PWR opens new Centre of Excellence on Gold Coast after $10 million investment in new technology

ONE of the Gold Coast’s leading listed companies - which makes cooling systems for the fastest vehicles on earth - has opened a new $10 million centre to develop cutting-edge technology.

THERE’S a quote on the wall at Ormeau-based PWR Holdings’ new Centre of Excellence that any young apprentice cannot help but see.

Emblazoned on the wall above the factory floor in imposing letters it reads: Most people see things as they are and say why? We dream of things that never were, and say “why not.”

Kees Weel, a former mechanic and now managing director of the listed company, which has a market capitalisation of $325 million, said it was former Nascar driver Richard Childress who suggested he use the quote.

“He said ‘you can use it because that is what you guys are’,” Mr Weel said.

PWR managing director Kees Weel on the floor of the new Centre of Excellence. Picture: Glenn Hampson

“We are out of the box. We do shit that isn’t normal.”

PWR develops and builds cooling systems for Formula 1 and V8 race cars, and military vehicles.

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The company has been successful, declaring an $11 million net profit for the past financial year, which was up from $7.3 million in FY17.

It has recently invested $10 million in its new Centre of Excellence, which is next-door to the company’s headquarters at 103 Lahrs Rd.

PWR managing director Kees Weel inspects the wind tunnel at the company’s Ormeau base. Picture: Glenn Hampson

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The 3000sq m centre, due to be fully operational by the start of next year, is designated for research and development of cutting-edge technology including electronic cooling systems.

PWR is making significant investment into technology at the centre, purchasing 3D printing and CT scanning equipment.

Mr Weel said the centre is all about the future of PWR.

“We don’t want to be living for today. There is a pipeline we are working towards of future income,” he said.

“It is a technology-driven formula for the future and that is not only in motorsports but also in the aerospace and military sectors, particularly for the electronic cooling.”

PWR makes cooling systems for the fastest vehicles on earth. Picture Glenn Hampson

Mr Weel said he sees a great opportunity for producing products for electric cars and also autonomous vehicles.

“The advantage we have had is that the technology we have been able to achieve by being involved in high-end motorsports now enables that to trickle-down into different areas of the business.”

He said the centre has the potential to lead to whole new income streams removed from the origins of the company. “That emerging technology is growing very strongly.

“There is a large potential in that space moving forward. We can already forecast a three to four-year program and every year we are bolting a few years onto the end of that plan.

“We know what sort of business we will be doing in 2021 and 2022.”

PWR made revenue of $51.9 million in FY18, a 7.8 per cent increase on the previous year.

It logged pre-tax earnings of $16.3 million, citing stronger sales at consistent margins; constant costs despite higher sales volumes; and the largely neutral impact of foreign exchange rate movements.

Shares closed yesterday steady at $3.25.