Hello, this is Chuck Mowrey from ClearVue North America. I'm in our new San Jose, California office. Seems like just yesterday I was over in Perth, Australia, for the annual meeting. Came back pretty excited, found a way to get full-time with the team starting May 1st, and in our sixth or seventh month here launching ClearVue North America. I wanted to just give you a quick update of where we're at. Apologize for not coming over to Perth for the meeting, but it's very busy here, and appreciate you allowing me to do an efficient video. It'll be Thanksgiving night when you're having the annual meeting next week. It'll be Thanksgiving night here in America. Anyway, wish I could all see you, but let me just give you an update. Priorities for the first six months basically build the U.S. team and build the U.S. team with cash outlay in mind.
So we're trying to be as frugal as possible. I was the only employee for a few months, and now as we're getting into it, we're starting to add some team. But go to market sales, we're trying to keep costs down. We have a sales agent plan where we're paying a small monthly fee to qualified salespeople who are out selling for us. If they get sales, they get commissions as well. But between a small monthly fee and commissions, it's a win-win situation. We did pull the trigger on a full-time director of operations. We need to start licensing fabricators in the U.S. So Paul Hogben is on board. He's a PVB scientist background. He's done a lot of laminating of glass, tempering insulating units, worked in a fabrication plant.
As we work with existing North America fabricators, Paul will be able to walk in those fabricators with respect as he was one of them. Priorities for the six months, we wanted to open the office. We did. We had to build an infrastructure in the U.S. to be able to employ people, payroll, taxes, benefits, etc. We're very fortunate with the office we have here. We have 5,000 sq ft of office, a 10,000 sq ft warehouse, an outdoor parking lot. We don't need that much space, but it's a very opportunistic situation. We're paying a very small monthly fee, and we have a lot of area in a building that was unused, and it's not going to be used anytime soon.
We've got a goal to sell a couple of projects so we can get the next big step for U.S. is get projects that are on the ground built in the U.S., so we want to learn from those projects, so we don't want several jobs initially. We just want one or two to get them up and make sure they go right. Working with partners, certainly we need licensed fabricators for our vision glass product. Our early projects that we want to do this year will probably be bringing the vision glass and the spandrel glass in from China. Longer term, we want to be able to make the vision glass here in the U.S. I've identified fabricators, five U.S. fabricators that we're going to try to sign license agreements and bring them on board in this next coming year.
Yeah, our North America go to market overview, basically the drivers. I'm sure you're all curious of the biggest driver. We have a new administration coming in in January. Regardless of what you think about USA politics, it's kind of crazy, but we really feel pretty good that construction activity is very likely to increase, and we already have early indications that that is the case. Some projects that were pending and waiting for outcome are being released, and we think construction activity is going to pick up significantly in 2025 and beyond. We also do not see a negative impact from ITC or tax credits with change in administrations. Target segments, we're targeting commercial construction industry and agricultural greenhouses. So within commercial construction, higher education, multifamily, aviation, office buildings, data centers. Office buildings down, but there's a lot of office buildings that are being converted to living.
The office building existing market renovation to other sources is really hot right now. Greenhouses. Kevin, our sales agent for greenhouse, has sold a few projects, and there's a couple more coming here quickly. Our first one will be installed early next year. A little bit of update on our progress. Again, we're just getting going. The biggest impact we've had on trying to go out and get sales was the Greenbuild show last week. We filled our funnel. Our funnel did not look like this two weeks ago. 268 leads. Most of them came from the Greenbuild show just last week. From those leads, we will be qualifying to make sure they're legitimate leads that could lead to our project, and we have two qualified leads. Then leads that have already been qualified and turned into active pursuit. We have two, and we're quoting two.
So that's a quick overview of North America. Again, I wish I was there, but the questions and answers are hard to do for a video, but email me. Enjoy the AGM. Thanks for all the support and the opportunity to build ClearVue PV U.S.A. business, getting it off the ground since May 1st. We're going as fast as we can, but we're trying to do it right. And more to come in 2025, but successful launch and startup from May 1st in 2024 through the end of this year here next month. Thanks again.
Hello, my name is Clifton Smyth. I'm the Global Business Development Director for ClearVue. Today, I would like to give you an update on our status in the progress of signing up our licensed partners. These licensed partners are key to bringing the ClearVue products to market. By using existing IGU manufacturers, we gain obvious advantages. We also benefit from their past performances, their client lists, their sales pipelines, and any other routes to market that they already have. The fact that we're relying on these existing companies means that we have to perform due diligence to ensure that we are partnering with the right caliber of manufacturer. Over the last few years, myself and other members of the ClearVue team have traveled extensively, visiting these potential licensed partners, performing the due diligence process, and negotiating license agreements.
Recently, you will see that we've signed up some very large licensed partners. I can tell you that today we are on track to hit our target for licensed partners for 2025. Contained within the AGM presentation is a map depicting all the licensed partners we have existing and those planned for 2025. As you can see, we are endeavoring to get ClearVue products into every market possible and will continue on this endeavor until we do so. Thank you very much.
