Following our last update, our production of the GeoFabrics Bidim-C product for leak detection in geo-textile applications has continued and we passed our first revenue milestone of $230,000 in August. Over the next 4 months, we will continue at current production levels to complete our 12 month target of over $900,000. At the same time we are working on process optimisation and engineering to create the next generation of our materials and further increase production capacity to generate revenues of over $2,000,000 with improved margins
On our supercapacitor work, we have achieved our technology milestones and are in the process of formally launching our joint venture with our energy storage partner, CapXX.
We have finished the first phase of our work with Mohawk flooring and identified commercial and residential markets for smart flooring products currently at USD 151m, growing to USD550m in 2025 and USD6b by 2030. These will be the targets for our technology where our graphene smart flooring technologies are currently unique and unparalleled in global markets .
We have progressed our work with Continental AG on smart belt technologies and passed the first milestone testing proof of concept and suitability of our materials for use in large scale manufacturing processes. We are now progressing to further demonstration stages and a more comprehensive technology exchange.
We are also proud to announce first talks with a multi-billion dollar, multi-national company in the area of chemical and consumer goods regarding leak detection technology. More information to come as this exciting opportunity evolves.
Share Purchase Plan Success
We’re delighted to report that our Share Purchase Plan (SPP) was highly successful raising over AUD 900,000 which will support our working capital and progress toward our proposed listing on Toronto Stock Exchange Venture Exchange (TSXV).
We are now progressing as quickly as possible toward our proposed listing on TSXV, working through several preliminary steps including annual reporting and audits, which must be completed before we can make more specific commitments regarding a timing of our listing. We acknowledge that you are all eager to hear more specific plans around this timing, unfortunately we are largely at the mercy of circumstances outside our control including timing of audits and regulatory processes and market conditions. We are looking forward to providing more detail shortly.