- Utilities stock PuriflOH (PO3) has used the past 12 months to refine its air-purifying technology as COVID-19 impacts the market
- PuriflOH says the pandemic has brought many challenges to the consumer space, impeding the company's commercialisation opportunities
- To combat this, PuriflOH engaged industry leaders to get design feedback and enhance its offering
- While working with its technology partner, the company simplified the components in its technology — reducing manufacturing costs by roughly 70 per cent
- In turn, the collaboration helped PuriflOH develop some market prototypes, which it will advertise to the healthcare, education and corporate industries
- The update comes just two weeks after Bill Parfet resigned as Chairman
- Following today's announcement, PO3 shares rose 11.8 per cent to trade for $1.80
Utilities stock PuriflOH (PO3) has used the past 12 months to refine its air-purifying technology as COVID-19 impacts the market.
PuriflOH says the pandemic has brought many challenges to the consumer space, impeding the company's commercialisation opportunities.
To combat this, PuriflOH engaged industry leaders to get design feedback and enhance its offering.
In today's market update, the company outlined how it upgraded its purifying technology. In particular, PuriflOH technology partner Somnio Global
Primarily, development work has simplified the components in PuriflOH's technology. Significantly, this reduced manufacturing costs by roughly 70 per cent, while consumable costs also dropped by around 60 per cent.
The collaboration also extended the technology's neutraliser life span — down the line, this will also reduce maintenance and operating costs.
Additionally, Somnio helped PuriflOH create a range of prototypes to showcase the technology. The range includes automatic and room-based air purifiers, bringing the company one step closer to commercialisation.
What's to come?
Looking ahead, PuriflOH will introduce the Somnio prototypes to some of its key markets. These include the healthcare, education, corporate, event, transport and mining industries.
Interestingly, today's update was foreshadowed by a September announcement when the company announced Bill Parfet had resigned as Chairman.
"I depart with nothing but good wishes and best regards for the Company, my
fellow board members and the management team. I plan to continue to support them as best I can through continuing with my shareholding and offering guidance where requested," the outgoing Chairman stated.
Bill is succeeded by Carl Le Souef in the interim as the company looks for a permanent Chairman.
In that same announcement, PuriflOH stated it would release an activity update in the near term. The company entered a trading halt on October 1 as it geared up to release the news.
Signing off today, the company said its development work over the last 12 months has set it up to commercialise the tech. It'll keep the market abreast on new updates in the near term.
Following today's announcement, PO3 shares rose 11.8 per cent to trade for $1.80 at 1:47 pm AEDT.