$14 Million Momentum for Homegrown Renewable Technology Expansion
In a move to boost the renewable energy sector, the Powering Australia Industry Growth Centre (PAIGC) has announced a $14 million investment. The aim is to drive industry development, increase adoption of renewable energy technology, and enhance competitiveness in international markets.
The PAIGC’s main objectives include upskilling workers in the renewable technologies industry, overcoming battery regulatory barriers for businesses, and developing domestic battery and renewable energy supply chains. These initiatives will not only stimulate the sector but also contribute to the government’s Australia Made Battery Plan, which aims to provide advanced technology and skills development for local renewable technology manufacturers.
Under the new name Power Australia Limited, the Industry Growth Centres will establish five hubs around the country, ensuring nationwide opportunities for growth in the clean-tech sector. Shannon O’Rourke, the CEO of Power Australia, emphasized the primary goal of connecting clean-tech ecosystems, commercializing Australian innovations, and building capability across the country.
Ed Husic, the Federal Minister for Industry and Science, believes that investing in batteries, renewables, and other low-emissions technologies will not only create new jobs but also bolster Australia’s sovereign capabilities, crucial to the country’s economic success. Husic sees the $14 million investment as targeted support to nurture Australian know-how in these emerging areas.
The investment was awarded to the team behind the Future Battery Industries Cooperative Research Centre (FBICRC), following a 10-month bid process. Power Australia plans to contact businesses nationwide over the coming weeks to discuss their involvement in the PAIGC program, which is set to run from 2023-24 to 2026-27.
This significant funding injection comes at a pivotal moment for the renewable energy sector in Australia, highlighting the government’s commitment to driving innovation, job creation, and sustainability in the fast-growing industry.
Analyst comment
Positive news: $14 million investment in homegrown renewable technology expansion.
Market outlook: The market for renewable energy in Australia is expected to experience significant growth and development as a result of this investment. It will drive industry development, increase adoption of renewable energy technology, and enhance competitiveness in international markets, leading to job creation, innovation, and sustainability.
