Govt awards Allegro Energy $1.85m as part of Industry Growth Program
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The news: The Albanese government has awarded $2.51 million in grants to five Australian companies through its Industry Growth Program (IGP), with battery technology company Allegro Energy receiving the largest grant.
The numbers: Allegro was awarded $1.85 million to scale up the production of its Redox Flow Battery technology. Allegro's new battery electrolytes are suited to long storage, are non-flammable and are made from abundant and easily recyclable materials.
The long-duration energy storage market is projected to reach more than $3 trillion globally by 2040.
Other recipients include CoilRig ($250,000) for environmentally friendly drilling systems, Azaneo ($250,000) for weed control technology, Innovation Industries ($60,000) for agricultural monitoring cameras, and Magic Valley ($100,000) for cultivated meat production.
The context: The grants are part of the government's $400 million IGP, with funding available through commercialisation grants of up to $250,000 and commercialisation and growth grants of up to $5 million.
The investment aligns with the National Battery Strategy and supports the government's initiatives to grow Australian industry.
What they said: "We're backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process," minister for industry and science Ed Husic said.
"We've got world-leading know-how in agricultural and mining gear, low emission technologies and batteries, the challenge is to get a better economic return on these strengths."
The source: Ed Husic media release
