VOLT GROUP LIMITED
ABN 62 009 423 189
Appendix 4E and Annual Report – For the year ended 31 December 2024
1
Appendix 4E and Annual Report
1.
Details of reporting period
Reporting period:
12 months ended 31 December 2024
Previous corresponding period:
12 months ended 31 December 2023
2.
Results for announcement to the market
12 months ended
31 December 2024
12 months ended
31 December 2023
%
$
$
Change
Revenues from ordinary activities
5,563,750
5,032,762
11%
Profit from ordinary activities after tax attributable to
members
1,351,764
607,685
122%
Profit for the period attributable to members
1,351,764
607,685
122%
Net tangible asset per share
0.0005
0.0004
25%
3.
Dividends/distributions
No dividends were paid during the period, or in the prior period, and no dividends are proposed to be paid.
4.
Details of entities over which control has been gained or lost during the period
Not applicable.
5.
Commentary on results for the year
Refer to the attached Annual Report.
6.
Status of the audit
The attached Annual Report has been audited.
For and on behalf of the Board of Volt Group Limited.
Adam Boyd
Chairman
Perth
Dated: 27 February 2025
VOLT GROUP LIMITED
ABN 62 009 423 189
2
Contents
Corporate Directory ................................................................................................................................................................. 3
Corporate Governance Statement .......................................................................................................................................... 4
Corporate and Operational Review ........................................................................................................................................ 4
Directors’ Report ...................................................................................................................................................................... 8
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................................... 20
Consolidated Statement of Financial Position .................................................................................................................... 21
Consolidated Statement of Changes in Equity ................................................................................................................... 22
Consolidated Statement of Cash Flows .............................................................................................................................. 23
Notes to the Consolidated Financial Statements ............................................................................................................... 24
Consolidated Entity Disclosure Statement ......................................................................................................................... 45
Directors' Declaration ............................................................................................................................................................ 46
Independent Audit Report ..................................................................................................................................................... 47
Investor Information .............................................................................................................................................................. 51
VOLT GROUP LIMITED
ABN 62 009 423 189
3
Corporate Directory
ABN: 62 009 423 189
Directors
Adam Boyd
Executive Chairman
Simon Higgins
Non-Executive Director
Peter Torre
Non-Executive Director
Paul Everingham
Non-Executive Director
Company Secretary
Peter Torre
Registered office & principal place of business
6 Bradford Street
Kewdale WA 6105
Ph: (08) 9437 4966
Website
www.voltgroup.com.au
Stock Exchange Listings
Australian Securities Exchange (ASX)
ASX Code: VPR
Auditor
BDO Audit Pty Ltd
Level 9 Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Solicitors
Thomson Greer
Level 27, Exchange Tower
2 The Esplanade
Perth WA 6000
Bankers
Commonwealth Bank of Australia
Corporate Financial Services
Level 14C, 300 Murray Street
Perth WA 6000
Share register
Link Market Services Pty Ltd
Level 12
250 St George’s Terrace
Perth WA 6000
VOLT GROUP LIMITED
ABN 62 009 423 189
4
Corporate Governance Statement
Volt Group Limited and the Board are committed to achieving and demonstrating the highest standards of corporate governance
reasonably expected for a Group of the size and nature of Volt Group Limited. Volt Group Limited has reviewed its corporate
governance practices against the Corporate Governance Principles and Recommendations (4th edition) published by the ASX
Corporate Governance Council.
The 2024 corporate governance statement is dated as at 27 February 2025 and reflects the corporate governance practices in place
throughout the financial year. A description of the Group's current corporate governance practices is set out in the Group's corporate
governance statement which can be viewed at www.voltgroup.com.au/investors.
Corporate and Operational Review
The directors provide you with the following corporate and operational review of the consolidated entity (referred to hereafter as the
Group) consisting of Volt Group Limited ("Volt") (formerly known as Volt Power Group Limited) and the entities it controlled during the
year ended 31 December 2024.
1.
Summary
(a) Operations
Corporate & Administration
The salient corporate activities during the period included:
•
In June 2024, the Company changed its name from Volt Power Group Limited to Volt Group Limited following shareholder
approval received at its Annual General Meeting held on 31 May 2024.
Wescone OEM Sample Crusher Supply and Service
Wescone salient capabilities, activities and achievements during the period include:
•
Wescone is the Original Equipment Manufacturer (OEM) of the proprietary W300 sample crusher extensively deployed in the
global iron ore and assay laboratory industries. The Wescone OEM offering comprises three sample crushing equipment
solutions with alternative dimensional feed acceptance capabilities – the W300 Series 3, W300 Series 4 and W300 Lab crushers.
