A$5 Million ARENA Grant Awarded to Curtin University for the Kotai Hydrogen Project

TORONTO, ON / ACCESSWIRE / April 9, 2024 / Velox Energy Materials Inc. (TSXV:VLX) ("Velox" or "the Company") is pleased to announce its project partner, the Hydrogen Storage Research Group at Curtin University has executed a binding funding agreement with the Australian Renewable Energy Agency ("ARENA") on 15 March 2024 for grant funding of A$5,000,000 under the Transformative Research Accelerating Commercialisation ("TRAC") Program for the Kotai Hydrogen Project ("Kotai" or "the Project").

Highlights
A$5 million awarded under a competitive process in the ARENA Transformative Research Accelerating Commercialisation grants program that funds the commercialisation of renewable hydrogen through innovative R&D in renewable hydrogen production, storage and distribution technologies.

The total project funding is approximately A$16.5 million, with cash and in-kind funding contributions of A$7.15 million from Curtin University, and A$4.35 million from Velox.

The Funding will be used to:

Optimise the production of sodium borohydride, and the high-pressure release of hydrogen (~1000 bar);

Design and construction of a Pilot Plant.

Velox Energy Materials has an option over 100% of the IP generated in the Kotai Hydrogen Project.

ARENA Funding and Project Endorsement
The Project is designed to advance a breakthrough hydrogen transport technology into commercial reality. The competitive ARENA grant was awarded in a A$25 million funding round that has targeted the commercialisation of renewable hydrogen through innovative R&D in renewable hydrogen production, storage and distribution technologies.

The total project funding will be approximately A$16.5 million, with cash and in-kind funding contributions of A$7.15 million from Curtin University, and A$4.35 million from Velox over the five-year life of the Project. Curtin's contribution further validates the Project and shows its commitment to derisking and commercialising the technology. The Project will be led by internationally recognised hydrogen storage experts, Professor Craig Buckley and Associate Professor Mark Paskevicius.

The Funding will primarily be used to support the following activities:

Electrochemical production of the sodium borohydride for operations at increasing scale. Includes the regeneration of Sodium Borohydride after the hydrogen has been released, creating a fully closed and recyclable circuit.

Sodium borohydride materials processing and powder handling issues at bulk-scale handling and regulatory adherence. The entire supply chain will also be assessed for chemical recycling opportunities to minimise cost and reagent requirements.