Australian Vanadium Ltd (ASX:AVL) has received $410,000 from the Federal Government’s Research and Development Tax Incentive Scheme, boosting the company's cash balance to over $3.3 million.
The refundable tax offset relates to costs incurred by AVL during the 2014-2015 financial year.
AVL is positioned to be a leader in the roll-out of vanadium based technologies and applications.
The company recently purchased a vanadium electrolyte pilot plant from leading UK technology company C-Tech Innovation Ltd (C-Tech).
The pilot plant is the first of its kind in Australia and will test and verify vanadium materials for use in vanadium redox flow batteries.
The purchase comes after AVL recently sold their first CellCube energy storage system, a key step in their vertically integrated strategy.
AVL's strategy is to deliver vanadium products to end users that can be sourced and processed through the company's mine and plant.
This pilot plant will enable AVL to develop unique vanadium electrolyte production expertise and capability in Australia, through both stand-alone and planned mine-attached facilities.
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