Mr. Justin Holland reports

EGUANA PROVIDES UPDATE TO EXCLUSIVE MEGAWATT BRITISH COLUMBIA FEEDER PROGRAM

Eguana Technologies Inc.'s targeted feeder program to strengthen the local electricity grid in British Columbia has surpassed half a megawatt of shipped Eguana Evolve systems in 12 weeks. Each installed system delivers monthly recurring revenue to the company for system-level and fleet management services provided by the Eguana hardware (Evolve) and cloud (Exchange/Edge) platforms.

The exclusive program, where advanced batteries are financed by the utility to strengthen two targeted feeders, is operated as part of the utility's demand response program, which reduces the cost of procuring peak power by managing behind-the-meter devices. Battery charge and discharge functions are fully managed through Eguana's Exchange fleet control software by the distributed energy resource management system (DERMS) software partner running the utility demand response program. This project shows how distributed storage delivers multiple value streams, enabling utilities to maximize current grid infrastructure while deferring large capital deployments, improving customer resiliency and avoiding expensive purchases of peaking power.

"Our partners worked diligently to remove a few remaining administrative hurdles through December and January and the program has been continuously picking up pace since," commented Eguana chief executive officer Justin Holland. "We have crossed the half-megawatt line, or over 50 per cent, of the program, with installations being completed daily along with commissioning and DERMS engagement. We expect to see continued growth balance of program with the full megawatt to be shipped and installed by the spring of this year."

The company also confirmed it has recently completed fleet aggregated demand response testing with a utility retailer in California; is in the final planning stages for a late summer rollout in its home province of Alberta to manage a targeted constrained feeder; and was invited to participate a request for proposal (RFP) process with a large Ontario utility, which is expected to be awarded later this year. These near-term objectives are in addition to continuing utility demonstrations in Vermont, Oregon and Nova Scotia.

"We can certainly feel a change in the air as more utilities move towards advanced batteries, integrated with DERMS and ADMS (advanced distribution management system) platforms, to manage near-term capacity and demand peak constraints on the grid," Mr. Holland added.

About Eguana Technologies Inc.

Eguana's vision is to build the grid of the future by delivering flexible, modular and cost-effective alternatives to traditional grid upgrades. The company's technology provides value to all key stakeholders -- from the consumer to the electricity retailer, the distribution utility and the system operator.

Since 1998, Eguana Technologies has connected utilities with consumers through its high-performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end-user and the utility in mind to transition the power grid seamlessly.

Manufactured in local facilities across the globe to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.

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