Papyrus Australia (ASX:PPY) was awarded a AU$250,000 matched funding grant from the Australian government's Industry Growth Program for the early-stage commercialization of its proprietary banana fiber processing technology, according to a Monday Australian bourse filing.
The grant provides funding for the rapid prototyping and research and development facility at the University of South Australia, which will allow for the transition from lab-scale proof of concept to commercial-scale design.
The firm began product trials, with initial samples produced via outsourced facilities. It will focus on the scaling of the design, along with product prototyping and testing once the equipment installation has been completed.
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