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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.