CAP-XX Limited, a company specializing in supercapacitors and energy management systems, has received approval from the Australian Taxation Office for a research and development grant and rebate totaling A$2.1 million for FY23. After repaying the principal and interest associated with a revolving line of credit drawdown, CAP-XX received net proceeds of A$1.0 million. The company has also signed a joint venture agreement with Ionic Industries Limited for the exclusive commercialization of Ionic's reduced graphene oxide technology to increase electrode density in supercapacitors. The terms of the agreement are consistent with the original term sheet, and further details will be announced once performance evaluations and business plans are finalized. CAP-XX has also made progress in its distribution strategy, appointing a new European distributor in addition to distributors in India and South Africa. The company has identified new sales and application opportunities through these distributors, and purchase orders are expected in the coming weeks. CAP-XX is also in the final stages of negotiation with additional distributors and sales representatives.