Green car innovation fund revs up

The Federal Government's $1.3bn Green Car Innovation Fund officially opened for applications on Friday (24 April).

The Federal Government’s $1.3bn Green Car Innovation Fund officially opened for applications on Friday (24 April).

The fund will provide assistance, on a co-investment basis, over ten years to design, develop and manufacture low-emission, fuel-efficient cars and components in Australia.

It is a key part of the Rudd Government’s $6.2 billion New Car Plan for a Greener Future, designed to transform and renew the Australian automotive industry — making it more economically and environmentally sustainable.

In calling for applications under the program, Industry Minister, Senator Kim Carr, confirmed that funding will flow from 1 July 2009.

“This fund reflects the Rudd Government’s commitment to modern automotive manufacturing providing high-skill, high-wage jobs,” Carr said.

“It is about working in partnership with the industry to make it more creative, greener, more competitive, and more productive.

“The fund offers grants to help drive down vehicle greenhouse gas emissions and motoring costs for Australian families.

“It will support research, development and early stage commercialisation of green Australian automotive technologies.

“An important feature of the fund will be the ability to lodge applications at any time. This will provide applicants with the flexibility to meet their individual investment and decision-making cycles.”

Grants under the fund will be offered on a competitive basis of one dollar of government funding to three dollars of investment from the applicant.

The program will be delivered under two streams:

· motor vehicle producers (MVP) will be able to apply for grants of $5 million or more;

and · applicants other than the MVPs will be able to apply for grants of $100,000 or more.

For more information on the Green Car Innovation Fund, visit www.ausindustry.gov.au, phone 13 28 46, or email hotline@ausindustry.gov.au.

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