Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced in a news release that it entered into an exclusive agreement with Hanwha Q CELLS GmbH to market, sell and distribute Eguana's Enduro home energy storage system, under the Q CELLS brand, in the European Union, Switzerland and Norway.
Hanwha Q CELLS GmbH, the German subsidiary of South Korea's Hanwha Q CELLS Co. Ltd., is a large solar cell and module manufacturer, according to the release. Also, according to EuPD Research, it was the market leader in Germany's solar module market in 2018, during which it completed installations for more than 15,000 customers.
"This partnership is a natural fit for both companies," Eguana CEO Justin Holland said in the release, referring to his company and Hanwha Q CELLS GmbH. "Home storage systems are included in over 50% of new solar systems currently sold in Germany, and standard solar plus storage packages support the fastest market penetration potential."
Eguana's Enduro is an AC-coupled option that allows homeowners to use their own photovoltaic-generated electricity whenever they need it. This capability lowers utility bills and also provides emergency backup power via an integrated power outlet.
"The Eguana Enduro is the product that best exemplifies our commitment to best-in-class products, quality and reliability for our consumers and Q PARTNERS," Vincent Lim, head of business development and system solutions at Q CELLS, said in the release.
Under the agreement, the initial order is for 500 units, "which extends the exclusivity period into the second contract year, with an additional minimum of 1,500 units through the second contract year for Q CELLS to maintain and extend exclusivity into the third year," according to the release.
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