News: Blue Energy banks $1.8M research and development tax refund

Blue Energy (ASX:BUL) has received a $1.8 million tax rebate under the Federal Government’s Research and Development Tax Incentive Scheme.

This increases the company’s cash balance to $6.4 million as at 31st July 2015, up from $4.7 million as at 30th June 2015.

In its quarterly report, Blue noted that it was continuing its cost reduction program with overheads down 53% year on year.

A reserve and resource review is also underway by Netherland, Sewell and Associates.