" ShareSouth Australia’s Sparc Technologies is raising $2.8...

" ShareSouth Australia’s Sparc Technologies is raising $2.8 million to work on a hydrogen project with its strategic partner, the University of Adelaide.ASX-listed Sparc Technologies is raising $2.8m to fund a hydrogen project with University of Adelaide. Louie DouvisThe offer was priced at 70¢ per Sparc share, which was a 22.5 per cent discount to Friday’s close of 89.5¢ a share.Sparc is understood to be looking to enter an ultra-green hydrogen project with the University of Adelaide that improves on the traditional method of using electrolysis of water to produce the fuel. The university is already a Sparc shareholder.Discovery Capital Partners and Westar Capital were the joint lead managers for the placement.They were calling for bids by Monday, 8am Perth time.Sparc has so far focussed on graphene-related technologies for uses including marine and industrial applications.It had a $52.5 million market capitalisation before the raise."