Eguana Technologies (TSXV: EGT) has reportedly entered into a master licensing agreement with that of E-Gear LLC, whom it has partnered with in Hawaii. The licensing pertains to certain software developed by E-Gear.
The arrangement will see the integration of energy asset management and aggregation technology developed by E-Gear into the residential energy storage solutions that have been developed by Eguana. The arrangement will see Eguana have the ability to further alter the tech developed by E-Gear to better suit its application.
“For Eguana, incorporating these capabilities into our residential and commercial storage solutions enables us to take direct control of the customer experience and create valuable virtual power plant assets. By optimizing the supply of power into the grid, we will create new and recurring revenue opportunities both for ourselves and our customers,” commented Justin Holland, CEO of Eguana, within the announcement.
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While Eguana will have access to this tech, E-Gear will still retain the ability to develop and utilize the tech in its own product lines, while also remaining as the owner of the original source code. The tech is believed to pertain to advanced grid services, and how the energy storage solutions interacts with the grid.
Terms of the arrangement were not disclosed.
The arrangement follows the announcement in early July that Eguana has been selected to work with the state of Hawaii’s Public Utility Commission. The company has received a $3.6 million first order under a program with the commission, for which E-Gear’s tech is believed to be utilized.
Eguana Technologies last traded at $0.29 on the TSX Venture.
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