Sparc Technologies hits 24-yr high on hydrogen energy JV with Adelaide University

Sparc Technologies

27/10/2021 01:58

** Shares of graphene tech co Sparc Technologies  SPN.AX 
 RIC  climb as much as 29.6% to A$1.16, their highest since June
6, 1997 
    ** SPN executes term sheet with the University of Adelaide
to form a Joint Venture hydrogen technology co  urn:newsml:reuters.com:*:nASX3kJC54
    ** Says will jointly progress a project that aims to produce
commercially viable ultra-green hydrogen (UGH)
    ** Adds SPN to hold 72% of JV; University of Adelaide to
hold remaining 28%
    ** "(This) project offers a realistic pathway to achieving
economically feasible green hydrogen energy and to advancing
industry to net-zero," - Sparc Executive Chairman Stephen Hunt
    ** SPN says received commitments to raise A$2.8 mln ($2.09
mln) via placement
    ** Funds raised to be used for ongoing development of co's
graphene based technology projects and assist with funding for
the JV with University of Adelaide
    ** Stock posts its biggest intraday pct gain since Dec. 23,
2020
    ** More than 1.4 mln shares change hands, vs the 30-day
average volume of 182,000 shares
    ** Stock has nearly tripled in value this year, as of last
close
  


($1 = 1.3398 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))