Smart building materials company ClearVue Technologies Limited (ASX:CPV; OTC:CVUEF) (ClearVue or the Company) provides its quarterly activities report and Appendix 4C for the period ending 30 September 2024 (Q1 FY25).
Commenting on the Company’s progress over Q1 FY25, CEO Martin Deil said:
“Over the past few months, we have validated our business strategy while expanding into important markets across the globe.
“We’ve had success with new projects in Australia that demonstrate the versatility of ClearVue products. Our collaboration with Prefabulous opens a new market in sustainable modular construction, a sector that could well be the answer to the country’s housing crisis as well as helping Australia move closer to net zero. We also secured our first contract for cladding on an iconic building in Perth. Cladding is a core part of our total solar building envelope solution designed to increase energy efficiency and reduce the operational carbon footprint of buildings.
“We also completed our first commercial sale in Australia with the installation of ClearVue windows on the CFMEU building in Melbourne. Pleasingly, this project is being used as a reference site for local architects and building owners. In addition, the opportunity to meet with ClearVue’s technical team alongside the builders has helped facilitate and accelerate new business development conversations.
“We recently hosted The Hon. Ed Husic, Minister for Industry and Science and The Hon. Dr Anne Ally, Minister for Youth & Early Childhood Education, for a showroom tour and demonstration in Perth. We have since been invited to engage further with the Australian federal government to discuss how ClearVue’s technology can help Australia achieve its sustainability targets.
“During the quarter we entered the rapidly growing Middle East and Indian construction markets with Alutec – the largest façade engineering company in the region. This opens a sizeable construction market for us in the Middle East (Saudi Arabia, UAE, Qatar) which is projected to reach US$240 billion by 2029. Alutec joins our growing global list of licensed manufacturers and distributors, from which we will derive royalties based on a per square metre of glass sold, a manufacturing margin on the selling of components to licensees, and renewal license fees.
“Success of this approach has been demonstrated in South Africa where our distributor has sourced a number of potential customers and high-quality manufacturers, and we anticipate first sales by mid-2025. The policy settings in South Africa are all geared towards energy solutions as the country navigates a perilous energy crisis, creating an ideal regulatory environment for us to leverage.
“We have strengthened our core sales and technical teams in the US with key personnel now operating along both east and west coast to meet current and anticipated future demand.
“During the quarter we received further industry recognition by being awarded the 2024 Highly Commended Most Innovative Product/Service and the National Australian Glass Industry Association awards ceremony in Melbourne.”
ClearVue secured its first order for its solar building envelope solution for the construction of an equipment screen on the Enex100 building located at 100 St George’s Terrace in Perth, Australia. ClearVue’s building envelope products were selected based on high non-combustibility ratings, and unique framing systems specifically designed for ease of maintenance. This initial order validates the Company’s commercial strategy to offer a complete solar façade product suite for building owners, developers, and architects. The project is expected to be completed in mid-2025.
ClearVue entered the net-zero modular housing market through a pilot with Prefabulous Pty Ltd, a leading Australian modular housing manufacturer. ClearVue is providing a combination of its advanced solar PV glazing and integrated solar cladding panels for use in a Prefabulous ‘FabZero’ Prototype. The pilot involves installing ClearVue solar glazing and solar cladding units into a Prefabulous modular home. If successful, the collaboration will see ClearVue’s solar building envelope products become a key optional feature in Prefabulous’ portfolio of modular homes, providing an additional market for ClearVue’s innovative energy generation solutions in the Australian prefabricated buildings market worth $15.4 billion[1] in 2024. ClearVue and Prefabulous have agreed to work in partnership to promote and develop mutually beneficial outcomes for the modular home market. As a result of this activity, ClearVue has received heightened levels of interest in the modular construction industry domestically, and in the US.
Middle East and Indian construction markets
ClearVue entered the Middle East, North African and Indian markets with a manufacturing and distribution agreement with Aluminium Technology Auxiliary Industries WLL (Alutec), Qatar’s largest facade engineering company. Under this five-year agreement, Alutec will manufacture and distribute ClearVuePV Solar Vision Glass. Alutec will also have the rights to distribute the ClearVue solar building envelope solutions. Alutec has committed to entering into a further licence for UAE, with the establishment of the UAE entity currently in process.
