Hazer Group (ASX:HZR) secured AU$6.2 million in conditional grant funding under the Lower Carbon Grants Program - Gorgon Fund, according to a Tuesday filing with the Australian bourse.
Proceeds will be used to support the commercialization of the reactor technology within the climate technology firm's commercial demonstration plant, the filing said.
Hazer is currently developing a process to produce commercial hydrogen and graphite using natural gas or biogas as feedstock and iron ore as a catalyst.
The company's shares jumped almost 8% in recent Tuesday trade.
Price (AUD): $0.42, Change: $+0.03, Percent Change: +7.69%
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