Element 25’s manganese gets $US 166 million grant
ASX-listed minerals company Element 25 has announced that a grant agreement has been signed for $US 166 million ($268 million) in funding from the U.S. Department of Energy (DoE) under the Battery Materials Processing Grant Program. The funding will support construction of a proposed battery-grade high-purity manganese sulphate monohydrate (HPMSM) facility in Louisiana, USA, bringing domestic production of the battery material to the USA. “This grant… represents a major milestone in our development of the Louisiana HPMSM Project and adds to the commitments already received from GM and Stellantis which include both offtake and financing agreements in support of the refinery,” said Element 25 Managing Director Justin Brown, adding that it will fund up to half of construction capital costs for the project.
Coalition pledges tax deduction for meal and entertainment expenses
The federal opposition has said it will cut red tape for small businesses by introducing a capped tax deduction of $20,000 for business-related meal and entertainment expenses, applying to small businesses with a turnover of up to $10 million. Alcohol will be excluded from the policy. In a statement on Monday, opposition leader Peter Dutton said the measure will run for an initial two years and be exempt from Fringe Benefits Tax, and would benefit small business as well as hospitality venues “who will see an increased spend in their businesses.”
Orthocell receives $3.18 million R&D Tax Incentive refund
Regenerative medicine company Orthocell has announced receipt of a Research and Development (R&D) Tax Incentive refund of $3,185,026 for the financial year 2023/2024. CEO and Managing Director Paul Anderson the company is in “a very exciting phase”, with “a strong cash position of circa $33 million” and with rapidly growing revenues, and is on track to achieve US market clearance to start selling its collagen nerve wrap Remplir in late-March or early-April. “With our experienced team, sales growth in existing markets showing clear traction and the significant potential for exponential revenue growth that the US market can deliver, we look forward to this next phase with great enthusiasm, and believe we are on track to become a key player in the US$4.5 billion global medical device market.”
Monique Conheady joins Hysata Board
Electrolyser company Hysata has announced the appointment of clean tech professional Monique Conheady to its board. In a statement on Monday, the company said that Conheady brings a passion for scaling up businesses, stemming from her own experience as co-founder of Flexicar, later bought by Hertz Australia. Since its acquisition, Monique has been involved in several clean tech companies, including JET Charge, DC Power Co and MetroElectro. Said Conheady: “Hysata’s technology is fundamental for net-zero – playing a vital role in deeply decarbonising the hard to abate sectors. Its ultra-high efficiency electrolysers are unmatched by their competitors in hydrogen production cost benefits, which have resulted in strong commercial traction to date.”
Lovells launches 4,000 kilogram braked towing capacity upgrade
Suspension and towing solutions business Lovells Automotive Systems has released its 4000-kilogram Braked Towing Capacity (BTC) upgrade for the Next-Gen Ford Ranger 3.0-litre V6 Turbo Diesel, exclusively available for vehicles already equipped with a Lovells Gross Vehicle Mass (GVM) upgrade. In a statement last week, the company said the BTC upgrade is ideal for vehicle owners and operators who require enhanced towing performance, including government departments, mining companies, tradespeople, farmers, and travellers. “By addressing the need for reliable and compliant towing solutions, Lovells ensures safety, stability, and peace of mind for operators carrying heavy loads” it added.
Vaxxas wins BARDA Prize
Clinical-stage needle-free vaccine delivery company Vaxxas was awarded $US 2 million from the United States Biomedical Advanced Research and Development Authority (BARDA) to accelerate work advancing its high-density microarray patch (HD-MAP) technology for administration of a COVID-19 mRNA vaccine. The funding was after the company was named a Concept Stage winner of BARDA’s $50 million Patch Forward Prize. The Patch Forward Prize is a multi-stage competition launched by BARDA to accelerate the commercialisation of microarray patch-based RNA vaccines for COVID-19, seasonal influenza and pandemic influenza. Vaxxas CEO David Hoey said, “We’re excited about the potential for our technology to play an important role in effectively protecting populations against dangerous respiratory infectious diseases such as influenza and COVID-19.”
Convergence secure $5 million in new funding
Brisbane-based Convergence Medical, which is commercialising a world-first arthroscopic surgical robot, has secured $5 million from global investors and closed out a successful Series A funding round. The company said in a statement that the raise follows its VO1 robot’s acceptance into the US Food and Drug Administration’s (FDA) Breakthrough Devices Program in December 2023, expediting its path to market, and included US investor Avicella Capital as a backer. Convergence added that it is now valued at over $30 million and is poised to accelerate growth and bring a transformative technology to hospitals and surgeons around the globe. Founder and CEO Dr Chris Jeffery, a medical doctor and serial orthopaedic innovator, said, “We’re thrilled to achieve this important milestone in our journey to commercialisation and excited to be working with Avicella Capital, who are seasoned investors with a great track record in the global MedTech industry.”
Picture: credit Convergence Medical