Eguana Tech Receives $6.0 Million First Order Under PowerCenter+ Partnership
Eguana Technologies (TSXV: EGT) has received its first purchase order under its previously announced arrangement with PowerCenter+, the firm behind the Duracell Home Entergy Storage platform. The duo currently have in place a manufacturing and licensing agreement related to Eguana’s 5kW and 10kW home battery systems.
Under the opening order, PowerCenter+ has ordered a total of 500 units, which are said to represent 2.5MW. In dollar terms, the initial order is said to be valued at roughly $6.0 million, and marks the first such order under what is expected to amount to a minimum of 10,000 units within the first three years of the arrangement.
The initial order is believed to be just for 5kW systems developed by Eguana, with the 10kW system expected to launch in January once final certification is completed.
Commenting on the order, Eguana CEO Justin Holland stated, “Initial market feedback has been outstanding and our expectation is to see increasing orders quarter over quarter as we continue gaining momentum in the market. Brand management will also be key to achieving our growth objectives as we onboard additional channels and branches into the Eguana Certified family, and maintain product availability balance through supply chain activities for consistent and measurable growth.”
Eguana Tech last traded at $0.465 on the TSX Venture.
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