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PARKD Ltd

PARKD signs MoU aimed at improving panels used in modular parking systems

The company will work with Reinforced Earth to develop, refine and improve Transportable Concrete Panels.

PARKD modular car park system
The company has developed an innovative lightweight concrete car parking system

ParkD Ltd (ASX:PKD) has signed an MoU aimed at developing, refining and improving a critical concrete panel component of the company’s innovative lightweight modular car Parking systems.

The non-binding MoU with Reinforced Earth Pty Ltd (REPL) will see the parties work together for co-development and improvements of PARKD’s Transportable Concrete Panels.

Continuous improvement strategy

At first the collaboration will focus on improving concrete design, production techniques and cost efficiencies with the intention to manufacture and test the panel against a number of industry benchmarks.

PARKD managing director Peter McUtchen said: “This MoU is part of our continuous strategy around refining and improving the PARKD Car Park System.”

REPL designs and supplies innovative engineering structures and reinforced backfill solutions with a focus on sustainability.

The company has completed more than 100,000 projects with the Reinforced Earth system and is a subsidiary of Soletanche Freyssinet, a global leader in soil, structural and nuclear engineering.

McUtchen added: “Reinforced Earth has been extraordinarily successful selling smart engineering solutions through a global delivery framework.

“To potentially be able to tap into this network in the future would be a significant milestone for us.”

If the quality of the product manufactured and supplied by REPL is suitable, both companies expect to proceed to an exclusive agreement whereby REPL will manufacture and supply PARKD’s transportable panels for future projects globally.

READ: PARKD receives $690,000 from City Subaru Perth for first relocatable car park in Australia

This would give PARKD further certainty on price during project design and development stages.

REPL would thus potentially become a key supply chain partner to support PARKD’s domestic and international expansion plans, particularly in the US.

The modular aspect of PARKD’s system and minimising the structural weight provides the ability to relocate the car park or adapt it to parking demands by adding or subtracting to the structural levels.

Quick facts: PARKD Ltd

Price: $0.07

Market: ASX
Market Cap: $5.26 m
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