Shadow Power and Eguana Partner to Accelerate Grid Modernization Infrastructure

Calgary, Alberta–(Newsfile Corp. – February 9, 2026) – Eguana Technologies Inc. (TSXV: EGT) (“Eguana” or the “Company“), a leading provider of high-performance energy storage systems, is pleased to announce it has partnered with Shadow

Through the partnership, Shadow will deliver financial solutions for utilities and homeowners avoiding the need for stakeholders to use their own capital for asset deployment and will dispatch the fleets using Shadow developed software technology optimized for specific utility requirements. Eguana will deliver the advanced energy storage systems for behind the meter installations using its own fleet management software and services to ensure peak value to stakeholders. The fleets will manage local peaks and defer traditional capital investments for utilities while delivering resiliency and grid capacity on existing grid infrastructure.

Recent changes to the Energy Storage investment tax credit (ITC) rules in the US recognize that individually owned energy storage systems have made limited contributions to grid modernization and have re-focused tax credits on corporate ownership models. Corporate owners are willing and able to stack value streams created withing advanced battery fleets, maximizing the return on investment and productivity.

“We were looking for a partner with utility experience that could deliver the full suite of virtual power plant capabilities and the Eguana solutions have been tried and tested in utility environments for many years,” commented Michael Ruehlman, Chief Executive Officer at Shadow.

Eguana CEO Justin Holland added: “Shadow’s third-party ownership model simplifies the sales process and bridges a clear gap in the market for utilities that need advanced battery capability throughout the feeder system to extract additional value from current grid infrastructure, especially in deregulated market that cover the largest populations.”

The initial partnership agreement has a target of $75M investment across several market opportunities in the United States and Canada over the next 18-24 months.

About Shadow Power

Shadow Power is pioneering the development of resilient, reliable power plants through the aggregation of distributed energy resources. By providing bi-directional energy-as-a-service, Shadow Power enables energy companies and their customers to optimize grid interactions, enhance energy reliability, and maximize the value of their assets. With advanced software solutions and a commitment to sustainability, Shadow Power is shaping the future of energy markets. Learn more at www.shadowpower.com.

About Eguana Technologies Inc.

Eguana’s vision is to build the grid of the future by delivering flexible, modular, and cost-effective alternatives to traditional grid upgrades. Our technology provides value to all key stakeholders — from the consumer, to the electricity retailer, the distribution utility, and the system operator.

Since 1998, Eguana Technologies has connected utilities with consumers through its high-performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end user and the utility in mind to transition the power grid seamlessly.

Manufactured in local facilities across the globe to ensure compliance and quality, Eguana’s standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.

To learn more, visit www.EguanaTech.com or follow us on LinkedIn or @EguanaTech on X.

Forward-Looking Statements
The reader is advised that all information herein, other than statements of historical fact, may constitute forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning assigned by National Instrument 51-102 – Continuous Disclosure Obligations and other relevant securities legislation. In particular, forward-looking statements include, among other things, statements regarding the date or speed for the deployment of solutions with utilities and its anticipated effects, the various benefits associated with the VPP aggregated storage systems, fleet management and feeder load balancing, the effects of the Company’s integrated cloud platform, successful integration with DERMS and benefits to consumers and utilities, the success of marketing efforts, the anticipated benefits of the contract with the utility partner and that the Company will be able to fulfil its obligations under the contract, that the Company’s grid transition partners will recognize the benefit of Eguana’s hardware and software development in North America, the success of product demonstrations, cash flow constraints, and product solutions, strategy and development.

Forward-looking statements are not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Such factors include, but are not limited to, risks associated with: failure by the Company to improve cash flow which would have a material adverse impact on the viability of the business to continue operating; timely collection of accounts receivable; ability to raise capital in debt or equity, as needed, on appropriate terms; effective implementation and deployment of Eguana’s products and solutions and building additional partnerships and developing existing partnerships; general economic, market and business conditions; competitive factors; achieving strategic objectives; inability to or delays in sourcing materials; production delays or certification delays: the Company’s ability to roll out additional utility pilot programs and demonstrations or deployment; the operational effectiveness and efficiency of the products when in use by utilities; a slower adoption of energy storage technologies and other factors set out in the “Risk Factors” section of the Company’s management’s discussion and analysis for the three and six months ended June 30, 2024 and Company’s management’s discussion and analysis for the year ended December 31, 2023, which may be found on its website or at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283182

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