Singapore’s gridComm lists on ASX via reverse takeover


Singapore-based smart lighting and power grid company gridComm has announced its listing on the Australian Securities Exchange (ASX), according to a release.

gridComm’s IPO is executed through a reverse takeover, after being acquired by Odin Energy Ltd, a publicly listed oil and gas company on the ASX.

Odin will issue 169.5 million (post-consolidation) fully paid ordinary shares and three tranches of 87.5 million (post-consolidation) performance shares, which will turn into the same number of fully paid ordinary shares, that are subject to various performance-related milestones in the next five years.

After being acquired, gridComm will now receive $7.5 million in shares. Currently, it is said to have received $5.7 million from committed investors, according to a report by Tech in Asia.

The listing has been approved by ASX, and the startup is looking to start trading this July.

Through its series of power line communications semiconductors, devices and systems, gridComm’s main mission is to transform any ordinary electricity grid into a “smart” grid that can enable streetlight control, among other things. According to the company, by using gridComm’s solutions, local authorities would be able to save up to 50 per cent of electricity and lower maintenance costs.

At the moment, the solutions are already being deployed across Jakarta, Indonesia; and Chinese cities like Tianjing and Nanning. Trials are also underway in “several Indonesian cities”, Singapore, Spain, Russia and Macau.

In the future, gridComm may also be deployed in Australia, should its talks with local authorities and potential distributors go through successfully.

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