BUSINESS REVIEW Unregulated Business
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HRV SOLAR LAUNCHES ACROSS AUCKLAND WITH A NATIONAL OFFERING TO FOLLOW.
Communications revenue and Regulated Networks operating expenditure by $3.3 million. Our new energy solutions business was strengthened this year by the acquisition of E-Co Products Group and PowerSmart. The market for large scale solar and battery installations is strong across Australia and the Pacific. PowerSmart will deliver a large commercial battery system to Territory Generation in Alice Springs and will then shift focus to an exciting project in Niue, where it has been awarded the contract for another large solar contracted to deliver a number of solar/battery microgrid solutions in New Zealand. During the period, Vector acquired New Zealand’s largest solar array, on the Yealands Winery in Marlborough, which array and battery storage system. PowerSmart is also output of this system has been sold under a long-term power purchase agreement. PowerSmart is actively was installed by PowerSmart. The
targeting other such opportunities to deliver commercial solar to New Zealand businesses. E-Co Products (trading as HRV) is Vector’s channel to market for healthy and energy efficient home solutions. HRV’s core ventilation and water filtration products have continued to trade well since acquisition. The heat pump business, which we believe offers significant opportunity across New Zealand, has not performed to expectations, and we ceased offering HRV’s retrofit windows product early in 2018. During the period HRV has invested significantly in developing a residential solar offering, which was launched in Auckland at the beginning of 2018 as HRV Solar, with a nationwide offering to follow in due course. Visit www.hrvsolar.co.nz for details.
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