• IMDEX wants to acquire Norwegian mining tech company Devico 
  • BluGlass says its lasers are exceeding contract manufacturer performance benchmarks
  • Zeotech nabs $1.04 million R&D incentive for carbon utilisation technology


Global mining tech company IMDEX (ASX:IMD) has entered a binding agreement to acquire Norwegian mining tech company – Devico – for an implied enterprise value of $324 million.

IMDEX says the proposed acquisition represents a significant extension of its core business globally, with Devico expected to deliver CY2022 revenue of ~$61 million and CY2022 EBITDA of $29 million. 

The business has demonstrated its ability to scale over the last three years with a revenue CAGR of 17% per annum.

Approximately 46% of Devico’s revenue is generated from Sensor Technologies and 56% from Directional Drilling Technologies, which are directly utilised by resource companies globally.

“We see significant value in combining our complementary product portfolios, market-leading R&D capabilities and global presence,” CEO Paul House said.

“The addition of Devico will strengthen our position as the leading provider of advanced rock knowledge sensors and will establish our business as the #1 Directional Drilling Technology company globally.

“Notably, Devico’s flagship facility in Trondheim will become a key asset for IMDEX – providing us a new innovation and manufacturing hub for the European market.”

The company intends to raise up to $224 million (before costs) via an underwritten institutional placement, a 1 for 6 accelerated non-renounceable entitlement offer and a non-underwritten conditional placement to partly fund the proposed acquisition. 


IMD share price today:



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BluGlass says the gallium nitride (GaN) laser diodes produced at its Silicon Valley fab are meeting or exceeding contract manufacturer performance benchmarks, following the successful transition of p-side processing from contract manufacturers to its Silicon Valley fab.

Reliability testing of these lasers has commenced. 

“Vertical integration is key to our commercialisation strategy, enabling us to improve our laser quality, consistency, and performance while significantly speeding development and reducing production costs,” president Jim Haden says.

“This technical milestone demonstrates the importance of operational control in accelerating development turns. 

“Our Silicon Valley production team has commenced work on n-side processing and facet coating capabilities, which is expected to further expedite development, production, and improve laser performance and reliability.” 



Zeotech has nabbed a $1.04 million R&D incentive payment for FY22 from the Australian Federal Government.

The rebate received relates to the company’s expenditure on the development of its proprietary mineral processing technology for the sustainable production of manufactured zeolites, together with advancing its dual stream agri-soil product development (including soil carbon protection and enhancement) and carbon utilisation technology. 

“The R&D Tax Incentive Program is an important program that supports Australian innovation,” MD Peter Zardo said.

“The funds received in conjunction with cash on hand, position the company well to continue progressing scaled up production and development of innovative applications for manufactured zeolites revolving around circularity and greenhouse gas mitigation.” 



The property tech company has received firm commitments from sophisticated and professional investors to raise $3.65 million to fund its expansion into North America. 

“This funding round will allow Openn to convert the successful pilots with key US and Canadian industry stakeholders into meaningful commercial outcomes,” MD Peter Gibbons said.

“The Openn team is progressing relationships with new potential strategic partners whilst preparing to launch a transformational product roll-out collaboration with the Canadian Real Estate Association. 

“Over the next few months, shareholders can expect the Openn North America business to deliver a pipeline of rewarding news flow which validates the company’s investment in the region. 

“In the Australia/New Zealand market, we’re transitioning to a subscription-based monetisation model while continuing to progress integrations with strategic partners that should set us up for rapid scale growth.”


BLG, ZEO and OPN share prices today:


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