Nanoveu Limited (“Nanoveu”) (ASX: NVU), a company specializing in protective films and coatings, provides an update for NanohieldTM Solar, the Company’s proprietary coatings for photovoltaic (PV) solar panels.
Nanoveu enters into an exclusive marketing and distribution agreement with One Renewable Energy Enterprise Inc (One Renewable) to exclusively distribute Nanoshield™ Solar, the Company’s proprietary antimicrobial coating products for photo-voltaic (PV) panels in the Philippines (Agreement).
Initial Agreement Term of Three Years
The agreement is for an initial term of 3 years, with target sales of US$0.75m in the first 12 months and US$13m within the first 24 months. Meeting these targets will result in the distribution agreement being renewed, failing which the agreement will expire. The Company notes that there is no certainty that these revenue targets will be met.
Sales of Nanoshield™ are expected to help protect up to 21.5 MW of One Renewable’s existing solar assets, and additional sales are anticipated as new solar power projects within One Renewable’s pipeline are established, including a major 1,000MW solar project expected to complete by the end of 2024.
One Renewable Energy Enterprise Inc is a renewable energy systems integrator in the Philippines serving three major market segments, small to large scale commercial installations, local, government units and government agencies; and off-grid communities and households.
Across the Philippines, One Renewable is actively providing innovative off- and on-grid sustainable solutions for on-grid solar rooftops in 40 locations and 11 solar/hydro hybrid micro-grid installations with storage and back-up generators covering 21.5 MW of energy generation.
Source: Nanoveu