Hazer Group Ltd (ASX:HZR) has received a cash refund of more than $1.641 million from its R&D Tax Incentive claim for the financial year ending June 30, 2018, with funds to help towards further development of the Hazer Process technology.
The Australian Federal Government’s R&D Tax Incentive Program provides a cash refund on eligible research and development activities performed by Australian companies.
A diagram of the Hazer Process technology.
Funds to develop Hazer Process
Hazer Group CEO Geoff Ward said: “The R&D Tax Incentive Program is an important program that strongly supports Australian innovation.
“Hazer will use these funds to continue to develop its low emission hydrogen and graphite production process through engineering and feasibility studies for our planned commercial demonstration plant.
“The company is in a strong financial position and well-funded to pursue the increasing interest in low emission hydrogen technologies.
“We look forward to delivering significant progress in the first half of 2019 towards demonstrating the value of our technology.”
The Hazer Process enables the effective conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality graphite, using iron ore as a process catalyst.
- Jessica Cummins