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BluGlass to receive $7.3 million R&D rebate

Global semiconductor developer BluGlass Limited (ASX: BLG) confirms it has received confirmation from the Australian Taxation Office that the Company will receive its full $7.3 million rebate for R&D activities carried out across its Australian and US facilities in FY23.

BluGlass CEO Jim Haden said, “Our R&D rebate has increased more than 80 percent over the prior year, reflecting our significant step-up in development activities following our acquisition of a purpose-built production facility in Silicon Valley.

“This R&D work has enabled us to launch our first suite of visible lasers, commence customer engagement and product qualification and secure our commercial role as part of the CLAWS Hub in the US Microelectronics Commons.

“At the same time, we continue to improve the quality, consistency, and performance of our launched products, and expedite the development of next-generation lasers. The R&D rebate is a non-dilutive cash injection that supports our ground-breaking technology development and helps offset our operational costs as we commercialise our gallium nitride laser technology.”

The Company expects to receive the funds within 10 business days.

For more information, download the attached PDF.

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