Following last week’s announcement that Fortescue Future Industries had acquired shares in Sparc Technologies, the latter has announced that stage 1 of payment to Sparc Hydrogen has been fulfilled.
Sparc Hydrogen aims to deliver a unique process for producing commercially viable green hydrogen via photocatalysis technology developed by the University of Adelaide and Flinders University.
FFI will support the research, development and commercialisation work as emerging word leaders in hydrogen technology and production.
Sarc executive chairman Stephen Hunt said that last week’s announcement was the culmination of over 4 months of work between joint venture partners.
“It is pleasing to now have satisfied all conditions to complete the transaction and to work with FFI and University of Adelaide to further progress this exciting project,” Hunt said.
The novel photocatalytic water splitting technology has the potential change revolutionise hydrogen production.
Sparc Technologies is aiming to have a commercially ready technology targeting sub $2/kg production costs at the completion of the program.
Following satisfaction of all conditions between the 3 parties, the stage 1 interests in respect of Sparc Hydrogen JV is: Sparc 52 per cent; University of Adelaide 28 per cent; and FFI 20 per cent.
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