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- Leaf Resources (LER) reports its Leaf application has been accepted by the Malaysian Government
- The company has received correspondence from the Technical Depository Agency (TDA) that its application for funding consideration has been fully assessed and accepted
- TDA will now start the second stage and match Leaf’s proposed Malaysian biorefinery project
- Leaf Resources is up 7.69 per cent on the ASX and is trading at 2.8¢ per share
Leaf Resources (LER) reports its Leaf application has been accepted by the Malaysian Government.
Leaf is one of the world leading companies in converting plant biomass into industrial sugars.
The company has received correspondence from the Malaysian Technical Depository Agency (TDA) that its application for funding consideration, under TDA’s Industrial Collaboration Program (ICP), has been fully assessed and accepted.
TDA is an agency under the Ministry of Finance Malaysia. Its core functions are to manage, administer and monitor all ICP program activities.
The TDA will now commence the second stage and match Leaf’s proposed Malaysian biorefinery project. This project is based on its Glycell Technology.
Leaf says its Glycell process is unique and can efficiently and cost-effectively transform biomass from agricultural and forestry waste into cellulosic sugars, lignin and refined glycerol.
The ICP program provides funds for deployment on approved projects administrated by the TDA. It has US$11.2 billion (AUD$16 billion) available to support the development of projects.
Alex Baker said the TDA ICP application provides a valuable opportunity for the company to secure funding support for both the capital cost of the proposed biorefinery and for pre-construction expenses.
“A successful outcome will enable Leaf to fund the project through to a bankable
feasibility report and management will now stay focused on progressing the
application to the next stage,” Alex said.
“While the TDA advised that the acceptance of Leaf’s application does not guarantee that it will be selected as an ICP funding recipient, both the TDA and the National Innovation Agency of Malaysia (AIM) have acknowledged the Leaf Project meets a number of the national priorities of the Malaysian government, particularly in respect of the Malaysian National biomass strategy,” he added.
Leaf Resources is up 7.69 per cent on the ASX and is trading at 2.8¢ per share at 1:35 pm AEDT.
