Step into IKEA, and you see trolleys filled to the brim with flat-packed items (there could be an entire home there). This flat pack enables a do-it-yourself building attitude, also making portability affordable. Now imagine if the same could extend to construction, where builders would just receive flat packed elements that they would need to put together. Aussie construction tech company PARKD (ASX: PKD) is aiming to make that happen with manufacturing company Fielders, a division of BlueScope Steel (ASX: BSL).
The duo have signed an exclusivity agreement in respect of the proposed licencing of PARKD’s Metal Deck Support System IP.
On November 25, 2022, the Company announced that it was partnering with Fielders to develop products, LEAN Practice and Modern Methods of Construction, to mutually enhance the PARKD Car Park System and Fielders Metal Deck products.
They came together to assess the potential of integrating Fielders’ metal deck slab system, Slimdek, with PARKD’s Metal Deck Support System and its Patented CVB (Continuously Voided Beams) tech for increased durability. The companies tested if the two’s technologies combined could create a superior low carbon solution for construction of Car Park and Commercial Developments. Thus, they took on joint R&D, whose outcomes have set the stage for the Exclusivity Agreement.
Independent R&D testing efforts revealed a new structural slab system known as the “Kit-of-Parts”. This system combines PARKD’s patented Metal Deck Support Bracket system (MDSB), Continuous Voided Beam technology (CVBtm), and Fielders Slimdek Structural Metal Decking Slab system. This potentially “flat packed” solution offers a safer, quicker, and more cost-effective approach to constructing multi-level concrete developments by eliminating the need for formwork and reducing the required concrete compared to existing solutions on the market.
Fielders now holds a 120-day exclusivity period for technical and legal due diligence and finalising the terms of a Licensing Agreement. This exclusivity follows an initial phase involving research and development, manufacturing supply chain assessment, and engineering design review to ensure compliance with the Australian National Construction Code.
In addition to the legally-binding exclusivity period, the agreement also outlines non-binding terms and conditions. These terms involve PARKD granting Fielders a license for the distribution, sale, marketing, and manufacturing of its intellectual property (IP) under agreed-upon commercial Licensing Terms and Conditions. The binding agreement, when finalised, will encompass license rights, royalty, supply costs, regional territory, competition, and performance.
In FY23, PARKD’s revenue was down 45% on FY22, amounting to $1.1 million, with its loss improving by 59% to $530.1k. Its cash in hand was $402,304, down from $888.7k. For FY24 then, PARKD’s goal is to generate positive cash flow and cut costs.
The Company views the signing of the Exclusivity Agreement as a significant progress toward establishing an official licensing agreement for the nationwide manufacturing and sale of PARKD’s IP.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
Leave a Comment
You must be logged in to post a comment.