CPV Successfully Completes The Construction Of The First Commercial Demonstration Site At Vicinity Centres

CPV successfully completes the construction of the First Commercial Demonstration site at Vicinity Centres

On 30 January 2019, ClearVue Technologies Limited (ASX: CPV), a company that belongs to the capital goods sector to provide renewable energy, announced that it was successful in constructing its first demonstration site at Vicinity Centres (ASX: VCX) Warwick Grove Shopping Centre in Western Australia.

The project involved the upgradation of the Northern entrance door area to the center where the old existing glass atrium got replaced with the new ClearVue solar PV glass atrium.  

The ClearVue PV glass at the entrance of the atrium will charge a battery of energy storage which will provide power for lighting in the atrium outside signage and for a display screen inside the Centre. This display screen will be providing information on the atrium’s performance regarding its power generation, and energy savings made and the carbon offsets.

The atrium will further get upgraded with additional features such as the collection of real-time information from the IoT sensors which will get linked to the atrium structure and will receive power through the ClearVue PV glass.

Regarding the completion and commissioning of the Warwick Grove Centre atrium entrance, Victor Rosenberg who is the Executive Chairman of CPV stated that the project is the significant milestone for the company. It will be the first real site which will enable the people to see the ClearVue PV glass being used and capable of performing in a commercial setting. The integration of the solar glass into the atrium entrance will demonstrate CPV’s technologies. He also highlighted that CPV’s technologies had been deployed into different shapes which are triangular and nonrectangular polygon solar PV IGUs. He also believes that through this first project, they will be able to demonstrate many significant benefits which the owners and the operators will have through the ClearVue’s technology. He further hopes they will be able to highlight the versatility of our product and technology to other potential customers of the ClearVue’s technology.

Since the inception of CPV, the stock has generated a positive performance of 23.81%. However, the stock has offered a negative YTD performance 7.14%.

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As per the annual report of CPV for FY2018, which ended on 30 June 2018, the company made a net loss of $3,441,590 due to an increase in the total cost and expenses during the period. The balance sheet of CPV during the period states that there was an increase in the net asset base of the company by 244.33% as compared to the previous financial year. During the period, the total current asset was $3,918,554 as a result of an increase in cash and cash equivalent as compared to the previous corresponding year. The current liabilities during the period was $316,952 which also increased as compared to the previous corresponding period. There was also a further decrease in the retained earnings in the FY2018. The total shareholders’ equity was $5,466,174.

The shares of CPV closed the day’s session at A$0.260 with no further changes with a market capitalization of A$25.32 million.


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