•
The business continues to service its Tier 1 client base and distribution partners across Australia, North America and Africa and
respond to new tender and enquiry opportunities for mineral resource & laboratory sample system projects in these markets.
Wescone maintains a growth strategy comprising the appointment of Distribution Agents with a sales and service capability
expanding the application of its crusher solution into sample and production flowsheet designs in other bulk, battery, and rare
earth commodities.
•
The previous Wescone African distribution partner, Solid Process Automation (Pty) Ltd (SPA) failed to comply with agreed
contract payment terms during 2024. The recurring payment failures and non-compliance with Wescone OEM QA/QC policy
compelled Wescone to terminate the Distribution Agreement. The Wescone debtor exposure to SPA is ~$130,000 at 31
December 2024. Wescone holds a security position over SPA and limited guarantee from the SPA sole shareholder, Mr Raynard
Meyer. Wescone is advancing formal judgement proceedings to compel SPA to pay the outstanding debtor balance in full.
•
In January 2025, Wescone concluded negotiations with a new African distribution partner, Mineral Innovative Technologies (Pty)
Ltd (MIT). Wescone was introduced to MIT during a site visit to Wescone customers, Anglo American and Assmang in 2023.
Over a period of 10-years, the MIT owners have successfully established a significant market presence in the supply and
installation of sample preparation and assay laboratory equipment to the African minerals sector. MIT also has a significant
capability in sample system design, engineering and installation. MIT has relationships with key Wescone customer personnel
including at the Kolomela and Sishen iron ore mines owned by Anglo American and the Beeshoek iron ore mine owned by
Assmang.
•
Wescone has secured Patent rights for the Wescone W300 Series 4 crusher on the Australian, African and Eurasian continents.
During 2024, Wescone also secured Patent rights for the Wescone W300 Series 4 crusher in North America.
•
Wescone successfully completed a specific R&D program to develop new components to enhance the Wescone W300 crusher
to process ores with a moisture content higher than the specification limits of the existing crusher. Two prototype Wescone W300
crushers are now trialling at the Pilbara iron-ore operations of an existing Wescone customer.
•
In FY24, Wescone continued to record strong annual revenues, exceeding $3.5 million for the second consecutive year.
VOLT GROUP LIMITED
ABN 62 009 423 189
5
EcoQuip OEM Mobile Solar Light & Communications Towers
EcoQuip salient capabilities, achievements and activities for the period include:
•
EcoQuip is the OEM of a Mobile Solar Light & Communications Tower (MSLT) solution incorporating the proprietary high
efficiency EcoQuip technology platform. The technology platform comprises a Solar / Battery Energy Storage System (BESS),
sophisticated power management and illumination solution delivering up to a 40% performance efficiency increase compared to
similar industry standard Solar / BESS Systems.
•
The EcoQuip MSLT has “market leading” illumination and power budget performance, end user telemetry with pre-emptive
reliability notifications and remote-control capability. These capabilities have been achieved partnering with US military
fabrication, electronics and software development supply chain businesses. The MSLT can deliver the ‘mission critical’
performance required for reliable remote site illumination and autonomous mining communications network reinforcement.
•
The EcoQuip MSLT is a zero emission, zero maintenance & zero OPEX mobile light tower solution with a performance capability
to disrupt the traditional diesel fuelled light tower market. The MSLT is ~50% cheaper to hire and operate than a diesel fuelled
equivalent. The zero lifecycle, maintenance and OPEX capability reduces the need for site-based skilled labour and delivers
safety enhancement outcomes.
•
Since Q3 2021, EcoQuip has deployed 55x new MSLTs at the Chevron operated Gorgon natural gas project located on Barrow
Island pursuant to a 5-year master hire agreement. The Barrow Island deployed MSLT fleet displaced the entire diesel fuelled
light tower fleet used for 24/7 operations. The Barrow Island deployment success was followed by a request by Chevron USA to
trial the EcoQuip MSLT at Chevron’s USA domiciled onshore gas operations in West Texas. This has now expanded from 2 to
8 MSLTs – 2 units with each of 4 onshore gas drilling teams. EcoQuip is working with Chevron to identify other deployment trial
opportunities at other Chevron owned / operated sites. The potential EcoQuip MSLT fleet opportunity with Chevron in the USA
is significant. The growth potential for EcoQuip in the US market is outstanding and the Company is highly focused on expanding
EcoQuip’s operational footprint in the USA during 2025.
