Sparc Technologies signed an agreement with its partner (and shareholder) the University of Adelaide to co-develop ultra-green hydrogen technology.
Sparc Tech, together with the University, will form a joint-venture called Sparc Hydrogen (72% owned by Sparc Tech). The new company will develop a process that will produce hydrogen based on thermo-photocatalysis, which uses the suns radiation and thermal properties to convert water into hydrogen and oxygen.
Sparc Technologies will develop graphene coatings to be used in this process and improve its efficiency.
The patented technology used in this project was developed at the University of Adelaide, together with Flinders University. Total investment to date, by the two Universities, was $2.5 million AUD.
To support this new JV, Sparc Technologies announced it has received firm commitments to raise $2.8 million AUD through a placement of shares.