The Hazer Group has announced the approval of its FY2022 Research and Development (“R&D”) tax incentive refund of $9.45 million.
Hazer Group is an ASX-listed technology development company undertaking the commercialisation of the Hazer Process, a low-emission hydrogen and graphitic carbon production process. The Hazer Process enables the effective conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality advanced carbon materials, using iron ore as a process catalyst.
The Australian Federal Government’s R&D Tax Incentive program provides a cash refund on eligible research and development activities performed by Australian companies and is an important program that strongly supports Australian innovation.
As previously advised Hazer said it had been engaging closely with PwC and the Australian Taxation Office with regards to the processing of its claim which has now been completed with funds expected to be received shortly.
Glenn Corrie, Chief Executive Officer of Hazer Group, said, “This substantial R&D tax incentive refund is representative of the scale of investment we are making into advancing our technology development in Hazer technology. These proceeds, in addition to our recent ARENA milestone funding, further strengthens our cash position enabling us to accelerate the development of our innovative and proprietary hydrogen and graphitic carbon technology.”