Mr. Justin Holland reports

EGUANA ANNOUNCES DHCT AND CORPORATE UPDATE

Eguana Technologies Inc. has been notified that DHCT II Luxembourg Sarl (in liquidation), an investment vehicle of Doughty Hanson & Co. Technology II (in dissolution), a fund managed by Doughty Hanson & Co. Managers Ltd. (as liquidating trustee), in connection with its previously announced and continuing liquidation of the fund, and the wind-down of its operations, will proceed with a distribution in kind of the common shares that DHCT currently holds in the capital of Eguana. The common shares will be distributed to the underlying investors in the fund consisting of a number of large institutional investors, as well as a small number of individuals affiliated with DHCT.

The distribution is being undertaken in accordance with the fund's confidential governing documents as part of the fund finalizing its windup and dissolution. The distribution is expected to be completed during the month of December, 2023. The common shares transferred to the underlying investors of DHCT will have a four-month-and-one-day hold period. Following the distribution, none of the investors in the fund will become reporting insiders of Eguana.

As a result of the distribution, DHCT will no longer own any shares of Eguana, thereby triggering the termination of the investor rights agreement between the company and DHCT dated Aug. 8, 2019 (as amended). In connection with the termination of the investor rights agreement, DHCT will no longer have a right to appoint a board member, and as a result, Graeme Stening, DHCT's representative on the board, has tendered his resignation, effective immediately. In addition, the single Series 8 preferred share of the company, currently held by DHCT, will be redeemed for cancellation at a price of $1.

"DHCT has been a valued investor in Eguana since 2009, and we are pleased that they decided to pursue a distribution rather than a sale of the fund's shares as part of the ongoing wind-down. Eguana is excited to now be able to engage directly with these institutional shareholders and share our growth strategy, particularly as it relates to utility and virtual power plant execution," stated Justin Holland, chief executive officer of Eguana.

Mr. Holland concluded, "On behalf of the board, we would like to thank Graeme Stening for his many contributions to Eguana, and we wish Mr. Stening and the entire DHCT team well as they proceed with the windup and dissolution of the fund."

DHCT currently exercises control or direction over 91,710,165 common shares of Eguana, which represent approximately 20.9 per cent of the issued and outstanding common shares. Following the distribution, DHCT will cease to have control or direction over any of the common shares.

The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting). Copies of the early warning reports with respect to the foregoing will appear on the company's SEDAR+ profile and may also be obtained by contacting Hansine Ullberg, chief financial officer of the company, at hansine.ullberg@eguanatech.com.

George W. Powlick, a director of Eguana and former managing director of the fund, will receive 2,076,461 common shares as part of the distribution. Mr. Powlick will continue to act as chairman of the company.

About Eguana Technologies Inc.

Eguana (TSX Venture Exchange: EGT) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. The company also markets and sells a suite of microinverter products, which are integrated with its energy storage platform, providing consumers with full solar and storage system architecture, for residential and commercial applications. Eguana has two decades of experience, delivering grid edge power electronics for fuel cell, photovoltaic and battery applications, and delivers proven, durable, high-quality solutions from its high-capacity manufacturing facilities in North America, Europe and Australia.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge. Focused on distributed energy storage applications located at the point of energy consumption, Eguana provides cost-effective solutions to modernize the power grid from the consumer to the electricity retailer, the distribution utility and the system operator.

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