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Sparc Technologies Limited (ASX:SPN)

ALERT: Price-sensitive ASX Announcement for SPN
Current share price for SPN : $0.295 0.11 (59.46%)+
Announcement
Release
18 Jul 2024 9:37AM
Price at Release
$0.185
Full Release
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Summary
Sparc Technologies Limited (ASX: SPN) has confirmed that Fortescue's recent organizational update will not impact its involvement in the Sparc Hydrogen joint venture, which is developing an innovative green hydrogen technology through photocatalytic water splitting, requiring only sunlight, water, and a photocatalyst. This joint venture, involving Sparc Technologies, the University of Adelaide, and Fortescue, aims to deliver a cost-effective and scalable solution by utilizing a patent-pending reactor that leverages concentrated sunlight.
Key Points
  • Fortescue's organizational update does not affect its commitment to the Sparc Hydrogen joint venture.
  • Sparc Hydrogen's technology uses photocatalytic water splitting, requiring only sunlight, water, and a photocatalyst.
  • Sparc Hydrogen involves Sparc Technologies (52%), University of Adelaide (28%), and Fortescue (20%).
  • The technology being developed has the advantage of lower infrastructure and electricity requirements compared to electrolysis.
  • The reactor's design utilizes concentrated sunlight to improve the economics and scalability of the process.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.