1414 Degrees (ASX:14D) said that its proprietary storage-integrated pyrolytic hydrogen reactor technology was awarded an Australia's Economic Accelerator Ignite grant of AU$492,526 for catalyst development by the Universities of Adelaide and Queensland, according to a Tuesday Australian bourse filing.
It said that the grant funding will accelerate the development of second-generation catalysts for the process. The grant is milestone-based, and the payments are released progressively upon achievement of agreed project milestones and reporting obligations.
Its shares fell 6% on market close.
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