Eden Innovations restructures, sells US properties

Carbon fibre nanotube concrete additive manufacturer Eden Innovations is restructuring its US business and selling properties to set itself up for renewed growth.

The company, dual listed on the ASX in Australia and the NASDAQ in the United States, is little known in Australia but well known in the US where its concrete additive products have been utilised by road and bridge construction authorities to strengthen concrete.

As well as nanomaterial concrete admixtures, the company also offers bi/dual fuel diesel engine conversions, and combustion and controls engineering services.

Now the company has told investors of developments in selling two of its three US industrial properties:

• A potential purchaser is considering acquiring Eden’s 65-acre industrial site in Augusta Georgia which has an appraised value of US$5 million, while a second potential purchaser is also considering the land
• And Eden has decided to sell one of its two industrial properties in Littleton, Colorado which is under-utilised and has an appraised value of US$2.6 million.

According to Eden Innovations: “All of Eden’s on-going operations and staff are able to be housed in Eden’s abutting factory where all its production and the storage of its products can be accommodated.

“…The sales will leave Eden US with its full production and operating capability at its remaining property in Littleton, Colorado where it will produce and store all its carbon nanotubes, EdenCrete range of admixtures and OptiBlend duel fuel systems.”

The funds will be used to repay all or a significant part of a secured loan of US$5.8 million owed to iBorrow, potentially leaving its remaining property free of encumbrances.

Excess proceeds would contribute to working capital and reduce unsecured loans.

“The outcome would be to reduce Eden’s US annual operating costs by up to approximately US$864,000 (Au$1.3 million).

“…Eden has undertaken significant cost cutting and re-structuring of its US operation over the past two years, focusing on improving both manufacturing, marketing and sales efficiency and increasing our product sales.”

Eden said the re-structuring could provide the catalyst to ‘drive the emergence of Eden as a world leading, clean technology innovator of unique and well proven products.’

Picture: Eden Innovations/EdenCrete trial in Georgia, USA