Energy Tech Co. Finds Excellent Growth Opportunity in US$100B Utility Sector

1. Eguana Technologies Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Eguana Technologies Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Eguana Technologies Inc. (EGT:TSX.V; EGTYF:OTC), a leading provider of high-performance energy storage systems, announced it has formed a partnership with Shadow Power, innovators in developing, owning, and operating dynamic fleets of flexible and dispatchable energy resources, according to a February 9, 2026, release.

The companies will collaborate to deploy fleets of distributed energy storage systems as part of grid modernization infrastructure, the release said.

Through this collaboration, Shadow will offer financial solutions for utilities and homeowners, eliminating the need for stakeholders to use their own capital for asset deployment. Shadow will also manage the fleets using its proprietary software technology, optimized for specific utility needs.

Eguana will supply the advanced energy storage systems for behind-the-meter installations, utilizing its own fleet management software and services to ensure maximum value for stakeholders, the company said. These fleets will manage local peaks and defer traditional capital investments for utilities while enhancing resiliency and grid capacity on existing infrastructure.

"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," said Shadow Chief Executive Officer Michael Ruehlman.

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 markets that cover the largest populations."

Recent changes to the Energy Storage Investment Tax Credit (ITC) rules in the U.S. acknowledge that individually owned energy storage systems have made limited contributions to grid modernization. The focus has shifted to corporate ownership models, where corporate owners can stack value streams within advanced battery fleets, maximizing return on investment and productivity.

The initial partnership agreement between the companies aims for a US$75 million investment across several market opportunities in the United States and Canada over the next 18-24 months.

Shadow Power is at the forefront of developing resilient, reliable power plants through the aggregation of distributed energy resources, the release said. By providing bi-directional 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.

Eguana Reports Increasing Revenue

In December 2025, the company announced its financial results for the third quarter ending September 30, 2025. Eguana reported year-to-date revenue of CA$2.06 million, representing a 310% increase compared to the same period in 2024. Revenue for the third quarter was CA$132,000, an 8.3% rise from the same quarter in September 2024.

"We are very excited to continue our fleet expansion as we enter the winter peak season in British Columbia," Holland said at the time. "Through this season, we will continue demonstrating the performance and capability of Eguana's feeder support solutions, clearing a path for expanded deployments in B.C. along with other utility partners across North America."

The release noted that the year-to-date gross margin improved to 42%, up from a negative 66% in the previous year, largely due to the acquisition of discounted finished goods from a former partner in 2024. The Q3 2025 gross margin was negative 16%, compared to negative 139% in September 2024. This was impacted by the standard quarterly warranty provision and low sales volume. Without the warranty accrual, the adjusted gross margin was 31%.

The rapid transition to renewable energy, especially with the advent of Electrification 2.0, is transforming how utilities plan and manage the grid, according to a recent blog post by Nick Tumilowicz, Director of Product Management for Itron, and Brent Harris, Founder and Chief Operating Officer of Eguana.

The companies are working together to address the demands of this accelerated energy shift. As electrification expands to include vehicles, heating, and industrial processes, utilities are experiencing load growth rates not seen in decades, they noted.

"The challenge now is to extract more capacity from existing infrastructure without overbuilding," they explained. "Deploying demand-side management (DSM) at scale, along with reliable Distributed Energy Resources (DERs), is crucial to the success of these efforts. This also requires smarter orchestration of grid-edge assets through modern operations equipped with real-time visibility, forecasting, and control — capabilities now made possible through scalable, utility-grade platforms like Itron's Grid Edge Intelligence portfolio."

As the grid faces unprecedented pressure from Electrification 2.0, the role of DERs must evolve, they observed. It's no longer sufficient to reduce demand during peak hours; customer-sited resources must now interact with utility operational systems in real time, ensuring reliable performance, verifiability, and cybersecurity.

