Hazer Group's (ASX:HZR) award of an intellectual property patent in Japan, along with its ongoing commercial projects Chubu Electric and Chiyoda and partnership with Mitsui, is an important development that further secures the company's position in the Japanese market, Euroz Hartleys said in a Thursday note.

The technology company was granted a Japanese patent for a process related to the production of hydrogen from methane using iron oxide as a catalyst. Further licensing agreements in 2025 for new projects in Korea, France, and Japan would be a strong catalyst.

Hazer's CA$30 billion project in Canada, set for final investment decision next year has started generating small revenues from engineering work, Euroz Hartleys noted.

Euroz Harleys added that the company's funding is in "good shape" due to a recent tax rebate and a grant from the Government.

Hazer's current share price reflects a valuation based on a single project, while analysts estimate a potential value exceeding AU$3 per share if Hazer secures 10 projects in the next decade, the financial services firm said.

Euroz Hartleys has a speculative buy rating on the company and a price target of AU$0.57.

Hazer Group's shares rose past 7% in recent Thursday trade.