Good morning from Hong Kong. My apologies for not being able to meet you all in person at the AGM. More as to why later. My team is responsible for R&D, design, manufacture of our products, and other technical sales client interface, which has become a critical part of our remit in the last several months. In the last 12 months, ClearVue has taken great strides on the path to commercialization with the completion of the certifications of our entire product range. Notably, the seal testing certifications from the IGCC and TÜV via the EN standards, validating our patented technology to pass wiring through the IGU seal. The achievement of A2-s1, d0 non-combustibility ratings on our entire product range and all the other certifications we have completed in 2024.
In fact, as recently as two weeks ago, we achieved AS 4284 certification on our in-house developed framing system for air tightness, waterproofing, and wind loading. We developed this system to make a high-rise deployable framing system that allows for easy panel replacement. The framing system also allows us to provide a waterproof seal of the facade face in combination with the other key technology we have developed in the last year, and that by name is our new patented thermal bridge junction box. This enables the silicone bead seal seen on nearly every building cladding system while keeping the panel diodes at below 100 degrees Celsius inside the facade cavity. Our competitors are unable to achieve this.
We've also focused on other barriers to BIPV deployment, such as being able to manufacture in bespoke size and to be able to produce spandrel and cladding products with thicknesses suitable for high-rise and typhoon ratings. We can produce glass robotically up until 12- and 12-mm size and manually up to 25- and 25-mm size. This is really important for structural loadings and large size pieces. I'm also pleased to report that we can manufacture volumes in the 30,000 sq m per month range for each of these products. A key benefit of the OEM business strategy we commenced two years ago, copying that used by Apple and Google. We design and third parties produce to take advantage of already scaled production lines and to be able to deliver products that meet commercial payback periods.
We, of course, also designed a flash testing unit to fit into IGU production lines, the first of which will be deployed at Maxblue Q1 next year. We now have deep engagement on many projects, partnering with national and international engineers and architects who have wonderful reputations in the sustainable building space. They are telling us that our products are the best in the world. I want to congratulate my direct reports, Tao Zhang, Chris Cole, Georgina Cook, and Hui Heng Tang for their hard work and focus in achieving this goal. This has also been confirmed by the awards we've won this year from AGWA, Greenbuild, and of course, the Hong Kong Green Tech Challenge. Product-wise, we have many new products in the pipeline, many of which will be global firsts. I hope we'll be able to announce these during calendar 2025.
I am currently in Hong Kong leading our participation in the Hong Kong Green Build Challenge, where we are the only BIPV company in the eight finalists which were selected from over 6,000 applications. While we are only halfway through the program at the time of recording, we've already met some of Hong Kong's leading architects, engineers, and property developers. We have also pre-qualified for several grants and incentives offered by the Hong Kong government, which we'll explore more fully in the coming months. I am confident that many projects will be added to our list in 2025 as our engagements have all been successful, with our presentations and products being very well received.
Our focus in 2025 will be continuing the work on our current project engagements, developing more new products to further remove the barriers to BIPV deployment, and training our licensees to manufacture and sell the product range. Myself and my team are excited about what we've so far achieved, but even more excited about what the future holds. I look forward to 2025 being a breakout year for ClearVue and deploying many of our products on many buildings. Thanks for listening.
A very warm welcome to everyone joining us here for the annual general meeting of ClearVue 2024. It's great to be here. Thank you all for joining. It's an exciting time to be with ClearVue, and I very much look forward to sharing with you all the accomplishments that we have achieved in the last 12 months and also to share with you what we are going to do in the next 12 to 18 months and how we are going to be driving long-term shareholder value. I'm very happy to be able to report that we are in a much stronger position as a company than we were 12 months ago. All our key metrics are above expectation with three particular points to note. We've achieved our first installation in Melbourne. That is a significant milestone and should be very much celebrated.
The level of testing and certifications that we have achieved as a company and completed throughout the year, and last but not least, the growth of our license network and pipeline. A global footprint is clearly within our reach. What is particularly pleasing is that we have done what we said we were going to do at the last AGM, and that clearly lays the foundation for controlled growth leading into the next calendar year. We have signed some very large and well-established license partners. We have secured our first commercial projects. We have maintained our focus on R&D, and also we have raised very recently successfully AUD 7.5 million at what we believe are very favorable rates. Our growth will come from our license partners on which the scalability of our business model is, of course, based.
We have an extremely ambitious yet achievable agenda for onboarding new licensees in the next six to eight months, and we are also in detailed negotiations and due diligence processes as we speak with multiple parties and expect to be able to share news very shortly. Over time, our internal pipeline that we have built of job opportunities will transition to those licensees. Let me just shortly speak about our internal project pipeline, which stands at just over 60. We have established this because we recognize that the build industry has a pretty long project cycle, which means that from the original project conception to the project actually being executed and materials and product being ordered can take a long time, between 12 to 36 months.
