$694K R&D grant for avocado development
Alterra have announced that it has lodged a $694K Research and Development claim with AusIndustry and the Australian Taxation Office. The R&D Tax incentive recognises the innovative avocado growing methodology that has been implemented at the initial five hectare planting at the Company’s flagship development, Carpenters during the financial year ending 30 September 2020.
The R&D funds will be used to meet preliminary development costs for the 52ha planting which once developed will see the Company and the Carpenters Project well positioned in the avocado landscape in Western Australia.
Alterra’s R&D focus is combining proprietary research, learnings from the citrus and stone fruit industries and hydroponic methodologies traditionally only used for high-value products such as berries to improve production efficiency.
“We are utilising intelligent irrigation and fertigation systems and real-time detection systems for soil and root health which is expected to deliver increased yield and fruit size. Our aim is to achieve more than 90 per cent premium-grade fruit at 28 tonnes per hectare,” said chief executive officer Oliver Barnes.
Alterra is an asset manager that provides origination, development and management services for land and water assets in Australia. Thye work directly with landowners and agricultural producers to unlock and reposition water assets through change in land use, ownership structure, regulatory management and application of technical know-how to create large-scale horticultural assets. This process opens direct investment opportunities structured for sophisticated investors.
Following the completion of the 300ha feasibility study in December 2020, Alterra has been focused on managing the 5ha trial site and securing funding for the 52ha next stage of development.
The feasibility study was underpinned by extensive and rigorous testwork, data and modelling and confirmed the opportunity for the Company to develop a large-scale project in a premium horticultural region.