AnteoTech receives $1.4m grant for battery project from Qld govt
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The news: Brisbane biotechnology company AnteoTech has been awarded $1.4 million in state government funding to support the delivery of its silicon-based battery technology.
The numbers: The Queensland Critical Minerals and Battery Technology Fund (QCMBTF) will allocate a grant of up to $1.39 million to ASX-listed AnteoTech, to help fund its 18-month project to complete the development of its ultra high silicon anode called Generation 1.
AnteoTech said there is an industry-wide goal of increasing silicon content in battery anodes from the typical level of 10% to 15%, with the aim of delivering cost and weight savings, as well as improved charge times and battery life.
The context: AnteoTech will be reimbursed by QCMPTF's grant, subject to meeting agreed project milestones, and will use the money to purchase equipment and upgrade its existing facilities. The company said the upgrades will enable it to test the performance of its Generation 1 anode in commercially accepted pouch-cell battery format.
QCMBTF was established to support Australian businesses to compete globally by enhancing the extraction and processing of critical minerals in Queensland. Its aim is to accelerate the development of battery technologies and production of precursor or advanced materials in Queensland, supporting jobs and economic growth in the state.
What they said: AnteoTech CEO and managing director David Radford said: "This grant is the first grant the company has received towards developing our innovative silicon anode technology.
"This grant underscores the Queensland government's recognition of the potential impact that battery technologies and innovation can have on our state and the future of energy storage. We are very appreciative of this support and excited to demonstrate the technology's capabilities, further solidifying our position as one of the leaders in this field."
The source: ASX announcement
