Environmental Clean Technologies (ASX:ECT) FY24 R&D Tax Incentive Rebate Received

Environmental Clean Technologies Limited (ASX:ECT) has announced the receipt of its FY24 R&D Tax Incentive rebate from the Australian Taxation Office (ATO) amounting to $1,473,169. The rebate, which includes added interest and deduction of current PAYG outstanding, will be utilized to finance the Company's strategic initiatives, including the commercial demonstration of its COLDry technology, working capital, and repayment of the loan to Invest Victoria.

Executive Commentary

The receipt of the R&D Tax Incentive rebate is a significant milestone for ECT. These funds will play a crucial role in advancing our strategic initiatives, particularly the commercial demonstration of our innovative COLDry technology. We remain committed to driving sustainable and environmentally friendly solutions, and this rebate will further support our efforts in this direction.

Summary

Environmental Clean Technologies (ASX:ECT) has successfully received a $1,473,169 R&D Tax Incentive rebate from the ATO, which will be instrumental in financing the Company's strategic initiatives. The funds will be allocated towards the commercial demonstration of the COLDry technology, working capital, and repayment of the loan to Invest Victoria. This aligns with ECT's commitment to driving sustainable and environmentally friendly solutions. The receipt of the rebate underscores the Company's dedication to advancing its innovative technologies and marks a positive step towards achieving its strategic goals.