The Sparc Technologies Ltd (ASX: SPN) share price is soaring higher for the second day in a row after the company announced its plan to enter the 'ultra-green' hydrogen space.
At the time of writing, the Sparc share price is $1.29, 25.24% higher than it was at the end of yesterday's session.
It also represents a 44% gain on the company's closing price last Friday. After Friday's close, the Sparc share price was halted until Wednesday's announcement.
Additionally, more than 1.5 million shares in Sparc Technologies have been traded today. That's on top of roughly 2.7 million that swapped hands yesterday.
For context, over the last 4 weeks, an average day has seen 262,007 Sparc shares sent to new homes.
So, what's the news that's likely driving the Sparc Technologies share price higher for another session on the ASX? Let's take a look.
Sparc Technologies to create ultra-green hydrogen tech
Yesterday, Sparc announced it has partnered with the University of Adelaide to create technology capable of producing hydrogen using photocatalysis and solar radiation.
It will employ solar radiation — sunlight — and an artificial photosynthesis process to split water into hydrogen and oxygen. The resulting hydrogen could then be used as an energy source.
To put it simply, the technology will create hydrogen without an electrolyser.
Currently, green hydrogen is that which is split from water using electrolysis powered by renewable electricity. Sparc's hydrogen will be deemed 'ultra' green as it won't use any electricity at all.
So far, the process proposed by Sparc and the University of Adelaide is theoretical. However, the university and its partners have been researching its potential and submitted a provisional patent for the technology in April 2021. Additionally, a prototype has been found to be effective.
Under the partnership, a joint venture named Sparc Hydrogen will be created. Sparc Technologies will hold 72% of Sparc Hydrogen at its conclusion.
The joint venture will walk away with 100% of the intellectual property and patents created by the University of Adelaide.
Sparc Technologies will be focusing on developing graphene coatings to be used in conjunction with the photocatalysts.
Sparc Technologies share price snapshot
Today's gains included, the Sparc Technologies share price is 303% higher than it was at the start of 2021.
It has also gained 268% since this time last year.