North American operations
ClearVue CEO of North America, Chuck Mowrey, has strengthened the US team with several key appointments, including a director of business development, product support and sales agents, and a director of operations.
ClearVue has appointed Christine Sweeney to the role of Director of Business Development. Christine Sweeney joined ClearVue in September and is based on the east coast of the United States. She joins with extensive sales experience within the glass and real estate technology markets and has extensive relationships across the commercial landscape.
The US sales team is actively building a pipeline of qualified leads and presenting the products to the US market, including at conventions (Greenbuild, Glasstech). The next steps for the setup of North American operations include recruiting licensed partners and initiating launch project sales to demonstrate the technology in real-world settings.
The Greenhouse System USA installation is pending UL certification that is currently in progress, with the outcome expected in the coming weeks.
European operations
Over the quarter ClearVue pursued the European glass fabricator market with due diligence meetings and fabricator site visits. IGU fabricators under consideration as potential licensees are significant in size with large production capabilities and access to markets well beyond their local borders. The licensee engagement is the cornerstone of ClearVue’s commercialisation strategy to leverage existing fabricator capability to produce, sell and, in many cases, install ClearVue products. ClearVue will move to trial production runs in coming months and then, assuming mutual agreement, progress to license engagements.
South African operations
ClearVue’s distribution partner in South Africa, Concept Business Solutions, has engaged potential manufacturing licensee partners to produce ClearVue products, in addition to exploratory discussions with potential end customers for ClearVue’s full product range. Target customers have extensive portfolios of built assets within South Africa and neighbouring countries. Concept Business Solutions is pursuing the complete sales and supply cycle for ClearVue to commercialise its technology in South Africa and will showcase ClearVue technology at the Green Building Convention South Africa in November 2024.
[1] Source: https://www.mordorintelligence.com/industry-reports/australia-prefabricated-buildings-industry
In June, a new RMIT-led research centre – Australian Research Council (ARC) Research Hub for Intelligent Energy Efficiency in Future Protected Cropping – was funded, with $5M awarded for five years, in which ClearVue is a partner organisation and ClearVue’s Dr. Mikhail Vasiliev is a partner investigator. ClearVue will be supplying and performance testing the solar photovoltaic window samples for use in test greenhouse projects at RMIT and in other future agrivoltaic installations of this new R&D Hub.
ARC-funded collaborative research activities with Macquarie University and UNSW have started to develop next-generation quantum dot fluorescent materials for ClearVue-designed solar windows, following the ARC Linkage grant award achieved in 2023.
ClearVue continues to develop complementary technologies, including the Lusoco fluorescent inks (IP and assets acquisition announced 17 May 2023). During this quarter:
Lusoco inks are compatible with standard large-format inkjet printers (common to signage and glazing company setups), hence the technology can be introduced to licensed partners similarly to the ClearVue solar vision glass production process. The Company is continuing conversations with key partners interested in implementing Lusoco technology, developing a prototype of a joint Lusoco-ClearVue product, and engaging in presentations to prospective clients.
The Company is pleased to provide an update regarding its ongoing collaboration with eLstar Dynamics B.V.
While ClearVue and eLstar have not to date proceeded with the establishment of a joint venture (see: ASX Release of 26 May 2021) both companies remain committed to their collaborative efforts under the earlier established Collaboration Agreement (see: ASX Release of 14 April 2020). This collaboration has recently led to the development of a new demonstrator prototype that combines ClearVue’s Generation 2 product with eLstar’s latest version of its electrophoretic dynamic glazing technology.
The new prototype, which integrates ClearVue’s solar-powered photovoltaic glazing with eLstar’s switchable dynamic glazing solution, showcases the advanced capabilities of both technologies. This solar-powered switchable glass solution represents a significant step forward in the development of smart, energy-efficient glazing products, enabling the future development of fully autonomous smart windows and facades. The prototype was available at the Glasstec expo in Düsseldorf after quarter end on the 23rd of October with further exposure opportunities being planned for the coming months.