"Unlike thermostats, managed EV charging, and other deferrable loads, distributed energy storage is the only behind-the-meter asset currently capable of both absorbing and delivering power on demand," the blog stated. "This makes it uniquely suited to support real-time DER coordination, local capacity relief, and grid-edge optimization."

Expert: Co. Is Key Player in Energy Transition

¹According to an analysis by John Newell of John Newell & Associates on September 26, Eguana has already deployed thousands of its proprietary systems across North America, Australia, and Europe, establishing itself as a key player in the rapidly evolving energy transition.

By integrating high-performance storage technology with virtual power plant (VPP) fleet management software, Eguana is targeting both utility-scale distributed resource aggregation and consumer backup markets. By providing on-site energy capacity exactly where it is most needed, Eguana connects consumers, contractors, and utilities, offering essential solutions as electricity demand rises in the era of electrification, Newell wrote.

Eguana's business model addresses one of the most pressing challenges utilities face today: managing the increasing electricity demand from the electrification of vehicles, heating, and industrial systems without resorting to costly centralized infrastructure expansion, the expert said. Its distributed energy storage systems can absorb and deliver power on demand, creating flexible grid-edge capacity that supports real-time load balancing, local resiliency, and the integration of renewable energy sources.

The company's systems go beyond consumer backup products; they are designed for utility-grade reliability, supporting applications such as local capacity relief, fast frequency response, and integration with virtual power plants, he said. Eguana has validated its technology through partnerships with global leaders and utilities like Mercedes-Benz, BC Hydro, and Itron, Newell noted. The collaboration with Itron successfully integrates Eguana's storage solutions directly into AI-driven smart meters using open standards.

"This interoperability allows utilities to control distributed resources with greater visibility and security, opening the door to scaled adoption," Newell wrote. "With a production capacity of over 24,000 systems annually and relationships with major North American utilities, Eguana is positioned to scale into a utility-driven market projected to exceed +US$100 billion by 2030."

With fundamentals aligned to a market opportunity exceeding US$100 billion and strong momentum from the energy transition, Eguana Technologies Inc. was rated as a Speculative Buy by Newell.

The Catalyst: Transforming Nation's Load Profile at an Unprecedented Pace

The Energy Information Administration (EIA) recently published its January 2026 "Short-Term Energy Outlook," offering initial insights into 2027, according to a report by Sarah Montalbano on January 20 for IndependentWomen.com.

The EIA predicts the strongest four-year growth in U.S. electricity demand since 2005-2007, driven by data centers. This anticipated growth in electricity demand signals economic strength. Data centers, advanced manufacturing, and energy production are expanding because the U.S. remains a prime location for business.

Electricity consumption is projected to grow by 1% in 2026 and by 3% in 2027, with growth concentrated in the commercial and industrial sectors, primarily in the southwest and northeast, the report noted. In 2025, commercial electricity growth increased by 2.4%, with the same forecasted for 2026 and 4.3% in 2027. Industrial growth rose by 1.7% in 2025 and is expected to grow by 1.6% in 2026 and 3.4% in 2027.

After decades of relatively stable electricity demand, the U.S. is now entering a period of rapidly increasing consumption, according to a report by Sunny Park for BloombergNEF on January 9.

The emergence of AI-driven data centers, electric vehicles, and distributed generation and storage is transforming the nation's load profile at an unprecedented pace. Hotter summers are leading to greater air conditioning use, while the initial phases of industrial electrification are adding more pressure to an already strained grid system.

The transportation sector continues to evolve swiftly, with global electric vehicle sales reaching new records in 2025, and two- and three-wheeled electric vehicles gaining popularity, especially in developing countries. In the US, however, the growth in EV sales has been more moderate as the industry faces significant new policy challenges from Washington.

Ownership and Share Structure²

About 3% is owned by management and insiders, and 15.16% is held by the Japanese ITOCHU Corp.

The company's market cap is CA$4.97 million. Its 52-week range is CA$0.06 and CA$0.23.