Automotive cooling technology company PWR Performance Products successfully debuted on the ASX last week, and has plans to continue its growth by entering the battery market.
As The Sydney Morning Herald and others reported last week, the supplier of cooling systems to half the world’s Formula 1 teams issued its shares at $1.50, with these priced at $2.90 at the close of the day. A 38.4 per cent stake is owned by founder Kees Weel and son Paul.
"We're pleased but not over-awed," the founder said.
PWR has enjoyed significant export successes, with six-tenths of its revenue from professional motorsports, following its beginnings as a NASCAR and F1 supplier in 2007 and 2008. It has won awards including Prime Minister’s Exporter of The Year in 2012 and this year won the Exporter of The Year at Manufacturers’ Monthly’s Endeavour Awards.
According to an interview with the company last year, growth has averaged 20 per cent annually in the previous four years.
The company is working towards further expansion through the rising demand for battery storage technology, in the areas of both housing and automotive.
"We cut our teeth with battery storage and cooling in Formula One,” Weel told The Australian Financial Review at the weekend.
“We're working with a number of car companies in the prototype phase for cooling batteries for electric cars.”