As the world continues its push for renewable energy sources, smart building materials company ClearVue (ASX: CPV) has extended its reach into the lucrative US market through a manufacturing and distribution deal with Philadelphia glass company Graboyes.
The 5-year deal provides Graboyes with exclusive rights in the State of Pennsylvania to manufacture and distribute ClearVue’s PV solar glazing components and its Smart Façade System to fabricate self-powered autonomous panels. Once applied, the solar glazing defuses and re-distributes incoming light towards the edge of the glass panel where energy can be collected and stored.
“This agreement with Graboyes will see ClearVue penetrate the commercial building market in the Greater Philadelphia region and further develop our product credentials in the US,” said ClearVue Chairman, Victor Rosenberg.
“We are very pleased to be working with Graboyes to bring ClearVue glazing’s dual benefits of insulation and renewable power generation to the northeastern US, where there is a strong focus on energy efficiency and using technology to solve some of the problems brought about by the climate crisis and where there is a strong recognition of the need to decarbonize construction across the board.”
The commercial aspects of the deal will initially focus on the pipeline of work secured by Graboyes where the glass company has been engaged to upgrade the ventilation capabilities in schools and universities.
No commercial details of the deal have been disclosed by ClearVue but exclusivity in Pennsylvania will be dependent on minimum manufacturing criteria being met, while it only applies in the State of Pennsylvania.
Graboyes President and CEO, Ellis Guiles said, “We are focused on assisting building owners and their construction industry partners in the creation of efficient, healthy, and safe buildings. ClearVue’s combined energy efficient, energy generating glazing is a next generation technology that fits well into our growing portfolio of glazing, efficiency, onsite generation, and ancillary grid services solutions.”
In their latest investor presentation, ClearVue promoted their clear glass panels as being able to convert 3-4% of radiance to energy to deliver significant energy cost savings.
For the year ended 30 June 2021, ClearVue reported $1.2m in sales which was an improvement on the previous year’s $1.1m. However, the Company’s net loss after tax increased to $6.9m (vs $2.0m in FY20).
ClearVue attributed the increased loss to setbacks and delays brought about by the COVID-19 which impacted counterparties and supply chains.
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