- Environmental Clean Technologies (ECT) rolls over its R&D loan facility with InvestVictoria for another 12 months
- The rollover will allow the company to repay its $1.97 million loan from its FY23 refund, with a current interest rate of 1.01 per cent
- This enables it to access its full FY22 refund, estimated at $1.83 million
- The refund will be spent on progressing phase two of its COLDry-hydrogen refinery demonstration process
- Shares end the day in the grey to close at 1.5 cents
Environmental Clean Technologies (ECT) has rolled over its R&D loan facility with InvestVictoria for another 12 months.
The facility allows the company to draw on accrued R&D tax incentive refunds early, rather than waiting until after the tax return is lodged each year.
The rollover will allow the company to repay its $1.97 million loan from its FY23 refund, with a current interest rate of 1.01 per cent.
This enables it to access its full FY22 refund, estimated at $1.83 million.
Managing Director Glenn Fozard said he was pleased to renew the facility.
“Invest Victoria’s R&D Cashflow Program has enabled companies like ours to source non-dilutive cash flow at low rates of interest at a time that the investment markets are extremely volatile,” he said.
The refund will be spent on progressing phase two of its COLDry-hydrogen refinery demonstration process.
The company recently produced the first COLDry pellets from the primary processing system in its initial wet commissioning run-through.
Shares have ended the day in the grey to close at 1.5 cents.