Canberra based Concentrating Solar Power (CSP) technology developer, Wizard Power, has obtained its first commercial power project and has a pipeline of another 4 Gigawatts of project opportunities globally.
Wizard Power, formed in 2005 to commercialise CSP technology developed at the Australian National University, is part of the SolarOasis Consortium which will use Wizard Power’s Big Dish solar thermal concentrator for a 40 megawatt solar power project to be built at Whyalla in South Australia.
That project, which will initially use 300 mirrored Big Dishes, has the potential to increase in size significantly over time. The project has attracted $60 million in Federal Government funding.
Wizard Power’s business model is to develop the CSP technology and license its intellectual property to project developers around the world.
“We have received significant international interest in our technology and are talking with developers about projects which together add up to over 4 Gigawatts,” said Wizard Power’s Lisa Robey.
Wizard Power will produce the mirrors used in the solar dishes and is establishing a factory facility in the ACT.
Lisa Robey said Wizard Power was in the middle of a two-phase $10 million capital raising, part of which will be used to develop the mirror factory.
She said the company’s plan was to proceed to an IPO, but would not rule out a trade sale.
“There has been some significant trade sales in our sector so we would not rule that out, but our focus at this stage is an IPO,” she said.
Wizard Power will be presenting at the Wholesale Investor Emerging Companies showcase, to be held in Sydney on Tuesday November 20 and the Wholesale Investor Emerging Companies showcase, to be held in Melbourne on Thursday November 22 .
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