March 14 (Renewables Now) - ClearVue Technologies Ltd, a Perth-based firm that has developed a power-producing glass technology, aims to raise up to AUD 6 million (USD 4.7m/EUR 3.8m) in an initial public offering (IPO) on the Australian Stock Exchange (ASX).
The building integrated photovoltaics (BIPV) company is selling 25 million shares at AUD 0.20 piece as part of the offer, and a further 5 million shares to cover oversubscriptions. The opening date for the offering was March 6 and the indicative closing date is April 6. Trading on the stock exchange under the ticker “CPV” is to start on April 25.
In its prospectus, ClearVue explains that its core technology, ClearVue PV, is very close to commercialisation. It has been developed together with experts from the Electron Science Research Institute, Edith Cowan University (ECU) in Perth, Western Australia.
“Whilst the Company’s research and development program is ongoing, the Company is finalising steps towards the commercial release of its initial core product being its first generation of energy efficient, energy generating clear glass windows.” ClearVue has a manufacturing partner in China -- Qingdao Rocky Industry Co Ltd.
The company will mainly target customers in the agricultural and greenhouse sectors and in the building and construction industries.
The IPO proceeds will go to support ClearVue’s business objectives, research and development efforts and its general corporate needs. Ventnor Securities Pty Ltd acts as lead manager.
(AUD 1 = USD 0.79/EUR 0.64)