•
In July 2024, EcoQuip signed a Plant Hire Contract with Thiess Pty Ltd (Thiess) that provides for the deployment of the EcoQuip
MSLT & Mobile Solar Communications Tower (MSCT) across all Thiess contract mining operations globally. This follows more
than 3-years of working closely with Thiess personnel at multiple site locations. MSLT deployment discussions with Thiess Pty
Ltd (Thiess) were initially delayed due a Thiess decarbonisation team leadership change, however confirmation of specific Thiess
sites for EcoQuip MSLT deployment are now advancing. Thiess management has proposed a site-by-site staged deployment
process. Initially involving a small MSLT site deployment to familiarise site personnel with the capabilities of the MSLT.
Thereafter, to displace diesel fuelled lighting plant at that site. 2x MSLT units were deployed at the Thiess Olive Downs mining
operations in December 2024. EcoQuip management is delighted to support the Thiess energy transition strategy.
•
In October 2024, BHPIO extended the existing 2+ Year EcoQuip MSLT trial at BHP’s Pilbara iron ore operations. EcoQuip and
BHPIO are negotiating amendments to the original MSLT trial hire contract to provide for an expanded deployment of MSLT
limits at the BHPIO Pilbara iron ore operations. These negotiations are ongoing and not concluded at the date of this report.
Should these ongoing negotiations successfully conclude, the potential new EcoQuip MSLT & MSCT fleet growth opportunity
could be up to ~200 – 300 units.
•
EcoQuip recently conducted a successful demonstration trial with Westgold and Macmahon Contracting. Contract negotiations
have commenced between EcoQuip and these potential future customers.
•
In August 2024, the Volt Board approved a commitment to manufacture 30x new EcoQuip MSLT units during the period. These
30x new MSLTs are scheduled for completion in March/April 2025 for deployment in Australia.
ATEN Waste Heat to Power - Zero Emission Baseload Electricity Supply
The ATEN Technology capabilities and achievements during the period comprise:
•
Volt’s ATEN Technology is a waste heat to zero emission, baseload electricity generation solution that utilizes recovered low
grade industrial waste heat as its energy source. The ATEN Technology requires no water and operates autonomously without a
requirement for operating personnel. ATEN enjoys an Australian Innovation Patent (AIP# 2020202347).
•
The zero emission, zero fuel, and zero OPEX benefits of the ATEN Technology compels customers seeking Carbon Intensity and
operating cost reductions to investigate ATEN Technology retro-fit opportunities.
VOLT GROUP LIMITED
ABN 62 009 423 189
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The benefits include:
Enhanced energy efficiency:
~15 - 30%
Lowest cost zero emission generation:
~20 – 50% cheaper than generation equivalent solar/BESS hybrid solution
Scope 1 emission reduction:
Material carbon intensity reduction outcomes
Grid stability:
Baseload supply delivering capacity and system stability enhancement at
existing connection infrastructure
No water consumption:
Reduced environmental approval requirements and OPEX
Autonomous operation:
No operational personnel required and reduced OPEX
Small footprint:
Retro-fit to existing assets on a brownfields site footprint
Hydrogen fuel compatible:
Compatible with & enhances hydrogen fuel viability
SMC eligibility:
Creates SMCs where deployed at remote site locations (subject to
accreditation)
•
The ATEN Technology delivers zero emission generation capacity with a lower levelized long term cost of energy relative to:
New diesel fueled generation capacity;
New gas fueled generation capacity where site delivered gas prices exceed $3 – $4.50/GJ (subject to heat resource);
Solar/BESS hybrid generation; and
Wind turbine hybrid generation.
•
During 2024, the Company advanced an ATEN Concept Study for the WA Government owned energy retailer and generator,
Synergy. The ATEN Concept Study was completed in January 2025. The ATEN Concept Study highlights the significant technical
and commercial viability of installing Volt’s ATEN Waste Heat to Power system at an existing Synergy OCGT power station. The
Concept Study was submitted to Synergy for review and evaluation in early February 2025. This activity followed the signing of
an agreement with Synergy in Q3 FY24 providing for the technical and commercial evaluation of installing Volt’s ATEN Waste
Heat to Power system on existing and future Synergy owned gas fuelled power generation assets. Synergy is WA’s largest
electricity generator and retailer and owns a fleet of OCGT power generation assets.