So it was important that we were not only waiting for our license partners to be onboarded and allow them to generate business for us, but also to establish our own direct pipeline. We have done this very successfully, and it also highlights the importance of our diversified approach to revenue recognition. Our internal portfolio contains smaller launch projects as well as medium to large-scale projects for exactly this reason. Our view of the world as it stands today is as follows. The United States, we are still confident that the U.S. election result is unlikely to stop the move to decarbonize the U.S. economy. And indeed, we are seeing confidence growing for sales in 2025. We've had some excellent reception at the recent trade show that we exhibited in Philadelphia, the Greenbuild, where we have established more than 400 project leads.
Asia and Middle East, North Africa, all the elements of ClearVue's value proposition are creating a lot of attention. We're specifically targeting projects in the Middle East, Hong Kong, and Singapore. And of course, then we have UK and Europe focuses very much on the licensees, as you would have seen our announcement of signing a licensee in London recently. And a significant portion of our pipeline is going to originate in Europe. And then finally, Australia, the industry engagement is at its highest level ever, with particular emphasis on the East Coast. And we are following a number of very, very specific opportunities that we hope to be able to report on very shortly. In summary, the global policy setting remains very, very accommodative.
The total building envelope solution is our flagship offering to enable that, which enables us to cover the entire surface of a building with power generating surfaces. We are actively quoting this now. And of course, the envelope, the complete envelope solution allows us to upsell and cross-sell with our technology opportunities. Also, modular construction is of growing interest, both domestically and internationally. Also, the industry recognition that we are achieving through winning multiple awards, particularly recently in the U.S., Asia, and Australian market, is giving us a very, very good push also from the communication and marketing side. As we've always shared, the driver for the adoption of our technology is certification. These are the rules of the engagement, particularly in the construction sector, and thus the certification of our products is critical.
It does take time and is expensive, but we are absolutely certain that the investment here will pay off. We need those certifications, which, by the way, also represent, of course, a barrier to the market entry of other players. Again, I want to emphasize the success we've had in the completion and certification of our products during the last 12 months. In short, we are ready and our product is available. It is now also that we are realizing the partnership that we've developed over the last two to three years with complementary IP, complementary technologies. We've always considered ourselves the powerhouse that is driving other complementary IP, which requires energy, and of course, that is also a natural sales path because the technology is complementary.
We believe that the energy is best generated at source locally within the window, where then other functionalities require such power, of course, then leading to an autonomous window that doesn't need external connecting and so on, and that is the big advantage we see here, joining forces, ClearVue powering other such technologies. We also believe that the greenhouse sector is likely to be an immensely important vertical for our company. Food security and also the ability to grow food locally is a major driver for government policy setting and innovations will be the only way to deliver this important strategic requirement from governments moving forward. In our own greenhouse, the increase in yields continues to surprise us on the upside.
We are now in our fourth grow year, and we are just getting yield results just below 100% for snow peas, which is basically replicating what we had last time, and we are still expecting the same results, very similar results as we had last year for tomatoes and capsicum, by the way, all crops that are of particular interest in regions like the Middle East. Our technology is ideal for climatic conditions, which are challenging, and by the way, they also focus, of course, on water conservation, which is something that our thermally insulated greenhouses will deliver. This brings me very nicely to, of course, the opportunity that we have to position ClearVue as a major player in the smart greenhouse technologies.
This is also, you would have seen our announcement yesterday, which I think was very positively received also by the market, the integration of Roots technology within ClearVue. This allows us to provide and offer complete solutions in key markets for such technologies like the U.S.A., like the Middle East, and Asia. They all have climatic conditions which will benefit from our technology. Of course, we aspire to be the global leader in BIPV solutions. We are focusing on three distinct markets: commercial BIPV, the greenhouse, and agtech, and any complementary IP that go with these. All of the above are also complementary and available to be covered by our existing licensees and their capabilities. Just those markets alone are expected to reach a volume of $370 billion within the next five years with double-digit growth rates per annum.
How we communicate to the market is essential, and we are doing this in a very targeted way. I have to say we are not a TikTok company. We need to reach and speak to decision-makers that can decide on the implementation of our technologies. We are addressing them specifically. We are also attending and presenting our technology at conferences and trade shows, which is generating direct leads. And also, of course, we are continuously increasing our level of PR and IR engagements, which is driving referrals. And all of these, as on one of the earlier slides, we've now achieved just under 3,000 of those media pushes. They are all spreading our marketing message. As we did last year, and for consistency purposes, we wish to show you our familiar roadmap by now.
I'm very pleased to be able to say that we are on track with all of these milestones, and they, of course, represent a perfect basis for sales growth in 2025 and beyond. As a management team, our focus in the next 12 months will very much be to deliver many of the opportunities and bring them home as revenue, the ones that we're following from our direct sales pipeline. We are focusing on bringing and expanding our family of license partners. The target is to reach 23 new ones by the end of calendar year 2025. Of course, also to continue with the R&D and to continue to build the brand awareness and brand recognition of ClearVue. In summary, we are operating in an environment where there are three players: the government, businesses, and the consumer, and they all want one thing.
It is to change and reduce their carbon footprint. We have the certified technology and products for deployment. We have a business model to scale, and we have a value proposition that meets the needs of all of these three players. We believe we are in an extremely strong position moving forward. Thank you very much.