The ClearVue Technologies Ltd (ASX: CPV) share price has shot up this week, posting gains of almost 25% for investors.
This follows the smart building materials company’s announcement on Wednesday that it had received a first order from a Japanese distributor.
At the time of writing, ClearVue shares are up 5.7%, trading at 37 cents.
What’s driving ClearVue shares higher?
In its release, ClearVue advised that Japanese greenhouse leader Tomita had placed an order for its solar photovoltaic (PV) glazing solution.
ClearVue signed an exclusive distribution agreement with Tomita in April for the sale and marketing of its product.
The company said the patented solution would be used in a greenhouse at a tourism eco-project in Japan.
In total, 187 ClearVue glazing panels will be installed, covering an area of around 333sq m. This will be deployed into a roof of a strawberry greenhouse which forms part of the Aqua Ignis Hot Springs project.
The advanced glass technology incorporates a clear lamination layer between glass panels that drives unwanted wavelengths of UV and IR light to solar PV cells. Located around the edge of an integrated glazing window unit, the solar PV cells are used to generate electricity.
The company expects that the PV glazing panels on the greenhouse will generate approximately 8,573kWh of renewable energy per year.
No doubt, investors are excited about the company’s latest developments, sending the ClearVue share price higher.
Management commentary
ClearVue executive chair Victor Rosenberg commented:
The Aqua Ignis project in Sendai is a great starting project for ClearVue distributor Tomita and it will provide invaluable insights into the installation and technical nuances of the ClearVue product before Tomita takes on larger scale greenhouse projects throughout Japan.
Additionally, the high-profile nature of the project will provide invaluable marketing and promotion for both Tomita and ClearVue, demonstrating not only the benefits of the ClearVue product but also its versatility in different application settings.
About the ClearVue share price
The ClearVue share price has surged more than 160% over the past 12 months.
Based on today’s price, ClearVue commands a market capitalisation of roughly $77.7 million, with about 210 million shares on issue.
The post Why the ClearVue (ASX:CPV) share price is soaring 25% this week appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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