Safer, cheaper and longer battery storage is being backed by the Albanese Labor Government, with Allegro Energy the latest recipient of the $400 million Industry Growth Program.
Awarded $1.85 million to scale their Redox Flow Battery technology to mass production, Allegro Energy's new category of battery electrolytes are suited to long storage, they're non-flammable and made from abundant and easily recyclable materials.
It's expected the long-duration energy storage market will be worth more than $3 trillion globally by 2040, with battery storage key to lowering power bills and boosting energy reliability.
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.
