US smart grid firm betting on Australia

Smart grid and power quality technology company MicroPlanet is betting on Australia to deliver as it reported its Q3 earnings yesterday.

In an update to investors which revealed no sales were reported between July 1 and September 30 as the full-year-to-date figure plummeted from $205, 833 on September 30 last year to just $14,502 at the end of the last quarter, the company was keen to stress its preliminary work Down Under would bring longer-term dividends.

Thursday’s financial update revealed the Washington state-based smart grid firm is in talks with ‘a leading Australian gas supplier’ to trial its low voltage technology as well as monitoring the voltage regulation equipment it supplied to United Energy in Melbourne with a view to a trial to achieve grid stability ‘in an urban setting’.

Strategic tie-up

MicroPlanet, headquartered at Woodinville, near Seattle, also claimed it is in talks with ‘an Australian entity’ over a strategic tie-up.

Such vagaries were overshadowed by the fact a comprehensive income of $102,226 for the third quarter – compared to a loss of $560,410 for the same period last year – did little to dent a full-year-to-date loss of $1.3 million which has doubled from the $670,000 reported on September 30, 2013.

At least the operating loss figure gave some cheer with a full-year-to-date figure of $1.25 million coming in from $1.6 million 12 months earlier as respective third-quarter losses reduced from $509,168 to $377,548 with the company announcing it had reduced operating expenses by $164,384 for the quarter ‘to further preserve capital’.