5B lands first $46m from Solar Sunshot manufacturing program
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The news: Solar panel deployment system manufacturer 5B has been awarded $46 million by the Australian Renewable Energy Agency to scale production at its Adelaide manufacturing facility, as the first recipient of funding from the federal government's $1 billion Solar Sunshot program.
The numbers: The funding consists of $26 million in production credits for local manufacturing and a $20 million capital grant to implement design improvements to its solar photovoltaic deployment technology.
Over the three year funding period, it is expected that 5B will produce 200MW worth of its Maverick system — prefabricated foldable ground-mounted blocks of solar panels intended to speed up construction of solar farms by up to 10 times and for cheaper — according to a statement from Minister for Climate Change and Energy Chris Bowen.
Given the Maverick system has a power rating of 48-50KW, the funding could drive the production of at least 4,000 units. 50 jobs will also be supported over the funding period.
The context: 5B received the grant under the $500 million Solar Photovoltaic Manufacturing Innovation round. The Solar Sunshot program is a part of the Albanese government’s broader Future Made in Australia agenda to uplift local manufacturing.
What they said: “When it comes to powering Australia’s future nothing will beat our sun and our solar knowhow. That’s why bringing solar manufacturing to our shores is so critical for unlocking our future as a renewable energy superpower and securing the job of the future,” Bowen said.
“As demand for solar surges, homegrown technologies like 5B Maverick help us make solar supply chains stronger and build Australia’s future right here.”
The source: Minister Chris Bowen's Office
