Technology Metals Australia Receives $2.77 Million Under R&D Tax Incentive Scheme

Gabanintha Vanadium Project will be the largest, primary vanadium producer in the world, annually producing on average 12,800 tonnes of vanadium pentoxide with a lowest-quartile operating cost.

Technology Metals Australia Ltd (ASX:TMT) has received almost $2.77 million from the Australian Federal Government’s Research and Development (R&D) Tax Incentive Scheme for the 2018/2019 tax year.

The company’s R&D activities for the period were focused on developing processing techniques to produce high-purity vanadium pentoxide from the Gabanintha Vanadium Project (GVP) suitable for the emerging vanadium redox flow battery (VRFB) energy storage solutions.

VRFB is an ideal energy storage solution paired with renewable energy sources such as solar and wind.

Proceeds from the R&D refund will be used to repay the drawn amount of the R&D rebate finance provided by Radium Capital, progress environmental and permitting activities supporting the development of GVP as well as continue to advance discussions with potential strategic investors.

Contribution to renewable energy

Managing director Ian Prentice said: “We are very proud to be progressing R&D activities at the GVP that will enable the production of high-purity vanadium pentoxide in Australia.

“This will provide the opportunity to support an Australian based VRFB industry and make a significant contribution to the efficient and effective deployment of renewable energy in Australia.”

The Gabanintha project represents a large, low-cost, long-life strategic development opportunity for Australia, which is expected to make a meaningful, economic and social contribution at a local, state and national level.

Vanadium’s importance to the Australian economy has been recognised with its inclusion on the Australian Government’s list of critical minerals in Australia.