- Sparc Technologies (SPN) receives a research and development grant totalling $607,282
- The funding comes as part of the Australian Government’s research and development (R&D) incentive relating to the 2021 financial year
- Sparc says the funds support its efforts across the graphene, green hydrogen and sustainable battery projects
- The company will soon lodge an R&D claim for the 2022 financial year, which will reflect a substantial lift in research spend on the prior year
- Sparc Technologies is up 2.16 per cent, trading at 94.5 cents at 12:45 pm AEST
Sparc Technologies (SPN) has received a research and development grant totalling $607,282.
The funding comes as part of the Australian Government’s research and development (R&D) incentive relating to the 2021 financial year.
The incentive program was jointly administered by the Australian Taxation Office and AusIndustry, under which companies can receive up to a 48.5 per cent refundable tax offset of eligible expenses on research and development activities.
The refund recognised the R&D activities undertaken by Sparc during the financial year ending June 30, 2021, which Sparc said supports its efforts across the graphene, green hydrogen and sustainable battery projects.
Sparc Technologies Managing Director Mike Bartels said the company is pleased to report the receipt of funds.
“The R&D rebate is an important source of funds for the company and is of great support to our R&D activities in graphene based additives and renewable energy.”
The company said it will soon be lodging an R&D claim for the 2022 financial year, which will reflect a substantial lift in research spend on the prior year.
Sparc Technologies was up 2.16 per cent, trading at 94.5 cents at 12:45 pm AEST.