Australian smart building materials specialist ClearVue Technologies Limited (ASX:CPV) has signed a Letter of Intent (LOI) with Beijing-based Jinmao Green Building Technology Co. Ltd.
The LOI sets out the intention of the Parties on establishing a collaboration for the promotion, distribution and joint development of ClearVue’s IGU and smart solar windows for sale in the mainland Chinese market (excluding Hong Kong SAR, Macau SAR and Taiwan).
Jinmao Green Building is wholly owned by Hong Kong Stock Exchange-listed China Jinmao Holdings Group Limited, a subsidiary of Sinochem Group Co. Ltd.
Jinmao Green Building provides green building and other environmental expertise and technical support to its parent company including ensuring construction projects undertaken by China Jinmao are in compliance with construction and environmental laws and regulations imposed by the PRC government.
ClearVue Executive Chairman, Victor Rosenberg, said that under the LOI the Parties will first complete a trial project using existing ClearVue products and technology. The trial project will seethe integration ofClearVue PV IGU glazing into a new construction project being completed by Jinmao Green Building or its associates at a location in the Hebei Province of Mainland China
It is expected that the trial project will (subject to minimal delays from the COVID-19 virus impacting on manufacturing, transport and installation times etc.) be completed by September 30, 2020, with the intent that a formal exclusive distribution agreement then be concluded by December 31, 2020.
The LOI with Jinmao Green Building Technology Co. Ltd represents fantastic initial first steps towards firming up our market entry strategy for sales in Mainland China,” Mr Rosenberg said.
“To date our focus in China has been on securing OEM partners for sales outside of Mainland China. Jinmao Green Building is a very well-established brand in the green building space and is supported by its parent, China Jinmao Holdings Group who are leading real estate and hotel developers in the PRC.
“ClearVue looks forward to completing a successful initial trial building project with Jinmao Green Building in the PRC in this year (subject to the impacts of the COVID-19 virus) with the intent that if successful Jinmao Green Building is subsequently appointed as a distributor for the ClearVue products for sale in Mainland China.”
