ChemX Materials Limited (AU:CMX) has released an update.
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ChemX Materials Ltd has received A$250,000 as the first tranche of its R&D tax incentive loan, which will fund enhancements to its high purity alumina production process. This funding, facilitated by Radium Capital, will improve safety and automation, aiming to reduce operational costs and advance the development of its HPA Pilot Plant. The company expects additional funds from the R&D tax incentive and has recently secured an Australian patent for its production process, potentially boosting its innovative position in the industry.
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