May 28 (Renewables Now) - ClearVue Technologies Ltd (ASX:CPV), a Perth-based firm that has developed a power-producing glass technology, raised AUD 5 million (USD 3.8m/EUR 3.2m) from its maiden offering in Australia.
The building integrated photovoltaics (BIPV) company sold 25 million shares at AUD 0.20 apiece, giving its a market capitalisation of AUD 19 million. The raised proceeds in the initial public offering (IPO) are less than the targeted AUD 6 million.
ClearVue said in a bourse statement on Friday that the funds will be allocated to market and commercialise its solar glass production technology, for product quality and safety tests, research and development (R&D) and patenting. Trading of the company’s shares started on May 25.
On announcing plans for the floatation in March, ClearVue said 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, and focuses on electricity generation from flat, clear sheet of glass while maintaining transparency.
According to ClearVue’s website, its windows can produce at least 30 W of power per sq m, while also providing insulation from heat and cold and UV control. It will mainly offer them to the agricultural and greenhouse sectors and the building and construction industries.
(AUD 1.0 = USD 0.756/EUR 0.648)