Sparc Technologies (ASX:SPN) said Sparc Hydrogen and the University of Adelaide will use the AU$2.8 million in grant funding from authorities in Australia to support the operation of the Roseworthy pilot plant in South Australia, research and development efforts, and commercialization activities, according to a Friday Australian bourse filing.
The grant was given under Australia's Economic Accelerator Innovate grant program, the filing said. It covers a 24-month period, and it will be fully supported by matched financial and in-kind commitments from Sparc Hydrogen and its shareholders.
Sparc Hydrogen is a partnership between Sparc Technologies, Fortescue (ASX:FMG), and the University of Adelaide, developing a patented photocatalytic water splitting reactor technology, per the filing.
Commissioning of the pilot plant is expected to start this month.
Sparc Technologies' shares rose past 3% in recent trading on Thursday.
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