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LAVO™ receives commitment from iconic Australian company, Gowings to become a cornerstone investor.
Sydney, Australia – 21 January 2021 – LAVO (the Company), an Australian technology and lifestyle company powered by hydrogen, and Gowing Bros Limited (ASX:GOW) (Gowings) today announced that Gowings will become a cornerstone investor in LAVO, working together to facilitate the transition to a cleaner and more secure energy future.
Gowings is a 150-year-old family operated investment company focused on an inter-generational investment horizon. Gowings’ philosophy is centred around investing in a secure future and as such is committed to working with the businesses it invests in for the benefit of shareholders and the communities within which it operates.
LAVO, which launched in Australia in September 2020, has the first and only commercial-ready hydrogen energy storage system in the world designed for everyday use by residential homes and businesses, called the LAVO System. Set to be installation-ready in mid-2021, the LAVO System is designed to easily integrate with existing solar panels, creating significant opportunity for LAVO to have an immediate and notable impact.
In addition to its equity investment, Gowings has also committed to purchasing more than 200 LAVO System units, which will be deployed across several Gowings properties. This includes its shopping centres, multiple of which already have solar panels installed, enabling it to run the centres greener while passing on energy cost savings to its tenants.
Alan Yu, CEO and Executive Director of LAVO commented: “I am thrilled to welcome Gowings as both an investor and a customer and look forward to working closely with them as we capitalise on the unique opportunity ahead of us.
“Over its 150-year history, Gowings has always been at the forefront of advancements in technology and celebrated game changing innovation. The LAVO System is the culmination of decades of research and endless hours of hard work by the LAVO team and our fantastic ecosystem of design and manufacturing partners, so having Gowings on board is a huge vote of confidence in the work that we are doing.”
John Gowing, Managing Director of Gowings commented: “At Gowings, we look for opportunities to invest in something that we believe will offer a more secure future for all our stakeholders and can make a difference in communities. We believe LAVO not only meets but exceeds that objective, especially as we are working to become a carbon neutral business.
“After thorough due diligence, we are pleased to have committed to becoming an equity investor in the business and are discussing a strategy to deploy more than 200 LAVO System units across our properties. In addition to providing our retail tenants cost savings on energy across Gowings shopping centres, we see a major opportunity to become our own retailer of power at our residential developments through the use of LAVO technology to underpin an embedded network.”