A company that makes finex technology in the South Australian capital says it’s ready to expand
The Australian Financial Review has learnt that a Perth company has been awarded a contract to supply the finishing touches to the copper wires that connect the South Australia Power Networks to the national electricity grid.
The award follows the completion of a multi-year feasibility study into the possibility of a copper network for South Australia, which saw the Government’s $4.6 billion South Australian Renewable Energy Target (SEATT) scrapped in 2016.
The State Government is now committed to building a network of 100 kilometres of copper wires connecting the power grid to the grid in the state’s east and south-east regions.
It is understood that the contract is part of a broader $2 billion investment in South Australia’s electricity infrastructure that is expected to create 2,000 direct jobs and a further 100,000 indirect jobs.
The company, Finnex Technology, has also secured a contract for the production of copper wire and is seeking regulatory approvals for its product in South Africa and Brazil.
Finnex, which specialises in copper-making, said it is confident it will have the required technology in place by the end of the year.
“We are pleased to have secured this contract with South Australia and are looking forward to our expansion into other regions of South Australia,” Mr Krys Davis, Finix’ CEO, said.
“With this new investment in our South Australian network we believe our technology will provide the most advanced, sustainable and cost-effective solutions to meet the state government’s renewable energy targets.”
It will help to support our operations in South Australian communities where we already have strong and robust customer base and we believe that this is the ideal location for Finnex to build its business.
“Mr Davis said Finnex would continue to focus on delivering high-performance copper products for power generation in the future.”
Our goal is to be an industry leader in the production and sale of copper in South America,” he said.
He said the company would also be looking to expand into Brazil.”
The Brazil market is growing very quickly and we are confident that Finnex will be a great fit for the Brazilian market,” he added.
South Australia has seen the emergence of a number of innovative firms such as Finnex, but has had to rely on state-owned energy retailers such as Power Networks and Southern Gas to supply its electricity supply.
South Australian Government energy sources chief minister, Mark McGowan, said the state was looking forward with great anticipation to seeing Finnex develop and produce copper wire.”
South Australia is in the midst of a massive transformation of the state electricity system that will provide new opportunities for our economy and our people,” he told reporters.”
As the world continues to move towards renewable energy, South Australia is determined to ensure that we continue to build a network that is truly reliable, affordable and affordable to the citizens of South Australian.