Sparc Technologies has secured AUD$1.12 million (around USD$730,000) in an R&D tax refund, under the Australian Government's R&D Tax Incentive, relating to the 2024 financial year.
It was stated that this financial boost comes as a recognition of Sparc’s commitment to advancing sustainable technologies in high-performance coatings and polymers. This refund will strengthen the company’s cash position thereby providing continued support for Sparc's investment in Sparc Hydrogen, ecosparc® field trials and its work developing graphene based additives for high performance coatings and polymers
Sparc Managing Director, Mr. Nick O’Loughlin, commented: "We are very pleased that Sparc has received a substantial R&D rebate for the fiscal year 2024. This rebate is not only a vital financial asset for Sparc but also a strong endorsement of our commitment to advancing our work in novel green hydrogen and graphene. Such financial support is instrumental in propelling our research and development efforts towards commercialization for technologies that improve performance, sustainability and environmental outcomes in multi-billion dollar industries".