Carbonxt Group (ASX:CG1) will make a $500,000 prepayment to advance the development of an activated carbon production facility in Kentucky.
The United States-focussed Cleantech company says the funds will be used to purchase items with longer procurement times, a key part of maintaining operational commencement of the facility.
The prepayment is the first instalment of Carbonxt's contribution to its JV with US-based partner Kentucky Carbon Processing.
Shares of Carbonxt Group closed up 27% today.