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(Alliance News) - Cap-XX Ltd on Friday said that the Australian Taxation Office approved a research & development grant.
The Sydney-based supercapacitor and energy management system manufacturer said the grant and associated rebate total AUD2.1 million, about GBP1.1 million, with net proceeds for the company being AUD1.0 million.
Cap-XX shares rose 12% to 1.40 pence each on Friday morning in London.
Further, it gave an update regarding a planned joint venture it announced in May 2022. On Friday it said it formally signed a JV vehicle & shareholders agreement with Ionic Industries Ltd for the exclusive commercialisation of Ionic's reduced graphene oxide technology aimed to increase electrode density in supercapacitors.
Finally, Cap-XX said it was progressing with the repositioning of its distribution strategy. "New sales and application opportunities have already been identified by these distributors and purchase orders are anticipated to be received in the coming weeks. The company is also in the final stages of negotiation with additional distributors and sales representatives and these appointments will be announced once the terms are agreed," it said.
By Tom Budszus, Alliance News slot editor
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