[Ferro-Alloys.com]Australian Vanadium Limited (ASX: AVL, 'the Company' or 'AVL') is pleased to announce that it has received $113,660 from the Australian Federal Government's Research and Development (R&D) Tax Incentive Scheme for the 2016/17 tax year.
Administered jointly by the Australian Taxation Office and the Department of Industry, Innovation and Science, the scheme encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible activities.
AVL's R&D work for the period was focused on development of processing techniques to produce vanadium from a poly-metallic ore for vanadium redox flow batteries (VRFB) and steel applications.
The work was a continuation of the previous year's R&D activities and included research on vanadium electrolyte creation and analysis of the performance of the VRFB that the Company installed in Busselton, Western Australia. The VRFB battery has been running flawlessly since its installation in October 2016 and AVL has been able to assess how it performs in a range of different temperatures and analyse other key metrics that the built-in battery management system provides.
The Company is in the process of submitting a claim for the 2017/18 period which covers further work on these R&D activities and additional processing research and development work related to the recovery of vanadium products from the Australian Vanadium Project, AVL's lead project. The Project is currently the subject of a Definitive Feasibility Study due for completion at the end of 2019.
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