ClearVue’s North American ambitions unveiled with new leadership, funding and market strategy
Australian smart building materials company ClearVue Technologies (ASX: CPV) has outlined plans to accelerate its push into the North American market with the release of its quarterly activities report for the period ending 30 June 2024.
In releasing the company’s fourth quarter report, chief executive officer Martin Deil said that ClearVue had built significant momentum in recent months with a focus on accelerating its commercial push into North America as the most immediately important strategic market for its technology.
“The significant market size in building and construction, supported by attractive government incentives for renewable energy, creates the ideal springboard for us to propel our products into North America and beyond,” he said.
US expansion funding
ClearVue completed a $2.7 million raising earlier this week via its at-call funding facility with Alpha Investment Partners.
The company agreed to issue 5 million of its fully paid ordinary shares to Alpha Investment Partners at a price of $0.5466 per share, which will be offset against the 7 million remaining collateral shares held by Alpha.
“The successful issue of shares to Alpha Investment Partners […] strengthens our balance sheet as we seek to expand and scale our global activities including our strategic focus and push into the US market,” Mr Deil said.
North American appointment
As part of ClearVue’s move to solidify its presence in North America, the company has appointed Charles (Chuck) Mowrey as president and chief executive officer of North America, to be located in California.
“One of the most renowned and influential figures in the US glazing industry, Chuck is determined to drive sustainability across the commercial façade industry and will leverage his considerable experience and relationships to drive growth across the business, taking advantage of the favourable regulatory environment.”
“Chuck has been instrumental in ClearVue being added to the OTCQX Best Market, targeting US-based investors.”
Partner order
On the sales front, ClearVue has received a second order via its commercial partner System USA Inc.
The sale was to a custom greenhouse designer and manufacturer, for a version of the company’s solar glass to power a greenhouse project as part of plans to showcase this added technology for its customers.
“Our partnership with System USA is a prime example of how we are capitalising on the immense opportunities in the sustainable agriculture sector,” Mr Deil said.
Local success
ClearVue also obtained its first commercial Australian order for a version of its Gen-2 solar glass during the quarter.
It is to be installed on the façade of the CFMEU Training and Wellness building in Melbourne.
“This project was significant as our technology was incorporated into the project design – an Australian first – and the building was constructed by Kapitol, a group leading the industry in engaging sustainable suppliers on projects,” Mr Deil added.