Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTCQB) announced in a news release it secured three new agreements for an aggregate amount of at least $12.6 million.
They consist of a master supply agreement with Hanwha Q Cells for Europe, a contract with the South Australian government for its early entry into the South Australian Home Battery Scheme and a distribution agreement with Australia-based AC Solar Warehouse for its debut in the Australian residential energy storage market.
These developments came after Mercedes Benz Energy (MBE) ended its prior arrangement with Eguana because MBE decided to exit the residential battery market.
Per the terms of the termination agreement between the two companies, Eguana returned test units and a corresponding $10,000 credit note to MBE. MBE paid Eguana a €700,000 termination fee, endorsed Eguana as a preferred energy storage solution, gave Eguana a full engineering report of all tests performed during the validation phase and transferred to Eguana its global energy storage sales system pipeline.
Due to MBE terminating its supply agreement with Eguana early, the energy storage company did not realize the anticipated MBE contract value of $13 million.
However, the company noted that it was with the help of MBE's endorsement, engineering report and sales pipeline that Eguana landed the new contracts in Europe and Australia. Already from those, Eguana received $637,054 in revenue and expects the remainder by 2021.
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