Wrapping the Rusty Plunger in Stars and Stripes.
When one conjures “Australia,” Crocodile Dundee, Vegemite and Surf Lakes’ iconic Rusty Plunger immediately come to mind. Steam punking up there in Yeppoon, that wave-making device, straight out of Mad Max, was unveiled to the world for the first time by ultra-Australian Mark Occhilupo less than six years ago but has stamped its southern cross cred hard.
Alas, the winds of change blow furious and Surf Lakes is officially applying for U.S. citizenship.
Per the press release:
Surf Lakes has moved to become a USA-based company following the successful approval of a Scheme of Arrangement process in late 2023 and full implementation as of January 2024.
This new entity, Surf Lakes Global, Inc., a Delaware corporation, is now the parent company for Surf Lakes, providing access and momentum into the US market. Surf Lakes will maintain business operations out of Australia, including all research and development initiatives with the engineering team working at the Gold Coast and on-site at the R&D facility at Yeppoon. This strategic move was made due to many factors, including:
-The US represents a larger and more suitable market for Surf Lakes.
-The majority of Surf Lakes projects are in the US.
-43% of project enquiries to date have come from the Americas.
-The US has a much larger population than Australia (for perspective there are more people in Texas than Australia).
-Redomiciling in the US will yield improved access to US capital markets.
-The move allows for greater potential for investment in the immediate term and public listing opportunities in the medium-to-long term.
-Further strategic and business development opportunities.
-Closer and better connected to South America (Brazil represents another boom market for the wave pool industry).
Oi oi ouch.
But what do you make of this new development? An unforgivable betrayal or just the way things go down under (see: Mel Gibson moving to Malibu)?
Certainly more as this story develops.