The recently issued 2023 Federal Budget includes significant financial incentives for science and industry in Australia, especially for the green and renewable energy sectors. Overall, the Government has just committed a further $4 billion in Australia's plan to become a renewable energy superpower.
More specifically, the Budget allocates $392 million for the Industry Growth Program, which will take the form of grants to start-ups and small-to-medium businesses, as well as professional advice services to assist them commercialise their ideas. The Program will provide advice and matched individual grant funding from $50,000 to $5 million, and aims to create "a pipeline of quality, investment-ready projects for the National Reconstruction Fund (NRF) to consider".1
$15 million will also be invested to establish the Powering Australia Industry Growth Centre, a standalone initiative aimed at specifically supporting Australian businesses intending to "manufacture, commercialise and adopt renewable technologies".2 The funds will be distributed over four years from 2023/24 to develop advanced green technology and skills in developing battery technology, energy storage systems, or battery recycling systems in Australia. The new funds are intended to encourage local manufacturing in the renewable energy sector, and are in addition to the up to $3 billion already allocated to investment in low emissions technologies under the existing NRF.3
A further $2 billion will be invested in Hydrogen Headstart, a new program to support hydrogen production and hydrogen storage projects, which intends to bridge the existing commercial gap for early-stage hydrogen-related enterprises. The program is set to be jointly run by the Australian Renewable Energy Agency and the Department of Climate Change, Energy, Environment, and Water (DCEEW).4
The Government's funding strategy is clear and intends to pave the way to realise Australia's clean energy superpower ambitions. Significant financial support will be available to Australian small-to-medium businesses operating in the renewable energy sector, especially to boost their R&D and production efforts.
While actual money is unlikely to flow in the immediate future, if your business fits the profile you may wish to watch this funding space and send your enquiries to the relevant administering bodies.
Footnotes
1. https://www.innovationaus.com/chalmers-stumps-up-392m-for-new-industry-growth-program/
4. https://www.innovationaus.com/budget-2023-2bn-for-green-hydrogen-production-credits/
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