Mr. Justin Holland reports

SHADOW POWER AND EGUANA PARTNER TO ACCELERATE GRID MODERNIZATION INFRASTRUCTURE

Eguana Technologies Inc. has partnered with Shadow Power, pioneers in developing, owning and operating dynamic fleets of flexible and dispatchable energy resources, to deploy fleets of distributed energy storage systems as grid modernization infrastructure.

Through the partnership, Shadow will deliver financial solutions for utilities and homeowners avoiding the need for stakeholders to use their own capital for asset deployment, and will dispatch the fleets using Shadow developed software technology optimized for specific utility requirements. Eguana will deliver the advanced energy storage systems for behind the metre installations using its own fleet management software and services to ensure peak value to stakeholders. The fleets will manage local peaks and defer traditional capital investments for utilities while delivering resiliency and grid capacity on existing grid infrastructure.

Recent changes to the energy storage investment tax credit (ITC) rules in the United States recognize that individually owned energy storage systems have made limited contributions to grid modernization and have refocused tax credits on corporate ownership models. Corporate owners are willing and able to stack value streams created withing advanced battery fleets, maximizing the return on investment and productivity.

"We were looking for a partner with utility experience that could deliver the full suite of virtual power plant capabilities and the Eguana solutions have been tried and tested in utility environments for many years," commented Michael Ruehlman, chief executive officer at Shadow.

Eguana CEO Justin Holland added, "Shadow's third party ownership model simplifies the sales process and bridges a clear gap in the market for utilities that need advanced battery capability throughout the feeder system to extract additional value from current grid infrastructure, especially in deregulated market that cover the largest populations."

The initial partnership agreement has a target of $75-million investment across several market opportunities in the United States and Canada over the next 18 to 24 months.

About Shadow Power

Shadow Power is pioneering the development of resilient, reliable power plants through the aggregation of distributed energy resources. By providing bidirectional energy-as-a-service, Shadow Power enables energy companies and their customers to optimize grid interactions, enhance energy reliability and maximize the value of their assets. With advanced software solutions and a commitment to sustainability, Shadow Power is shaping the future of energy markets.

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. Eguana'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 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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