Sparc Technologies - June 2024 Quarterly Activities Report
SPN (SPN) Share Update July 2024 Tuesday 30th
Sparc Technologies Announces Key Developments in Quarterly Report
Sparc Technologies Limited (ASX: SPN) has released its June 2024 Quarterly Activities Report, highlighting significant progress in its hydrogen, graphene-based additives, and sodium-ion battery projects.
Instant Summary:
- In-principle support for pilot plant at the University of Adelaide’s Roseworthy Campus.
- Collaboration Framework Agreement with Shinshu University for photocatalyst supply.
- Successful prototyping at CSIRO Energy Centre.
- Field trials of ecosparc® enhanced coating with South Australian Department of Infrastructure and Transport.
- Engagement with global partners for sodium-ion battery project.
- Completed A$2.25M share placement in April.
- Cash balance of A$2.71M as of 30 June 2024.
Sparc Hydrogen
During the quarter, Sparc Hydrogen, a joint venture between Sparc Technologies, the University of Adelaide, and Fortescue, made significant strides. The team completed successful prototyping at the CSIRO Energy Centre, validating key pilot scale reactor design principles. They also entered into a Collaboration Framework Agreement with Shinshu University in Japan for photocatalyst supply.
Additionally, Sparc Hydrogen received in-principle support to locate their pilot plant at the University of Adelaide’s Roseworthy Campus, approximately 50km north of Adelaide. This site was chosen for its infrastructure access, proximity to researchers, and ease of obtaining approvals.
Graphene Based Additives
Sparc Technologies commenced field trials of their ecosparc® enhanced coating with the South Australian Department of Infrastructure and Transport. They also secured a field trial agreement with a subsidiary of 29Metals Limited, targeting testing of ecosparc® on processing plant infrastructure. Ongoing testing with several global coatings companies continues to show promising results.
Sodium-ion Batteries
Sparc Technologies engaged with global partners to advance their sodium-ion battery project. Limited R&D activities were conducted, but the focus remains on discussions with research and industrial partners to ensure the technology's industrial applicability.
Corporate Developments
In April 2024, Sparc Technologies completed a A$2.25M share placement, strengthening their cash position. As of 30 June 2024, the company reported a cash balance of A$2.71M. They also expect to receive over A$1.0M from the FY24 R&D tax incentive claim in Q4 2024.
The advancements in Sparc Technologies' hydrogen, graphene, and sodium-ion battery projects are likely to have a positive impact on the company's stock. The successful prototyping and collaboration agreements indicate strong future potential, which could attract investor interest. The secured funding and solid cash position further bolster the company's financial stability.
Investor Reaction:
Analysts are likely to view these developments positively, given the successful prototyping and strategic collaborations. The in-principle support for the pilot plant location and ongoing field trials also suggest strong future prospects for Sparc Technologies.
Conclusion:
Investors should keep an eye on Sparc Technologies' continued progress in their hydrogen, graphene, and sodium-ion battery projects. The company's strategic partnerships and successful prototyping efforts indicate a promising future. Subscribing to updates and monitoring quarterly reports will be crucial for staying informed about potential investment opportunities.