Renewable energy appears the wave of the future – or is the wave already here? In any event, Calgary-based Eguana Technologies Inc. (TSX-Venture: EGT), isn’t waiting around to find out.
EGT announced Monday it has entered into a development contract with a leading renewable energy company, to develop and certify proprietary residential storage systems for distribution.
For confidentiality’s sake, the partner’s name is not being revealed for the time being. But the deal is priced in excess of $1 million, and has received upfront payments of over $750,000 with the balance due upon successful product certification. The partner will distribute and sell the new product solution through their channels.
CEO Justin Holland told investors “The team is excited to integrate a leading energy storage software solution with our Evolve platform for major markets including the United States and Australia”
"Work has commenced and we expect to begin prototype testing by the end of March 2020."
EGT moved into the afternoon session up one cent, or 12.5%, to nine cents, on volume topping 143,000 shares.
