Sparc to deploy giant R&D tax refund into graphene, green hydrogen and battery projects

Sparc’s research and development efforts in the 2021 financial year have been rewarded with a $607,282 R&D tax refund.

Additionally, the company intends to lodge its R&D claim for the 2022 financial year, which will reflect a substantial increase in spending over the previous year.

Sparc Technologies (ASX:SPN) says the receipt of the tax refund and the expected FY2022 refund will support its ongoing efforts across the graphene, green hydrogen and sustainable battery projects.

Under Australia’s R&D Tax Incentive scheme, which is jointly administered by the Australian Taxation Office and AusIndustry, companies can receive up to a 48.5% refundable tax offset of eligible expenses on research and development activities.

“Sparc is pleased to report the receipt of the FY21 R&D rebate. Furthermore, given the increase in the FY22 R&D spend by the company, a significant increase in the R&D rebate is expected to be received by the company,” managing director Mike Bartels said.

“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.”

Research projects

The company recently reached a strategic partnership agreement with the Queensland University of Technology (QUT) to develop sustainable sodium-ion batteries.

It has also been progressing the unique photocatalytic green hydrogen production technology it is developing with Fortescue Future Industries and the University of Adelaide.

Sparc’s graphene-based additives for the coatings and composites industries have also made significant progress with the development of a commercial manufacturing process and a site located for a manufacturing site.

This article was developed in collaboration with Sparc Technologies, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.