Solar-powered windows pay off for ClearVue as revenue jumps
Link copied to
ClearVue Technologies has posted a bumper 784 per cent upturn in revenue for the 2018 financial year, making $504,919 compared with just $57,000 a year earlier.
ClearVue’s (ASX:CPV) technology allows sun going through glass windows to be converted into energy.
The company’s full-year loss, however, ballooned to $3.4 million which was 158 per cent worse than in 2017, largely due to costs and expenses blowing out by 183 per cent to $3.9 million.
This included listing fees of nearly $370,000 and a 329 per cent increase in share-based payment expenses.
ClearVue said they had “successfully moved forward on multiple fronts” since listing and it’s looking ahead to a watershed year.
ClearVue shares were up 6pc to 37 cents on the news. It listed at 20c.
Aside from the listing, ClearVue signed MoUs with Mirreco and Murdoch University, the former to develop carbon-negative, eco-friendly solar windows with Mirreco’s industrial hemp building materials and the latter to construct a greenhouse.
It also passed standards testing for its solar windows in Australia and the EU, as well as passing standards testing for its curtain-wall product in Australia and New Zealand.
And last month, the company excitedly told shareholders that it had joined the Australian Window Association.
Executive chairman Victor Rosenberg said the exhibition of its product at upcoming conferences in Australia, Germany and the US would be a highlight in the new financial year.
“This is when the ClearVue technology and its commercial-ready products will be revealed to the wider world,” he said. “We think this will be a major turning point for the company.”