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Independent Reviews for Venture Investors

EGT.V - Charging.

Eguana Technologies Inc. (EGT.V) designs and manufactures power controls for energy storage applications. Coverage was initiated on July 2017 with notes on January 2018 , February 2018, and June 2018. Since then, theses releases were issued.

Jun. 28 - Calix Infrastructure to distribute in the Benelux region covering Belgium, the Netherlands, Luxembourg and northern France.

July 12 - Complete distribution agreement with Icarus Enerji covering Turkey and Middle East, Africa and Central Asia.

July 23 - Partners with Creative Solar USA in Georgia.

July 25 - Affordable Solar to distribute Evolve in the Cayman, and Turks and Caicos Islands.

July 26 -Master Distributor agreement with Maximo Solar in Puerto Rico.

Aug. 1 - Confirms Additional Volume Orders for the Hawaii Market -Hawaiian Electric’s new CGS+ program - reduce export rate for solar power.

Aug. 7 - Partners with Nu-NRG Group To Expand Distribution In Eastern Canada.

Aug. 14 - Announces over $3 Million in July Sales - way above its first two fiscal quarter results of $2.4 million and expects an additional $3 million for the balance of the fiscal year. Report recurring orders initiation along with 12 new distribution and installer partnerships with more to come.

Aug. 20 - Continues US Solar Dealer Expansion to Include California, Florida and Bermuda: Mimeos Sustainability, BE Solar, and Solar Direct.

Aug. 22 - Doughty Hanson Injects $1.3 million Working Capital Loan to Eguana. DHCT II Luxembourg SARL (the “Lender” or “Doughty Hanson”) receive 1.2M of non-transferable shares at $0.21 cents. Company confirmed it has executed a $0.75M USD second tranche draw of the previously announced loan agreement with Silicon Valley based Western Technology Investment.

Aug. 23 - Announces Q3 2018 Earnings and Provides Outlook: Achieved third straight quarter of +$1 million in revenue Outlook for remainder of calendar 2018 Rapid revenue increase from new distribution and installer partnerships.

Sept 13 - Evolve now available across Australia through AC Solar Warehouse. Australia is the world’s fastest growing market for residential energy storage and is driven by a combination of factors (including tariffs) that exist individually in other markets.

Sep. 17 - CED Greentech OC Offers Evolve Residential Energy Storage System. Initial product shipments, technical training and product certification have been scheduled to take place in the current month.

Sep. 25 - Renew Partnership with Swell Energy to Include the Evolve Smart Energy Storage System. To date, Swell Energy has built a pipeline of over 35 MWh of residential energy storage projects in California. Swell’s virtual power plant will include more than 2,500 homes across California, making this the largest fleet of home batteries in North America providing grid services.

Oct. 3 - Ameresco Begins Distribution of Eguana’s Evolve Residential Energy Storage System. Initial product certification training is scheduled to take place on October 5th, 2019 at Ameresco’s Temecula, California facility.

Oct. 11 - Appoints Former Mercedes-Benz Energy Executive as Chief Sales Officer Mr. Brunner as Chief Sales Officer and Dr. Rueckemann as Director of Sales Europe. EGT.V confirms its commercial system (Elevate), will be certified for Europe and Australia for roll-outs in spring of 2019.

Nov. 1 - BayWa r.e. Solar Systems Australia begins National Distribution of the Eguana Evolve. “First orders have been received, with the first container shipment scheduled in early December 2018, after product and installation training have been completed."

Nov. 6 - Confirms Additional Orders as Global Partnerships. Continue to Expand The Company has confirmed it has added an additional $2.5 million in sales orders commencing August, with approximately 80% represented by re-orders from existing customers.

In addition, Eguana, through its standardized on-boarding and web-based training platform, has trained and certified over 150 technicians, installers and distribution partners in the US and Australia. EGT.V also reported an order book of about $6 million over the last 120 days, and over 25 new partner companies certified under the Eguana training program.

The Company has also confirmed product shipments relative to July orders began in September, with volume shipments expected to commence to Puerto Rico, Hawaii, and Australia in November and December. In anticipation of the increased demand, the Company has received its final US$750,000 tranche from lending partner WTI to support working capital requirements.

Nov. 19 - Approved for South Australia Home Battery Scheme and CEFC home battery financing providing direct access to $100 million in subsidies and low interest loans for residential battery storage.

Nov. 26 - Frankensolar Americas Now Offering Eguana’s Evolve & Elevate Storage System to Contractor Network in Canada. The primary applications in the Canadian market are solar self-consumption, demand charge management and backup power.

Nov. 27 - Confirms Volume Shipments to Maximo Solar to Puerto Rico. The Companies have also confirmed an additional container of Evolve systems are in transit with further shipments expected to take place in December.

Additionally, the companies have agreed that effective January 2019, Evolve will be available to Maximo Solar’s network of resellers and contractors located in Puerto Rico, Florida, USVI, BVI and other select markets.

Dec 4 - Partners with Solarspot to Deliver Home Batteries in South Australia. Evolve Home Energy Storage System is immediately available to home owners in South Australia under the Marshall government’s Home Battery Scheme.

Dec. 6 - AC Solar Warehouse to support Eguana’s South Australia launch.

Dec. 17 - Grants Key Employees Stock Options for 2018 1,5M shares at $0.20 per share. 0.85M shares to directors and officers.

In the last six months, EGT.V has delivered on revenue growth and expanding its distribution network. The day before the Q3 earning release, a further commitment by DHCT II Luxemborg SARL for $1.3M was reported. Nonetheless, in the Q3 earnings growth was evident. EGT.V reported $1.35M in revenue for Q3 2018 vs. $0.178M in Q3 2017, and $3.7M vs. $0.778M for the respective nine month periods.

While, EGT,V still shows a net loss it has been drastically reduced from previous quarter; $0.21M in Q3 2018 vs. $1.14M in Q3 2017. However, for the respective nine month periods those losses remained flat at $3.1M (2018) vs. $3.2M (2017). These are mostly related to expenses. Also worth noting is that cash on hand continues to be steady at $0.7M for both the quarters and year over year nine month period.

On the distribution front, EGT.V made numerous announcements. In addition to delivering on orders in Hawaii, the company made significant advances in Australia with numerous partners. Most importantly EGT.V received an approval with the South Australian Home Battery Scheme and CEFC Home Battery Financing which provides them access to $100M in subsidies.

In addition, EGT.V added a number of partners in some key jurisdiction such as: Benelux, Turkey, Middle East, Africa, Central Asia, Georgia (USA), Cayman, Turks and Caicos, Puerto Rico, Canada, California, Florida, and Bermuda amongst others.

Mackie Research recently reiterated a $0.70 cent target. In his note Nikhil Thadani cited: "the positive South Australian program inclusion could lead to additional order intake of ~$5 million in early C2019, i.e., double EGT's existing order book". He stated that he believes that the quarterly revenue will likely to be within the $2-$3M range in 2019. He also indicated that EGT.V will likely be re-valuated by the market.

The key factor in EGT.V's re-valuation will be related to its ability to maintain and lower expense as it scale on revenue. As a result, we believe that the target cited should be more within $0.40 to $0.60 cents. Either way, EGT.V is no doubt set for a price increase in 2019. As evidenced by the chart, valuation remained flat for the period but accumulation has been ongoing for five months ending with the most recent market correction.

While the market is flickering, EGT.V is indeed charging on many fronts.

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The content of rally is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions - rally cannot take responsibility for your investment decisions.


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