- Aurora Solar Technologies (ACU) updates the public on the acquisition of BT Imaging
- One of the first decisions made was to combine global sales teams and wind down Aurora’s Chinese operations
- The benefits of the changes were much more than just cost savings
- Going forward, the company will obtain technical acceptance within sixty days of deployment with a commercial arrangement secured to confirm product viability
- BT Imaging is also diversifying with a recent product sale for a new in-line cell manufacturing application in Europe
- Aurora Solar Technologies (ACU) is up 7.69 per cent, trading at C$0.07 at 11:16 am EST
Aurora Solar Technologies (ACU) has provided more news about the integration of the acquisition of BT Imaging.
The acquisition consists of a renewed focus on commercializing its Insight data science product and the strategic direction for the united combined business.
During October, Kevin Dodds, CEO of Aurora, has been in Sydney, Australia, to assess BT Imaging operations, listen to employees to support culture and leadership changes and efficiently realize synergies.
One of the first decisions made was to combine global sales teams and wind down Aurora’s Chinese operations placing the commercial responsibility for the Insight product with BT Imaging in Sydney and Shanghai under a revised organizational structure.
This decision has delivered intended benefits beyond obvious cost savings.
It was important to inject energy and direction into the Insight product with a renewed focus on product readiness and commercial validation.
The goal is to determine Insight’s product viability through a commercial outcome prior to the end of the current calendar year.
The other objective was to achieve alignment among senior leadership by stabilizing business through synergies, leveraging available groups to support growth, and broadening the product suite and customer base to promote diversification.
Aurora Solar is now delivering an important reporting milestone for the existing Insight evaluation project in China, which is the basis for negotiating a commercial outcome.
In addition, the combined business is beginning to show signs of diversification with a new Insight evaluation deployed last week in Malaysia with one of the world’s largest PV manufacturers.
An objective going forward is to obtain technical acceptance within sixty days of deployment with a commercial arrangement secured to confirm product viability.
BT Imaging is also diversifying with a recent product sale for a new in-line cell manufacturing application in Europe, along with the first sale for a newly developed product regarding perovskite solar cells.
At the end of October, BT Imaging held its first board meeting and management operations review since the acquisition.
According to the company, the business is going well.
It is on track to achieve its fiscal June 2022 financial and operational targets, including approximately $10,000,000 in sales, profitability, and cash flow positive.
To get more growth out of the business, additional financing may be required to scale the Insight product and/or fast-track diversification through acquisition, collaboration or technology development.
The board has been restructured with the appointment of Kevin Dodds as Chief Executive Officer and Roger Buckeridge as a new board director and strategic advisor to Kevin.
Eventually, other roles may be added at the technical, operational and board levels to advance the business in its three locations, Vancouver, Sydney and Shanghai.
Aurora Solar Technologies deals with solar cell manufacturers.
Aurora Solar Technologies (ACU) is up 7.69 per cent, trading at C$0.07 at 11:16 am EST.
