Queensland solar tile company raises $765,000 ahead of ASX listing

An Australian company behind the development of a building integrated solar roof tile says it has completed a heavily oversubscribed capital raising, attracting almost double its minimum target of $400,000 through 18 Australian and international investors.

The Queensland-based Trac Group Holdings, which manufactures and sells high-tech roofing and building tiles in Australia and Malaysia – including its patented PV-thermal roof tile – raised a total of $765,000 through the issue of $0.14c shares, ahead of plans to list on the Australian Stock Exchange later this year.

Trac Group CEO Jason Perkins said the funds were raised through 18 new investors, 10 of which were from countries outside Australia, including the US, the Netherlands and Singapore.

“The investors included people in the oil and gas industry who are looking to hedge against their existing businesses,” he said. “We also received substantial interest from Australian involved in professional services.”

Trac Group’s Tractile Solar Energy Roof Tile generates both solar electricity and solar hot water for buildings, the technology behind which is now patented in 28 countries, said Perkins.

It can be installed using the Tractile Interlocking Roof System, or retrofitted by applying to existing concrete tile roofs.

The solar tile was launched internationally at Intersolar in Munich, in June 2012.

“Internationally, the interest in the BIPV market is growing stronger every day because of the environmental and financial benefits the products provide.

“We have developed a world-beating technology product and we are now working to secure relationships with distribution partners throughout the world.”