Residential lithium-ion energy storage system maker Eguana Technologies is in the final stages of a development contract with an unnamed renewable energy company to develop a system for the virtual power plant (VPP) market.
The firm expects to begin prototype testing on the new product by the end of March, which will then be distributed through the unnamed partner’s global sales channels, the Canada-based firm announced 20 January.
The product will integrate an energy storage software solution with its 5kW/13kWh Evolve lithium NMC product.
Eguana has received $750,000 of the million dollar-plus deal, with the balance due upon product certification.
The new product will be sold in all ‘major markets’ including the US and Australia,
Justin Holland, CEO at Eguana Technologies, said: “The company has maintained fleet aggregation and virtual power plants will drive substantial growth in all residential markets, this new initiative will deliver certified products perfectly positioning Eguana into both of those segments.
The identity of the partner and subsidiary company cannot be released at this time in order to maintain confidentiality and for competitive reasons.