Allegro Energy has been awarded $1.85 million to scale their Redox Flow Battery technology to mass production, as a part of the latest recipient of the $400 million Industry Growth Program.
Allegro Energy’s new category of battery electrolytes is suited to long storage, they’re non-flammable and made from abundant and easily recyclable materials.
The long-duration energy storage market is set to be worth more than $3 trillion globally by 2040, with battery storage key to lowering power bills and boosting energy reliability.
“We’re backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process,” said minister for Industry and Science Ed Husic.
“The $400m Industry Growth Program is making a big difference in that effort across the seven strategic priority areas, with more to come in due course.”
Rapidly scaling manufacturing at their NSW plant will enable Allegro to reduce unit cost and refine their battery energy storage systems.
Four other companies have also been awarded funding under the latest IGP grant allocation. They include:
- CoilRig (SA): $250,000 to complete testing of their affordable and environmentally friendly Coiled Tube drilling system.
- Azaneo (NSW): $250,000 to build a pilot unit to validate their Pulsed Electric Field weed control technology.
- Innovation Industries (WA): $60,000 to advance and create new capability for their Remote Monitoring Camera applications in the agricultural industry.
- Magic Valley (Vic): $100,000 to transition from research to commercial production of cultivated meat.
IGP funding is designed to scale up early-stage businesses so they can apply for NRF co-investment during later phases of development and is provided through Early-Stage Commercialisation grants up to $250,000 and Commercialisation and Growth grants up to $5 million.
The investment aligns with the National Battery Strategy, which builds on a range of existing initiatives to grow Australian industry, including through the Industry Growth Program, Solar Sunshot, the National Reconstruction Fund and the Critical Minerals Facility.
Applications for the program are open on an ongoing basis. For more information, including eligibility, visit: business.gov.au/igprecipients.