ClearVue Technologies has raised another $7.5 million to fuel the global export ambitions for technology that can transform windows and walls into solar energy producers.
The ASX-listed company announced on Thursday that it had received “firm commitments from institutional, professional and sophisticated investors”, many of which are based in Hong Kong.
The funds raised through the institutional placement will be used by the Perth-based company to further expand into the United States market and enhance the firm’s capabilities for delivering components and products overseas.
ClearVue, which is a finalist in the InnovationAus Awards for Excellence 2024, has developed solar photovoltaic window glazing technology and solar cladding panels for use on opaque surfaces.
The company is also involved in several research projects, including Australian Research Council work on quantum dot fluorescent materials for use in ClearVue-designed solar windows.
The funding commitments announced on Thursday will be used to build infrastructure and recruit additional sales and licensee engagement staff in the US. ClearVue will also acquire and develop new software and systems to facilitate its expansion.
This includes an enterprise resource planning system for the “global delivery of components and products”, according to the company, in addition to systems for quality assurance tracking, management of finished products, and energy and carbon data collection from completed projects.
The investment commitments are expected to be settled on October 22 and the shares allotted on October 23.
ClearVue chief executive Martin Deil said the latest capital raise adds a diverse range of new institutional and professional investors alongside a smaller portion of sophisticated investors.
“Notably, many of the institutions joining the register are based in Hong Kong. The Hong Kong market is a key focus for the Company in Asia, as evidenced by our engagement with the Hong Kong government through the EMSD solar glass study announced in March 2023,” he said.
“The study is continuing but importantly has led to several commercial discussions that we anticipate will convert to sales in the future.”
In July, ClearVue raised an additional $2.7 million by issuing shares to Alpha Investment Partners. The funds were focused on completing certification and testing the company’s gen-2 products.
The company said this led to early sales to a CFMEU project in Melbourne and the ENEX 100 project in Perth earlier this month.
ClearVue also partnered with modular housing company Prefabulous at the end of September to integrate its glazing and cladding panel technologies into a prototype house design.
When ClearVue first listed on the ASX in 2018, it raised $5 million at a market capitalisation of $19 million. As of October 17, the company’s market cap is more than $86.5 million.
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