Sparc Technologies gains on increasing funding for green hydrogen project

Sparc Technologies

03/03/2023 01:12

** Shares of Australia's Sparc Technologies Ltd  SPN.AX 
rise as much as 8.4% to A$0.450, on track for best day since Jan
31, if gains hold
    ** The graphene tech co says it recently approved an A$1.1
mln ($0.7417 mln) increase in funding for stage 1 of the project
between University of Adelaide, Fortescue's  FMG.AX  green arm
Fortescue Future Industries and co
    ** The joint venture project between parties seeks to
develop and commercialise co's patent-pending photocatalytic
water splitting technology for producing low-cost green hydrogen
on a commercial scale
    ** Co says the increase represents about 50% increase in
committed funding and will be used for research and development
activities of the technology
    ** Stock down ~16% this year, since last close

    ($1 = 1.4830 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))