Eguana Technologies Inc. — Share Issue/Capital Change 2025

Apr 9, 2025

Form 51-102F3
Material Change Report

Item 1 Name and Address of Company
Eguana Technologies Inc. (the “Company”)
Unit 3636, 7th Street SE
Calgary, AB T2G 2Y8

Item 2 Date of Material Change
April 4, 2025

Item 3 News Release
A news release (the “News Release”) was filed on April 2, 2025 under the Company’s profile on the System for Electronic Document Analysis and Retrieval + and was issued through the facilities of a recognized newswire service on April 2, 2025.

Item 4 Summary of Material Change(s)
On April 2, 2025, the Company announced the effective date of a consolidation (the “Consolidation”) of the Company’s issued and outstanding common shares (the “Common Shares”) on the basis of one post-Consolidation Common Share for every ten pre-Consolidation Common Shares. The Consolidation became effective on April 4, 2025.

Item 5 Full Description of Material Change

5.1 Full Description of Material Change(s)
Please see the News Release attached as Schedule “A” hereto.

5.2 Disclosure for Restructuring Transactions
Not applicable.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.

Item 7 Omitted Information
Not applicable.

Item 8 Executive Officer
Justin Holland, Chief Executive Officer
Telephone: (416) 728-7635

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Item 9 Date of Report

April 9, 2025

2

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SECTION 2

SCHEDULE "A"

Eguana Announces Effective Date of Consolidation

Calgary, Alberta--(Newsfile Corp. - April 2, 2025) - Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) ("Eguana" or the "Company"), a leading provider of high-performance energy storage systems, is pleased to announce it has received approval from the TSX Venture Exchange to consolidate the Company's common shares on the basis of one new common share for every ten outstanding common shares (the "Consolidation").

The Consolidation will take effect at the start of trading on or about Friday, April 4, 2025, and the Company will trade under new CUSIP/ISIN numbers 282365501/CA2823655014. As a result of the Consolidation, the 451,956,022 common shares issued and outstanding prior to the Consolidation will be reduced to approximately 45,195,602 common shares. Each shareholder's percentage ownership in the Company and proportionate voting power will remain unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional common shares.

Additional details about the Consolidation can be found in the Company's news release dated March 20, 2025, and in the Company's management information circular dated August 16, 2024, which are available on Eguana's SEDAR+ profile at www.sedarplus.ca.

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 Inc. 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 in North America 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 and @EguanaTech on X.

Company Inquiries

Justin Holland,
CEO Eguana Technologies Inc.
+1.416.728.7635
Justin.Holland@EguanaTech.com

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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.

Certain information in this news release includes statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements, including, but not limited to: the effective date of the Consolidation; the number of Common Shares outstanding following the Consolidation; and the receipt of final approval of the Consolidation from TSX Venture Exchange. These statements are based on assumptions subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct.

Forward-looking statements are not a guarantee of future performance and involve 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 forward-looking statements. Such factors include, but are not limited to, the 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 statements, which speak only as of the date thereof. 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 thereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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

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