Million
The acquisition is set to expand channel opportunities for Eguana, especially with home builders within the country, and provide national licensing for electrical, solar, and storage sales and operations. Incremental installation revenue opportunities also exist, while providing vertically integrated services for both utility partners and VPP objectives.
Financial details of the acquisition were not provided.
Eguana Technologies last traded at $0.25 on the TSX Venture.
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