Sparc Technologies has announced it has received firm commitments to raise A$2.25M (around USD$1.49 million) through a share placement.
Proceeds from the Placement will be used for supporting Sparc’s investment in Sparc Hydrogen, field trials and R&D programs to support product development and commercialization efforts for ecosparc®, R&D for sodium-ion batteries and other projects and General working capital.
Sparc Technologies Managing Director, Mr. Nick O’Loughlin, commented: "Sparc is very pleased with the strong support it has received from new and existing investors, which we view as a continued vote of confidence in the unique technology portfolio that Sparc is developing. Importantly, this capital raise means that Sparc is well funded to support its investment in Sparc Hydrogen and progress commercialization efforts for ecosparc®."