Pro9 Global has successfully completed an $8 million capital raise to build a manufacturing plant in Australia.
The facility will be developed in Sydney to expand production capacity for the company, which also has a manufacturing plant in Europe.
“Pro9 Global is seeking to be a world leader in the precision manufacture of smart building systems for better living. We need to ramp up capacity to meet demand, which is a good position to be in,” said Managing Director Daniel Jukic.
Pro9 Global is building the Sydney facility to supply the Australian residential property market with cost-efficient modular building systems that reduce overall build costs by about 20 per cent and build times by about 30 per cent.
“We have built a culture of innovation to constantly challenge ourselves to find ways of doing things better, faster and more cost efficiently,” said Mr Jukic.
The strategic decision to base manufacture in Australia ensures proximity to project builders, which account for 45 per cent of the total residential housing market.*
According to the HIA, the top 100 builders generated $22.61 billion of revenue from housing projects in 2016/17.*
“When it comes to buying a home, people want a quality product. We see local manufacture as a key differentiator for our Pro9 Global building systems,” said Mr Jukic.
Pro9 Global is undergoing a period of rapid expansion, following the award of a AUD$20 million contract with Croatian strata management company Stano-Uprava to install the Pro9 Global facade system to 150 residential towers in the Croatian coastal city of Split.
The company won the contract after it was approached to develop a system that could be mechanically fixed to the exterior of existing buildings to help meet modern energy efficiency standards.
“Our business is unearthing the industry’s challenges, then taking an agile approach to product design and manufacture to create value,” said Mr Jukic.
The $8 million capital raise was conducted by Merchant Group.