CALGARY, Alberta, March 04, 2019 (GLOBE NEWSWIRE) — Hanwha Q CELLS GmbH and Eguana Technologies Inc. (TSX.V:EGT) (OTCQB:EGTYF) are pleased to announce that the companies have entered into an exclusive agreement to market, sell, and distribute the Eguana Enduro Home storage system throughout the European Union, Switzerland, and Norway under the Q CELLS brand. Hanwha Q CELLS GmbH (“Q CELLS”), the German subsidiary of Hanwha Q CELLS Co., Ltd. (“Hanwha Q CELLS”), one of the largest solar cell and module manufacturers in the world, is recognized as the market leader in Germany’s solar module market in 2018, according to EuPD Research.
“Q CELLS is the current European market leader for residential rooftop PV installations, a position that has been achieved through superior products and the development of the Q.PARTNER network,” stated Eguana CEO Justin Holland. “Home storage systems are included in over 50% of new solar systems currently sold in Germany and standard solar+storage packages support the fastest market penetration potential. This partnership is a natural fit for both companies and we look forward to working closely with the Q CELLS team.”
The Enduro is a fully integrated AC-coupled solution for the European self-consumption market, which allows homeowners to use their own PV electricity whenever they need it – night or day – which significantly reduces utility bills, while providing emergency back-up power through an integrated power outlet.
“Q CELLS searched the market for an AC-coupled solution that could be incorporated into our Q.HOME package. We believe that the Eguana Enduro is the product that best exemplifies our commitment to best-in-class products, quality, and reliability for our consumers and Q. PARTNERS,” said Vincent Lim, Head of Business Development and System Solutions at Q CELLS. “Our 2018 residential installations across Europe surpassed 15,000 customers. The addition of the Eguana Enduro to our Q.HOME package will allow us to continue this growth trajectory and maintain our leadership position.”
The agreement has an initial order quantity of 500 units, which extends the exclusivity period into the second contract year, with an additional minimum of 1,500 units through the second contract year for Q CELLS to maintain and extend exclusivity into the third year.
“This partnership with Q CELLS will put our Enduro product immediately in front of more than 1,000 installers across the region, with over 600 in Germany alone. We are looking forward to helping Q CELLS meet and exceed its sales targets,” added Martin Duerr, Director Business Development at Eguana.
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