Fort Capital Partners is pleased to announce that Eguana Technologies Inc. (TSXV:EGT) (“Eguana” or the “Company”) has completed two capital raises for gross proceeds of $2.65 million.
Having achieved a 130% revenue growth in FY 2020, FY 2021 is expected to be a breakout year for the Company, and the proceeds of the offering will be used to expedite the development and launch of a higher power cobalt free lithium iron phosphate storage battery. The Company expects to be the first to market in California with a fully integrated, cobalt-free, whole home back-up solution. The 10kW/28kWh Eguana Evolve will provide clean, reliable power, giving homeowners affordable and renewable energy and peace of mind that their power will always be on.
Eguana provides residential battery storage for solar power, with a primary focus in California, Hawaii, Germany, Australia and Japan. Third party data suggests the residential battery storage market is expected to be over US$15 billion by 2024, and Eguana is one of the two leading players in the Market. Eguana’s relationship with Itochu, a Japanese conglomerate with a market cap of US$39 billion, positions the Company to capture market share, as Itochu focuses on expanding its energy storage capabilities globally.
Fort Capital Securities Ltd. acted as the sole agent to Eguana on the initial raise of $1.15 million and acted as co-lead agent on a second offering of $1.5 million.
“Closing this financing puts us in a position to continue our march towards becoming a pre-eminent hyper-growth player in the energy storage space” said Justin Holland, Chief Executive Officer. “Fort Capital has been instrumental in strengthening our institutional profile, and I thank them for their support and commitment to Eguana throughout the financing process.”