SYDNEY, AUSTRALIA: The Board of Volt Power Group has reached agreement to acquire the remaining 30% interest in EcoQuip Australia Pty Ltd from EcoQuip founder, Mr Dave Sharp and his family interests. EcoQuip is now a wholly owned subsidiary of Volt Power.
EcoQuip is the award-winning OEM developer of the EcoQuip Mobile Solar Light Tower (MSLT) equipment solution and its unique Solar/BESS technology platform. Developed over four years partnering with US military & aerospace electronics and software contractors, MSLT incorporates robust military build quality and sets a new benchmark in power budget reliability and illumination performance.
EcoQuip achieved a ‘beachhead’ commercialization milestone in November 2021 after deploying 25x MSLT units at the Chevron operated Gorgon natural gas facility located on Barrow Island, Western Australia under a 5-Year Master Hire Agreement.
The EcoQuip Solar/BESS technology platform has also been deployed under hire arrangement as a Mobile Solar Communications Tower (MSCT) performing network reinforcement to support the autonomous drilling and dozing systems deployed by Thiess Contracting in NSW and Queensland.
Multiple EcoQuip MSLT demonstration trials are ongoing or in planning with BHP, Thiess and Albemarle. The business is also advancing Australian market distribution arrangements with an established national equipment sale and hire business.
EcoQuip continues to experience significant ESG tail winds with market enquiry continuing to increase. The Volt Board is excited about the future growth potential of the EcoQuip business and a national ‘roll-out’ strategy is advancing positively.
Volt Executive Chairman, Mr Adam Boyd said; “Volt securing 100% ownership of the EcoQuip business and the EcoQuip founder, Dave Sharp becoming Volt’s second biggest shareholder and Board member is an outstanding result. Since the initial $1 million Volt Power investment for a 50% ownership interest in EcoQuip in 2018, EcoQuip has successfully achieved our strategic objective to create a world-class Mobile Solar Light Tower solution.
The EcoQuip MSLT4 has the charge efficiency, illumination performance and power budget reliability capable of displacing traditional diesel fueled mobile lighting solutions extensively deployed throughout the resources and construction sectors globally.
“The EcoQuip Solar/BESS MSLT4 technology platform is a market disruptive solution that delivers end user customers significant cost savings, Scope 1 emission reductions, reduced site based skilled labour requirements and improved environmental and safety outcomes. The Volt Board believes that the adoption of ESG initiatives across business and government will deliver significant revenue growth tail-winds for EcoQuip in the short and long term.
EcoQuip founder, Dave Sharp said: “The commercialisation of our EcoQuip MSLT / MSCT equipment solutions is underway. Developing new technology is challenging and the collaboration with Volt has greatly assisted to create what we feel is a “world class” market disruptive equipment solution. Our early commercialization initiatives have validated the MSLT with successful long-term hire deployments with tier 1 resource sector businesses including Chevron and Thiess Contracting.
“EcoQuip is fielding increasing customer enquiry and several demonstration trials are ongoing and in planning with potential new long-term hire customers. These include BHP and other resource sector companies striving to identify proven ‘mission critical’ equipment technologies capable of displacing traditional diesel fueled equipment. I’m super excited about the potential revenue and MSLT fleet growth opportunities ahead and potential of a complimentary product suite utilising the MSLT Solar/BESS technology platform.