Australian Vanadium (ASX:AVL) has received $2.55 million under the Australian Government’s Research and Development (R&D) Tax Incentive Scheme for R&D activities undertaken during the 2024-25 tax year.
Funds received strengthen the company’s cash position and will be applied to the optimised Feasibility Study for its Australian Vanadium Project, advancing approvals workstreams and downstream initiatives.
The tax incentive scheme is jointly administered by the Australian Taxation Office and the Department of Industry, Science, Energy and Resources and provides a tax offset to encourage companies to invest in R&D that benefits Australia.
The company says this refund recognises AVL’s continued investment in process innovation and downstream value creation. It adds that thew company acknowledges the support the federal government provides to industry through such initiatives.
AVL is a resource company focused on vanadium, seeking to offer investors a unique exposure to all aspects of the vanadium value chain – from resource through to steel and energy storage opportunities.
It is advancing the development of its Australian Vanadium Project at Gabanintha. The asset is one of the most advanced vanadium projects being developed globally, with 395.4 million tonnes at 0.77% vanadium pentoxide (V₂O₅), containing a high-grade zone of 173.2Mt at 1.09% V₂O₅ reported in compliance with the JORC Code 2012.
VSUN Energy is AVL’s 100% owned renewable energy and energy storage subsidiary which is focused on developing the Australian market for VFBs for long duration energy storage.
VSUN Energy was set up in 2016 and is widely respected for its VFB expertise. AVL’s vertical integration strategy incorporates processing vanadium to high purity, manufacturing vanadium electrolyte and working with VSUN Energy as it develops projects based on renewable energy generation and VFB energy storage.
Write to Adam Orlando at Mining.com.au
Images: AVL
