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Eguana Technologies Inc. (“Eguana” or the “Company”) (TSXV: EGT) (OTCQB: EGTYF) has announced the closing of a strategic investment of C$33.0 million by ITOCHU Corporation (“ITOCHU”) in the form of an unsecured convertible debenture of the Company (the “Financing”) on the terms previously disclosed in its August 26th announcement.
ITOCHU’s investment is expected to expand the two companies’ long-term relationship and significantly increase Eguana’s immediate access to working capital to achieve business growth objectives globally.
“ITOCHU, a key partner of Eguana for many years, remains at the global forefront of the renewable energy transition with expertise and access throughout the entire renewables supply chain,” commented Justin Holland, CEO of Eguana. “Growth capital of this magnitude will allow us to accelerate key inventory investments across all product lines and expedite Eguana Cloud and battery module/battery management system development,” Holland added.
The use of proceeds from the Financing will be allocated to fund working capital and general corporate expenditures of the Company.
Fort Capital Partners acted as sole financial advisor to the Company, Minden Gross LLP acted as legal counsel to the Company, and Blake, Cassels & Graydon LLP acted as counsel to ITOCHU in connection with the Financing.