19 July 2023
GREENVALE RECEIVES $0.465 MILLION TAX REBATE
Greenvale Energy Limited (ASX: GRV, "Greenvale" or "the Company") is pleased to announce that it has received a $0.465 million R&D Tax Incentive Rebate for the 2022 financial year.
The rebate relates to eligible R&D activities conducted on the Company's Alpha Torbanite Project in Queensland, which Greenvale is focused on developing as Australia's only sustainable, fully carbon offset producer of bitumen products.
The Australian Government's R&D Tax Incentive program provides companies with a tax offset for eligible R&D activities. The funds received under the R&D Tax Incentive will be reinvested into the continued development of the Alpha Project, most notably on the completion of the project's pre-feasibility study which is targeted for completion in the September 2023 Quarter.
Management Comment
Greenvale's CEO, Mark Turner, said: "Our Research & Development programs are essential in understanding the preferred liquefaction processing route at Alpha. Through these programs, we can ensure the Alpha Project will deliver a high-quality bitumen product while producing substantially less carbon dioxide than the traditional pyrolytic method.
"The receipt of this R&D rebate, when combined with our existing funds, puts the Company in a strong financial position to complete the pre-feasibility study on the Alpha Torbanite Project and commence pilot plant test work."
Authorised for release
The Board of Greenvale has approved this announcement for release.
Contact | |
Mark Turner | Nicholas Read |
Executive Director, CEO | Media & Investor Relations |
mturner@greenvaleenergy.com.au | nicholas@readcorporate.com.au |
+61 (0) 459 519 999 | +61 (0) 419 929 046 |
R E G I S T E R E D O F F I C E :
Level 5, Suite 6 189 Kent Street, Sydney, New South Wales 2000 | GPO Box 2733, Sydney NSW 2001 +61 8 6215 0372 | admin@greenvaleenergy.com.au | www.greenvaleenergy.com.au
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