RedFlow Limited is pleased to announce that it has completed and lodged the preliminary documentation for the 2012 Research and Development Tax Incentive and expects to receive a cash payment of approximately $3.0m before 31 October 2012.
In the 2012 tax year the company incurred qualifying research and development expenditure (ie notional R&D deductions) of approximately $6.7m. The 2012 expenditure will qualify for a refundable tax offset. The company estimates that it will receive a cash payment of approximately $3.0m within 60 days of the finalisation of the tax assessment. The company expects the payment to be received before 31 October 2012.
The RedFlow research and development team under the leadership of Dr Alex Winter is focussed on ensuring that the company remains at the forefront of zinc-bromine technology. Some of the results of this technology have been showcased at 60 sites in Australia’s first Smart-Grid project developed in collaboration with Ausgrid. Additionally RedFlow’s team has worked with the University of Queensland and has delivered a large scale storage system to work alongside their mega-watt solar array. During the year Sandia National Laboratories undertook characterisation testing of RedFlow’s ZBM technology and reported that the performance exceeded specifications. See https://www.sandia.gov/ess/publications/SAND12-1352.pdf for the report.
RedFlow is continuing its negotiations with major energy utilities and systems integrators for large demonstration projects which are designed to lead to commercialisation of the company’s leading edge technology.
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