Delorean (ASX:DEL) secured a AU$6.1 million grant funding agreement with the Australian Renewable Energy Agency to support the development of its SA1 bioenergy facility in South Australia, according to a Thursday filing with the Australian bourse.
The grant will fund infrastructure upgrades to improve the facility's biogas production and conversion into biomethane, the filing said.
The grant is conditional on finalizing key commercial agreements, including a biomethane offtake agreement, per the filing.
Shares rose 8% in midday trade Thursday.
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