With reference to the ASX announcement ClearVue wins Hong Kong Govt tender for solar glass study, dated 2 March 2023, ClearVue confirms the trial is running according to plan and original targeted performance outcomes but under an extended time schedule[1].
Phase 3 of the Evaluation with NODIS and the United States Air Force remains ongoing (see ASX Release of 30 May 2022 and Update of 22 November 2022 and 31 January 2023). Currently, NODIS is focused on creating a large mold essential for producing large-format glass units for testing. This critical stage is on track for completion by the end of 2024, with further results anticipated in early 2025.
NODIS has recently successfully addressed the challenges encountered in manufacturing large film samples and is on schedule to produce a large-format mold by the end of 2024. This will be followed by the fabrication of samples for further testing by the US Air Force. NODIS anticipates that production for the US Air Force and other customers will commence after this stage. While unforeseen issues may arise during fabrication, NODIS assures that the majority of the production process has already been thoroughly tested.
[1] extended due to changed and additional sensor calibration requirements of EMSD
The new (August-November 2024) spring grow season experimentation started in mid-August, with the objectives being to reconfirm the plant-specific crop yield improvement results observed in several plant species previously (See ASX Release of 14 February 2024). The experiment is progressing at the Murdoch greenhouse fitted with ClearVue solar windows on the roof and front wall areas. Ten plant species have been planted as seed. Initial harvesting has shown 16-41% increase in yield in the solar rooms compared with control rooms. The company will update the market on final results in due course.
During the quarter, the Company participated in the Hong Kong Green Tech Challenge – Green Building Edition. After the quarter end on 28 October 2024 ClearVue Technologies was announced by the competition operators, Carbonless and the Hong Kong Science and Technology Parks Corporation, that the Company was selected as one of 8 finalists out of over 6000 contestants.
The Hong Kong Green Tech Challenge aims to identify and implement sustainable innovations within the building portfolios of eight Corporate Partners (Colliers, Goodman, The Hong Kong University of Science and Technology, New World Development, NWS, Swire Pacific, Veolia, Yau Lee Holdings), who are global and local leaders in Hong Kong’s renowned real estate and construction industry. This unique collaborative program is further supported by Strategic Partners, bringing expertise from architecture, banking, and other relevant fields to the Green Building theme.
The Challenge is committed to finding and inviting the best growth-stage technology companies from around the world to Hong Kong with the goal of engaging in serious business dialogue, drive investment, and accelerate decarbonisation in Hong Kong through the implementation and scaling of new innovative solutions for the city.
The rigorous selection process to select 8 leading companies from 6000 included multiple presentations to a panel of experts who voted for the top solutions. Selection of the Company as a finalist brings recognition and provides support from the Challenge organisers with the potential to collaborate on projects with the Challenge’s Corporate Partners.
Following its announcement as one of the finalists, ClearVue has already been invited to meetings with, and looks forward to presenting its solution to, all of the Hong Kong Green Tech Challenge Corporate Partners, and other interested organisations in the region.
After quarter end, ClearVue was voted the most innovative solution of Greenbuild 2024 during the People’s Choice Innovation Webinar held Thursday, October 24. ClearVue presenters, Chuck Mowrey and Christine Sweeney, shared how the Company addresses the 40% of energy use that is consumed by the world’s buildings with ClearVue’s innovative clear solar vision glass, spandrel, cladding, railing and skylights with an eye toward supporting net zero buildings. The Greenbuild webinar showcased product innovations that drive sustainability in the buildings and the construction industry. This first-of-its-kind event featured three other leading manufacturers vying for the title of ‘Best of Greenbuild 2024’. The live audience had the opportunity to vote for their favourite solution.
The company will exhibit its full line of solar façade solutions during the upcoming Greenbuild International Conference and Expo, presented in partnership with the U.S. Green Building Council, November 12-15, in Booth #301 at the Pennsylvania Convention Center in Philadelphia.
