CONFIDENTIAL UPDATE GREATCELL SOLAR LIMITED
This update is for those shareholders of Greatcell Solar Limited and other interested parties who expressed interest in the rescue bid announced last December. This is not specifically an invitation to invest, but a summary of activities being undertaken by the Greatcell Solar Rescue Group to bring the company back onto the stock market.
In the month since the last update, several parallel activities have been undertaken in corporate, financial, marketing and operations.
Two weeks ago, the ASX responded and sought additional information on our routes to market evidencing the failure of the previous board to meet its stated commercialisation goals. Our very detailed response will be submitted in the next few days. It details the linkages to the market by the three main contracts in UK and Italy involving major European companies; our ongoing connections with IoT companies in Australia, Europe and Singapore; and our direct sales activities in materials and equipments. We look forward to meeting with the ASX to answer any further questions. Following the ASX approval, we can then call a meeting of shareholders and subsequently proceed with the prospectus.
Because of the delays both in ASX approval and receipt by GS UK of the final approved payment of ST 200,000 for the EU GOTSolar project, we have decided to accept limited funding up to A$500,000 from professional investors to cover essential corporate and operational expenditure in the next 3 months. These funds are sought by the Greatcell Solar Rescue Group Trust and will be applied solely to GSL expenditure. If you have not previously received the Information Memorandum, please contact me by return email.
Marketing moves forward. At the recent HOPV conference in Italy (HOPV is the major 3rd generation solar conference in Europe), our team of Tom Fontaine (MD), Chris Moore (CEO GSUK), Luca Sorbello (CEO GS Italy) and Gavin Tulloch, supported by our Italian technical team, presented the exciting new Hyperion III solar simulator based on LED full spectrum light. The company has received over 20 registrations of interest for this equipment. This conference was also the first opportunity to meet and greet with many ‘old friends’ who welcomed our endeavours to revive Greatcell Solar.
During May, we met with UMIC in Manchester, OPTIC in St Asaph, and the Welsh government representatives to decide our strategy and tactics in the UK. A deal has been concluded with UMIC to substantially discount our overdue rental and with OPTIC to expand our facilities in St Asaph, North Wales (our registered office in UK). The move is planned to occur before the end of June. Meanwhile, the Italian team in conjunction with the CHOSE group at University of Tor Vergata, Rome, is manufacturing a number of demonstration devices, suitable for IoT applications, that will be utilised by the corporate team during the forthcoming proposed general raising.
If you are interested in considering investment in this Interim Fund Raising, please confirm with Tom Fontaine on tjcfontaine@gmail.com or 0411610006, or Gavin Tulloch on Gavin.Tulloch@gmail.com or 0477798090.
Best regards
Gavin Tulloch, 10 June 2019
