** Shares of Calix Ltd CXL.AX rise as much as 26.7% to A$0.665, hitting their highest level since January 28
** Environmental technology firm receives A$44.9 million ($29.67 million) grant from the Australian Renewable Energy Agency
** Co will use the grant, which accounts for 50% of the project budget, to build a demonstration plant capable of processing iron ore with CXL's zero-emissions steel technology
** Project also involves engineering study to determine if the plant can be commercially deployed
** About 1 mln shares change hands, ~3.5x the 30-day avg volume of about 290,079
** Stock last up 21.9%, trimming YTD losses to 15%
($1 = 1.5131 Australian dollars)
(Reporting by Shruti Agarwal in Bengaluru)
((Shruti.Agarwal@thomsonreuters.com))
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