•
The Table below highlights the results of the Synergy Concept Study compared to an equivalent annual generation Solar/BESS
solution necessary to supply the equivalent, consistent 24/7 electricity generation (inclusive of load shifting requirement to a
~200MWh BESS):
Description
Units
Synergy
ATEN
Concept
Study
Solar / (BESS
~200MWh)
Annual Gen
Equiv.
Solar / No
BESS Annual
Gen Equiv.
ATEN Vs
Solar / BESS
equiv.
ATEN Vs
Solar / No
BESS
Ave. OCGT Op. Duty
& MW
% / MW
(AC)
55% / ~59
n/a
n/a
-
-
Capacity (net)
MW (AC)
17.0
60.0
60.0
(43)
(43)
Site Footprint
M2
~2,700
~2,100,000
~2,100,000
~1.4km2
~1.4km2
Annual Generation
GWh
147
147
147
-
-
Capital Cost (2024$)
$’M
~85.0
~255.0
~144.0
(170)
(59)
Generator Utilisation
%
95.0
28.5
28.5
Proxy Baseload
equiv.
Baseload Vs
Intermittency
Annual Scope 1 CO2
Abatement
tCO2
~82,800
~82,800
~82,800
-
-
Levelised Cost of
Energy (LCOE1)
A$/MWh
~76
~142
~73
(66)
3
1LCOE is based on an ATEN CAPEX, related lifecycle maintenance and OPEX Vs Solar / BESS (17MW by 12 hours storage capacity),
related lifecycle maintenance and OPEX in Northern Australia using the ARENA LCOE calculation methodology @ 8% discount rate and 20-
year project life in 2024$.
•
The Table highlights that a ~60MW (AC) solar array and a ~200MWh battery energy storage system is required to generate the
equivalent annual baseload electricity as a 17MW (net) ATEN Waste Heat to Power installation. Importantly, the upfront ATEN
CAPEX is ~A$170 million lower than a solar/BESS equivalent solution. The Concept Study was completed on the basis that no
additional transmission or ancillary services CAPEX was required to connect the proposed Solar / BESS equivalent generation
or the ATEN systems.
•
The OCGT power station the subject of the ATEN Concept Study installation has a marginal cost of electricity generation of
~A$122/MWh. This is A$46/MWh more expensive than the Concept Study ATEN LCOE result. The ATEN Concept Study
marginal cost of electricity generation is A$25/MWh. The ATEN Concept Study CAPEX Payback period is ~4 years.
VOLT GROUP LIMITED
ABN 62 009 423 189
7
•
Critically, the ATEN Waste Heat to Power system is highly compatible with and complimentary to a solar / wind hybrid network
roll-out supported by gas-fired OCGT infrastructure significantly reducing the carbon intensity of the necessary dispatchable
capacity to provide inertia, frequency management and grid stabilization support.
•
The populist view that intermittent solar and wind generation is capable of viably achieving reliable and low-cost electricity in all
incremental renewable penetration scenarios (from 20-100% renewable penetration) provides some initial resistance to the
adoption of the ATEN Technology. However, enterprises that apply sound technical and commercial evaluation (including
transient event risk analysis and incremental transmission, ancillary services and control system development CAPEX)
considerations engage the valuable opportunity that the ATEN Technology presents.
HYTEN – Waste Heat to Hydrogen
•
As previously reported, the Company’s HYTEN system comprises the ATEN Waste Heat to Power system combined with a
proven, high efficiency alkaline water electrolyser, PEM electrolyser or a solid oxide electrolyser to produce zero emission
hydrogen. The Company has secured a HYTEN Waste Heat to Hydrogen technology patent and submitted patent applications
in multiple countries including the USA, Japan, Korea and countries in the Middle East.
•
The HYTEN preliminary feasibility study results are highly encouraging. The preliminary engineering activities have confirmed
that HYTEN has numerous cost and technical competitive advantages relative to an equivalent annual hydrogen production
“Green Hydrogen” Solar to Hydrogen system. Benefits include:
A ~60% lower LCOE1 for zero emission electricity supply to the electrolyser;
Up to ~300% greater electrolyser utilization performance (baseload Vs intermittent power supply);
At least 50%+ lower electrolyser (or electricity supply related BESS storage) CAPEX;
Higher system efficiency (particularly incorporating solid oxide electrolyser technology).
•
A HYTEN Preliminary Study report indicated that a HYTEN system is capable of a levelized hydrogen production cost of ~US$2
– 4/kg (HYTEN LCOH