Applied UV, Inc AUVI, announced plans to develop case goods and smart building technologies for Larimar City & Resort, a new multi-use development under construction in the Dominican Republic.
What Happened? The company expects to deliver prototype case goods and energy-saving technology for development in the third quarter of 2024.
The real estate development firm CLERHP, a Spanish-listed multinational specializing in the promotion, design, engineering, and construction of large projects in Spain and Latin America, has commenced construction on the hotel properties and residences with the completion of the first phase of Larimar City & Resort expected in late 2025.
This development will include several entertainment venues, including a retail mall, dining options, a fitness center, a spa, a country club with an 18-course golf course, an outdoor sports facility, and a kid-centric activity center.
Why Does It Matter? Max Munn, CEO of Applied UV said, "We believe, as the likely sole-source supplier for several key elements, on this project, there is a 3–6-year revenue opportunity in the range of $250 to $300 million."
Larimar City & Resort Pre-Construction Development Manager Daniel Malky, in meetings with Christopher Kochuba, a member of the AUVI board of directors, noted that providing this development's clientele with residential and hotel properties designed with world-class furnishings and the latest in energy-saving lighting and air quality technologies will help them embrace both their environmental and sustainability goals.
Price Action: AUVI shares are trading higher by 1.89% at $2.70 premarket on the last check Thursday.
Also Read: Applied UV's Strategic Investment in LED Supply Co to Boost 2024 Sales with $10M Forecast
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