Hazer Group (ASX:HZR) has completed its commercial demonstration plant and reactor test program, marking a step in the company's technological advancements.
The achievement is expected to substantially minimise risks associated with technology scale-up and expedite commercialisation strategies.
The company has produced considerable quantities of graphite during this phase, which are now being evaluated by strategic partners and potential buyers.
FortisBC has also tested Hazer's reactor pilot rig in Canada, contributing to the design activities for a 2,500 tonnes per annum hydrogen plant.
Hazer has also extended its partnership with Mitsui & Co. for graphite marketing following positive market feedback.
The collaboration forms a crucial part of Hazer's commercialisation strategy, providing its low emissions graphite with a pathway to key markets.
CEO Glenn Corrie emphasised the milestones achieved, saying, "2024 was an important year for Hazer, marked by several significant achievements that have positioned the company as a global leader in methane pyrolysis." Glenn Corrie, CEO, Hazer Group.
Financially, Hazer's position has been bolstered by approximately $5.1 million from the FY24 research and development tax incentive refund and a $6.2 million award from the WA Government Lower Carbon Grant Program.
At the time of reporting, Hazer Group's share price was $0.39.