Suvo Strategic Minerals Ltd (ASX:SUV) has picked up a cash refund of A$380,236 under the Australian Federal Government’s Research and Development (R&D) Tax Incentive Program.
Low-carbon building solutions
The incentive rewards the company’s commitment to sustainable, low-carbon building solutions within the cement and concrete industry and applies to Suvo’s eligible R&D activities for the fiscal year just ended.
It specifically relates to the development of 'Colliecrete,' a low-carbon cement and concrete formulation.
The R&D Tax Incentive Program provides cash refunds for eligible R&D expenditure by Australian companies, promoting local innovation and technological advancement.
Suvo's research into Colliecrete represents a strategic focus on environmentally friendly construction materials as the demand for sustainable building solutions grows.
Joint venture exploring opportunities
In addition to its current R&D activities, Suvo has recently launched the 'EcoCast' Joint Venture with PERMAcast, as announced in October.
Its aim is to advance the development of next-generation materials that contribute to reducing the environmental impact of traditional construction methods.
The partnership is exploring state and federal grant opportunities to further support research, development, and commercialisation of low-carbon cement and concrete products.
Suvo anticipates future tax incentives as it progresses Colliecrete and related innovations as it continues its R&D efforts.