Hazer Group (ASX:HZR) has finalised a financial assistance agreement with the Western Australian Government, securing $6.2 million from the Lower Carbon Grants Program - Gorgon Fund.
The funding will bolster Hazer's efforts in advancing its commercial reactor scale-up program at its commercial demonstration plant.
The Financial Assistance Agreement paves the way for the release of an initial milestone payment of approximately $2 million in the first quarter of 2025.
The remaining funds will be disbursed in phases, contingent upon achieving key project milestones.
"This non-dilutive funding substantially co-funds Hazer’s 2025-2026 work program to advance our commercialisation strategy and expedite the delivery of our unique technology to our growing global customer base," said Glenn Corrie, CEO and Managing Director of Hazer Group.
"Once again, Hazer would like to acknowledge the recognition and support from the WA State Government and the Gorgon joint venture," Corrie added.
Hazer's innovative reactor technology is designed for large-scale hydrogen production, capable of handling up to 40,000 tonnes per annum of hydrogen and 120,000 tonnes per annum of graphite.
This marks a step toward commercialising their disruptive climate-tech solutions.
The company's work supports global decarbonisation efforts by producing clean energy solutions, utilising natural gas and iron ore as processing catalysts.
Hazer Group is a technology company, driving global decarbonisation efforts with the commercialisation of its disruptive climate-tech.
The principal activity of the company is the research and development of hydrogen and graphitic carbon production technology.