Hazer Group Limited has achieved a key milestone under its funding agreement with the Australian Renewable Energy Agency (ARENA), enabling the company to draw down $500,000 in funding.
In an announcement, the Perth-based company confirmed it had completed Milestone 4 under the ARENA agreement, recognising the conclusion of 12 months of independently verified operations at its Commercial Demonstration Plant (CDP) along with the submission of other required reporting deliverables.
The company noted that the milestone builds on operational achievements announced in November 2024, when Hazer completed the CDP performance and reactor test program.
Over the course of the program, the CDP recorded more than 1,250 hours of continuous operation, a result Hazer said demonstrates the reliability of its technology and supports future commercialisation plans.
“The strong results provide confidence in the reliability of the Hazer process and validate the design basis and operability of commercial scale projects,” Hazer stated in an ASX announcement.
Hazer also said the release of funds from ARENA represents a non-dilutive source of capital and, together with the recent grant awarded under the Lower Carbon Grant – Gorgon Fund announced in December 2024, will strengthen the company’s near-term liquidity by unlocking previously restricted cash.
A further $1 million in ARENA funding is expected to be released between 2025 and 2026, subject to the achievement of future milestones.
