Eguana completes $10 million loan deal with Western Technology Investment

Calgary, Alberta–(Newsfile Corp. – April 4, 2022) – Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) (the “Company” Where “Eguana“) is pleased to announce that it has entered into a general working capital loan agreement of up to $10,000,000 (the “Ready“) on April 1, 2022, with Silicon Valley-based Western Technology Investment (the “Lender“).

We have accelerated the full turnkey manufacturing and supply chain activities of Omega EMS and this growth capital will be immediately used to support further increases in production capacity, Enfuse launch volumes and the supply of battery modules,” commented Eguana CEO Justin Holland. “WTI has remained a key partner with Eguana for several years, recognizing the strategic market position the team has established and the near-term revenue opportunities with storage solutions and the launch of the microinverter. “

Loan details

The Loan takes priority over all assets of the Company and its material subsidiaries. During the week of April 4, 2022, the Company intends to draw US$5,000,000 under the loan. An additional amount of US$5,000,000 is available until August 31, 2022, if the Company has revenues of at least CA$14,000,000 between May 1, 2022 and July 31, 2022, and if the Company has unrestricted cash of C$10,000,000 at the time of the draw. Each drawdown will bear interest at a rate of 12% per annum, with interest only payments being paid during the first six months, followed by principal and interest payments being paid in equal installments over a 30-month period beginning on 6- anniversary month of the draw concerned. The Company may prepay the Loan by paying all scheduled but unpaid payments, subject to staggered discount on future interest due based on the date of repayment.

In return for the advance of the Loan, the Company issued ordinary share subscription warrants (the “Mandates“), allowing the lender to purchase up to a maximum of 4,934,309 common shares of the Company at a price of $0.355 per common share for a period of five (5) years from the date of the loan, with 50% of the Warrants vest immediately and 50% of the Warrants vest pro rata to subsequent drawdowns under the loan Warrants and the underlying common shares are subject to a maximum hold period under applicable securities laws four months and one day from their date of issue Unexercised Warrants vested will be exchangeable, at the option of the holder, after the first of a liquidity event for the Company and on September 30, 2025, for an amount equal to the sum of: (i) USD 1,500,000; and (ii) the product obtained by multiplying USD 1,500,000 by the percentage of the principal amount of the Loan actually advanced by the Lender compared to $10,000,000.

In connection with the Loan, the Company has granted the Lender the right to invest in future offerings of ordinary shares of the Company, on the same terms and conditions as those offered to other subscribers, up to the greater of : (i) US$250,000; and (ii) the amount required for the lender to maintain its fully diluted pro rata ownership position in the company.

About Western Technology Investment

Founded in 1980, Western Technology Investment (WTI) pioneered the concept of venture capital debt. The company provides minimally diluted, truly usable capital to high-growth, public and private, technology and life sciences companies. For more information, visit

About Eguana Technologies Inc.

Based in Calgary, Alberta Canada, Eguana Technologies (TSXV: EGT) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience supplying grid edge power electronics for fuel cell, photovoltaic and battery applications, and provides proven, durable and high quality solutions from its manufacturing facilities. high capacity in Europe, Australia and North America.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is a leading provider of power controls for solar self-consumption, grid services and off-grid charging applications. demand at the network edge.

To learn more, visit or follow us on Twitter @EguanaTech

Company Information

justin holland
CEO, Eguana Technologies Inc.
[email protected]

Forward-looking statements

Certain information contained in this press release constitutes forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of Canadian securities laws, and is subject to numerous risks, uncertainties and assumptions, many of which are beyond the Company’s control. Such forward-looking information includes, among other things, information regarding the Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “should”, “suspect”, “intend”, “believe”, “anticipate”, “estimate”, “expect”, “intend of”, “plan”, “target” and similar words and expressions are used to identify forward-looking information, including the use of loan proceeds, timing of first drawdown and near-term revenue opportunities of the Company . The forward-looking information contained in this press release describes the Company’s expectations as of the date of this press release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Important factors that could cause actual results or events to differ materially from such forward-looking information include, among others, the Company’s ability to engage and retain key qualified personnel, employees and affiliates, obtain capital and credit and to protect their property rights.

The Company cautions that the foregoing list of important factors is not exhaustive. When relying on the Company’s forward-looking information to make decisions, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the important factors referred to in the preceding paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of such factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

The forward-looking statements contained in this press release represent the Company’s expectations as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. Although the Company may choose to do so, it does not undertake to update this information at any given time.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

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