$2.5 million in Industry Growth Program grants awarded
Another round of grant recipients under the federal government’s Industry Growth Program has been announced, with a combined $2.51 million awarded to CoilRig, Azaneo, Innovation Industries, Magic Valley and Allegro Energy.
According to a statement from industry minister Ed Husic on Thursday, Allegro Energy was awarded $1.85 million to further their “Redox Flow Battery technology” up to full production at their NSW factory. This will allow them to “reduce unit cost and refine their battery energy storage systems”.
The company’s CEO and co-founder Thomas Nann said, “Our long-duration energy storage solution is perfectly suited for large-scale storage of renewable energy to ensure that the lights don’t go out when the sun doesn’t shine and the wind doesn’t blow.”
Allegro Energy announced a $17.5 million Series A funding round, led by The Grantham Foundation, last September.
The company describes itself as making “water-based Redox Flow Batteries (RFB) and supercapacitors” that are non-flammable, fully recyclable, “and have no reliance on scarce materials or complex supply chains”.
The four other grant winners were
- CoilRig – $250,000 to complete testing of their Coiled Tube drilling system;
- Azaneo — $250,000 to build a pilot unit to validate their Pulsed Electric Field weed control technology;
- Innovation Industries – $60,000 to “advance and create new capability” for their Remote Monitoring Camera; and
- Magic Valley — $100,000 to move from the research to commercial production stage of their cultivated meat.
“We’ve got world-leading know-how in agricultural and mining gear, low emission technologies and batteries, the challenge is to get a better economic return on these national strengths,” said Husic on Thursday.
The Industry Growth Program awards grant funding to companies identified as high-growth SMEs and high-potential startups operating in the seven National Manufacturing Priorities.
Grants are awarded through two streams of the IGP, which has a budget of $400 million.
Between $50,000 and $250,000 is available in matched funding for early-stage commercialisation projects, and between $100,000 and $5 million for commercialisation and growth projects.
IGP grants are aligned with the seven priority areas of the $15 billion National Reconstruction Fund: Resources; Transport; Medical Science; Defence Capability; Renewables and Low Emission Technologies; Agriculture, Forestry and Fisheries; and Enabling Capabilities.
Picture: credit Allegro Energy
Further reading
Industry Growth Program funds flow to commercialise technology
Battery maker Allegro Energy closes $17.5 million funding round
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