Eguana Technologies Inc. (TSX-V: EGT; OTCQB: EGTYF), a portfolio company of Doughty Hanson & Co., has entered into a loan agreement for general working capital for up to US $3,000,000 with Western Technology Investment (WTI).
As consideration for the advance of the loan, which is secured against Eguana and its material subsidiaries, Eguana Technologies has issued common share purchase warrants entitling WTI to acquire up to 2,951,733 common shares at $0.17 per common share for a period of five years from the date of the loan.
Portola Valley, California based Western Technology Investment pioneered the concept of venture debt. The firm provides minimally dilutive, truly usable capital to high-growth, public and private, technology and life science companies.
Doughty Hanson & Co. through DHCT II Luxembourg S.a.r.l. Luxembourg controls 28% of Eguana Technologies outstanding shares (as of October 23, 2017).
photo credit: Eguana Technologies
Eguana enters into US$3 million Growth Loan Agreement with Western Technology Investment
CALGARY, Alberta, Dec. 20, 2017 — Eguana Technologies Inc. (the “Company” or “Eguana”) (TSX-V:EGT) (OTCQB:EGTYF), one of the leaders in power conversion and control systems for distributed energy storage is pleased to announce that it has entered into a loan agreement for general working capital for up to US$3,000,000 (the “Loan”) on December 20, 2017 with Silicon Valley based Western Technology Investment (the “Lender” or “WTI”).
“We are excited to partner with an experienced growth lender who understands the important role technology will play in the energy storage movement and has a history of backing successful technology companies,” stated Justin Holland, CEO of Eguana Technologies. “Proceeds will immediately allow additional container shipments to Hawaii and provide a smooth transition to our contract manufacturer to manage our near-term growth projections in Australia and Europe. Additionally, we will be in position to replace the balance of prior participating debentures with a lower effective interest rate.”
As consideration for the advance of the Loan, which is secured against Eguana and its material subsidiaries, the Company has issued common share purchase warrants (the “Warrants”), entitling the Lender to purchase up to an aggregate of up to 2,951,733 common shares of the Company at a price of $0.17 per common share for a period of five (5) years from the date of the Loan.
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) pioneered the concept of venture debt. The firm provides minimally dilutive, truly usable capital to high-growth, public and private, technology and life science companies. For more information, please visit westerntech.com.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX-V:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years’ experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech
CEO, Eguana Technologies Inc.
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 news release.
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