Sparc Technologies has announced that it has received strong support from "sophisticated and other professional investors", to raise AUD$3.5 million (over USD$2,247,000) through a placement to accelerate its hydrogen pilot plant and graphene R&D programs.
Proceeds from the placement will be used by Sparc Technologies for costs associated with scoping the acceleration of the pilot plant which will validate the commercial potential of its green hydrogen technology and production process. It will also be used for R&D programs to support development of graphene products.
Sparc Technologies Executive Chairman, Stephen Hunt, commented: "Sparc is very pleased to have received strong support from investors which we see as a vote of confidence for the green hydrogen technology and graphene products Sparc is advancing. In particular, the capital raise puts Sparc in a solid financial position to pursue the fast tracking of the photocatalytic hydrogen pilot plant together with the Sparc Hydrogen JV partners, Fortescue Future Industries and The University of Adelaide."
In terms of graphene-related work, Sparc Technologies is already investing in the manufacturing of graphene-based additives for the coatings sector, and it also continues to carry out testing to reinforce the significant performance improvement in epoxy coatings via the use of its additives. Work is also underway to develop a number of graphene based coatings with applications in the energy sector as well as a hard carbon production process to support the sodium-ion battery sector.