On 13 March 2019, the smart building materials company within the industrial space, ClearVue Technologies Limited (ASX: CPV), announced that it had signed a new Research Agreement with Edith Cowan University (ECU). This appeared to have given some footing to the clear solar glass technology company.
As per the (binding) agreement, investigations entailing theoretical along with experimental study of micro-patterned, clear thin-film solar cells will be led by Edith Cowan University. These investigations will be based on the methods of fabrication and will include outdoor experiments. The full prototype characterization during varied weather conditions is a part of the study and product scaling (small to large) is another aspect to be seen from commercialization perspective.
In a way, this research will develop over the existing IP (intellectual property) of the company when it comes to inorganic micro-patterned, clear thin-film solar cells. It is worth noting that the services from ECU will be provided by Professor Kamal Alameh, and this project will take about one year in terms of investigations from the signing date of the agreement.
The whole move can give a different dimension to the technology as the solar photovoltaic cell integration is being extended to glass surface unlike the incorporation around the edges alone as seen earlier.
If the research project gets completed successfully, CPV will try to integrate this technology with its existing technology and products. Further, it will also offer it as an independent solution for the easy application of the existing technology and the product.
On March 01, 2019, the company declared its half-yearly results for period ending December 31, 2018, where the company’s revenue from the ordinary activities increased by 257% to $727,997 as compared to $463,064 reported in the previous corresponding period. However, the company incurred a loss of $2,667,754. The company, during the period, was engaged in the research and development activities that were applied to the company’s leading solar glass technology. During the period, CPV also signed a few different Memorandums for the development and distribution of the CPV’s products in Australia and Europe.
The group reported a fall in the net asset base as a result of an increase in the total liabilities. There was also a fall in the retained earnings as a result of operational loss during the period. The net cash used in the operating activities was $1,626,919. This was an increase over prior period and was mainly driven by increased operating loss before working capital changes. The company was able to generate $130,790 through investing activities. The cash inflow under the investing activities was driven by Research and development rebate as well as the grant received through the research and development. The net cash inflow of $590,000 through the financing activities was due to the issuance of ordinary shares. By the end of the period, the bank balance of the company was $2,912,634.
Earlier this year, ClearVue Technologies Limited executed a Distribution License Agreement with Grafsol General Trading LLC for the exclusive distribution rights in UAE, Kuwait, Bahrain and Qatar as well as non-exclusive distribution rights in Saudi Arabia for CPV’s technology and product. With this agreement, the memorandum of understanding (MoU), whose announcement was made on 1 February 2019 got formalized.
This year, the company’s stock also got listed on the Frankfurt Stock Exchange and this has provided a significant exposure to investors across Europe to trade CPV’s securities on a local exchange and during a preferred time zone. With the expansion in the sales and marketing activities in the region, CPV would be able to increase its penetration in the European market. On 30 January 2019, CPV completed the construction of its first commercial demonstration site at Vicinity Centres.
Since its inception, the shares of CPV have given a positive return of 42.86%. In the last six months, the stock has generated a negative return of -48.28%. By the end of the trading period on 13 March 2019, the closing price of the shares of CPV was A$0.315, up by 5% as compared to previous trading day’s closing price. The company has a market capitalization of A$29.32 million.
CPV Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
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