Newly listed Shark Mitigation Systems Ltd (ASX:SM8) has successfully completed an extended trial of the ‘Clever Buoy’ shark detection and response technology at Sydney’s iconic Bondi Beach.
The trials, conducted with the support of the New South Wales Government and the Waverley City Council, is a major step towards the commercial viability of the technology.
With the recent spike in the number of shark attacks on Australian shores, the technology couldn’t have come at a better time.
Encouragingly, the Australian Professional Ocean Lifeguard Association (APOLA) has formally endorsed the Clever Buoy system as a viable shark detection and alert solution for Australian beaches.
The technology used for the Clever Buoy distinguishes large sharks from other species, and send a warning signal to lifeguards onshore.
SM8’s proprietary sonar technology has been developed in partnership with Optus, but the company also has backing from major corporate entities including early stage funding partner Google.
SM8 has also developed another shark mitigating technology - marine apparel embedded in wetsuits and surfboards, making them appear as dangerous or unpalatable food to the sharks.
SM8’s shares are trading 13% higher than its listing price of $0.20 on the ASX last week. The Company raised $3.5 million from investors to research and develop products.
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