the company raised $3.5millions for binding jva with graphenx...

the company raised $3.5millions for binding jva with graphenx last year but in quarter report is gone
still havent saw the project execution agreement or install of turbine at bachus
but there is advertising for scholarships so
maybe secret happenings behind scenes

As announced to the market in April 2022, the Company has entered into a binding joint venture agreement (JVA) with GrapheneX. (i)The JVA aims to pursue a net-zero commercial-scale hydrogen refinery and electricity plant in the Latrobe Valley. The focus will be on establishing the demonstration plant at the Company's Bacchus Marsh facility where the Company will commit $3.5m to the JVA to fund a pyrolysis kiln and associated plant to produce char and syngas from COLDry pellets. GrapheneX will supply a 39MW turbine and funding of $3.5m for its installation along with formic acid process equipment which will produce formic acid from the syngas product stream.The formic acid will be used as a favourable hydrogen carrier but can also be used as a livestock feed preservative among other uses. The syngas produced will be used as feedstock to produce low-emission electricity. The JVA will also produce hydrogen derivative products from lignite and waste biomass blends.The JVA is in its early stage formation and is reliant upon key events including regulatory approvals and the installation and completion of the plant by the respective parties as mentioned above. At this point in time, there is therefore a degree of uncertainty associated with the progression of the arrangement to a fully economically viable production facility at both Bacchus Marsh and longer-term, in the Latrobe Valley.Should the facility enter production, the Company has committed to acquire from GrapheneX $8m p.a. of electricity on a 'take or pay' basis. However, GrapheneX must also commit to paying the Company $8m p.a. in license fees associated with using Company facilities. The Company's purchase of electricity may be sold back into the electricity grid with net revenues shared equally between the partners. Offtake and Licence Agreements were not finalised as at the date of this report.The Company will have no claim over any IP generated from the formic acid process or turbine demonstration and GrapheneX will have no claim over any IP generated from the COLDry-pyrolysis kiln demonstration or the char and syngas generation. Each party will continue to have legal ownership over the assets contributed to the JVA.Works are set to commence as soon as the partners complete the project execution plan.The Company has completed a share placement to raise $5m, $3.5m of which was to fund investment into the JVA.