Australian battery industry could be worth $7 billion by 2030

battery

The new lithium-sulphur batteries promote fast lithium transfer, improving the performance and lifetime of the batteries.

Future Battery Industries Cooperative Research Centre (FBICRC) is calling for a $750 million National Battery Institute in a a pre-budget submission to the federal government.

CRC has called on government to create a national strategy, including providing $1 billion annually for five years through the Modern Manufacturing Initiative (MMI).

If the government adopts these initiatives, FBICRC says 34,700 jobs could be created and the industry could be worth $7 billion by 2030.

Shannon O’Rourke, FBICRC CEO said the group’s investment proposals were eminently doable, as the MMI does not currently include the battery industry in its six national manufacturing priority areas.

“Battery industries are here and now, it’s not some pipe dream. With great policy from the government, a national strategy, an industry attraction fund, and a new Institute, we think that we can capture that value,” he said.

“Put simply, Australia has a choice. We can continue our traditional focus on the mining and export of raw battery materials and accept the lost opportunity of value add for Australia. Alternatively, we can shift our mindset, invest with purpose and adopt courageous and visionary policy settings.”

Mr O’Rourke said that cultivating an export market for Australian batteries should also be a priority.

“In order to be competitive, Australian businesses need to be at a global scale and the Australia domestic market for batteries, while growing, is still nascent. We think that we need to target export and export scale very early in the piece,” he said.

“Australia already has 50 per cent of the market for critical minerals, what we’re aiming to do is capture more of the market in needed downstream segments. What we want to be able to do is export value added chemicals, battery materials, value added cells, and ideally battery modules for installation in electric vehicles.”

The FBICRC’s recommendations are based on an Accenture report it commissioned which was released last June. The report found that if Australia continues the way it mines critical minerals, only $4.1 billion would be produced annually by 2030.