Sparc Technologies has received a AUD$934,000 (around USD$610,000) R&D tax refund from the Australian Government for the 2022 financial year, which provides continued support for the company’s work on projects involving graphene, green hydrogen, and sustainable batteries.
The R&D Tax Incentive scheme is a program jointly administered by the Australian Taxation Office and AusIndustry, under which companies can receive up to a 48.5% refundable tax offset of eligible expenses on research and development activities.
Sparc Technologies says the R&D claim for the 2023 financial year will reflect its continued R&D spend.
The company has licensed graphene-based technologies from the University of Adelaide, a leading institution in the field of graphene research, and will focus on commercializing graphene-based technologies for large industrial markets for marine and protective coatings and environmental remediation.
Sparc executive chairman, Stephen Hunt, said they are delighted with the rebate – which will fund further research in the space. “This rebate is a critical source of funding for our company and provides significant support for our research and development work in areas such as graphene-based additives and renewable energy,” he said.