The Federal Government has announced a $500 million investment through the Future Made in Australia Innovation Fund to ensure Australian steel manufacturers have the backing they need to scale up and seize the opportunities of the energy transition.
Through ARENA, a $500 million allocation from the Innovation Fund will provide merit-based grants for manufacturing opportunities, including projects which build new capability in wind tower steel fabrication and related sectors.
Australia’s energy transition is well underway, with last year being a record year for investment in renewables.
“We will always stand up for Australian jobs and Australian industries,” said prime minister Anthony Albanese.
“And we will back Australian industry to compete and succeed, so we can create the next generation of good local jobs.”
Along with wind industry manufacturing, funds could be directed to clean energy technology manufacturing, including:
- Battery and storage technologies.
- Hydrogen electrolysers.
- Energy efficiency and electrification technologies.
- Other components critical to the clean energy transition, like cables.
This is the first allocation from the broader $1.75 billion Future Made in Australia Innovation Fund.
Hundreds of tonnes of steel are in every single wind turbine, and with over 100,000 workers employed by the steel industry, investing in our onshore manufacturers means more good jobs for Australian workers.
While we make around 5.7 million metric tonnes of steel each year, Australia needs more investment in expanding our fabrication capacity.
This investment is targeted at doing just that, ensuring Australian manufacturers have the backing they need to scale up and seize the opportunities our energy transition offers.
It is set to drive new jobs in manufacturing, but also secure our economic resilience, ensuring we continue to have the know-how we need here on our shores.
ARENA is set to build on its strong industry connections and track record of success to help commercialise these new-to-Australia onshore manufacturing capabilities.
Further allocations from the Fund will be announced soon.