AFT hopes it’s not barking up the wrong tree with solar-powered pet collars
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Struggling solar panel installer AFT Corporation is trying its hand at solar-power pet products.
AFT Corporation lost managing director Neil Bourne last week after reporting receipts of just $37,000 for the September quarter, leaving $104,000 in the kitty.
AFT hopes to move from installing solar panels for commercial businesses and schools, to selling solar-powered geo-tracking pet collars and temperature-controlled pet garments.
AFT this week signed a deal with Singapore-based PetBacker to develop solar pet products including pet accommodation and health-monitoring devices
PetBacker already provides pet boarding and dog sitting services through its website, and AFT hope the new agreement will help develop “synergistic business opportunities”.
“Working with tech start-up PetBacker allows AFT to broaden its technical solar expertise from the commercial and residential fields into the pet accommodation and pet care technology,” director Bill Willkinson told investors.
“Solar is a market-tested means of delivering mobile data. PetBacker and AFT agree that geo-tracking collars and health data tracking pet wearables are fields in which our companies can collaborate.”
The deal will allow the two companies to share resources, technology and data to develop geo-tracking dog and cat collars, health tracking devices, pet accommodation facilities and heated and cooling garments, all powered by the sun.
The new strategy did little to inspire investors on Wednesday. AFT shares remained at 0.1c, giving the company a value of $9 million.
The Australian pet industry is said to be worth more than $7 billion, with more than 60 per cent of Australian households estimated to own a pet.
AFT expects to spend $256,000 this quarter.