Advanced Braking Technology says it has the funds in place to support the commercial launch of its garbage truck braking technology, after completing a $2.4 million capital raising.
The Perth-based company said it raised the funds through an oversubscribed share placement, arranged by Blue Ocean Equities, priced at 1.7 cents per share.
ABT said the funds would be used to complete final stages of product validation for its SIBS garbage truck brake system, match the balance of a $2 million Commonwealth Grant provided to support the technology's market launch and provide additional working capital.
The SIBS is a single disc enclosed wet brake used by mining companies in harsh environmental conditions.
ABT is attempting to commercialise the technology for the mainstream market, in particular garbage trucks.
“There has been strong interest by sophisticated investors in the opportunity to support the final stages of the garbage truck brake project,” chief executive Ken Johnsen said.
“The successful completion and commercialisation of this revolutionary approach to vehicle braking in the trucking industry will transition the company from being very successful in the niche mining market to a major potential participant in the global waste industry and beyond.”
At 1:20PM WST, ABT stocks had gained 4.7 per cent, trading at 2.2 cents.