The Federal Government has opened consultations for its $523 million Battery Breakthrough Initiative, being delivered by the Australian Renewable Energy Agency (ARENA).
Announced last May as part of the Federal Budget, the Battery Breakthrough Initiative will work to fund projects that improve the development of Australia’s battery manufacturing capability of both lithium and vanadium batteries, to improve supply chain resilience and create new opportunities for the country’s economy and workforce in the transition to renewable energy.
The road freight industry’s recognised contribution to national emissions could be improved by the increased manufacturing and rollout of lithium batteries in particular.
These consultations are open for a limited time, with submissions due by 10am on Monday, 7 October. ARENA is aiming to launch the initiative by late 2024 or early 2025.
ARENA CEO Darren Miller has said that batteries are integral to fulfilling Australia’s emissions reduction goals.
“Energy storage technology is absolutely critical for our renewable energy future,” he said.
“The Battery Breakthrough Initiative will aim to commercialise battery manufacturing technology and processes, provide clean energy opportunities for Australia’s workforce and allow Australia to leverage its expertise in energy storage.”
The Initiative is essential to the National Battery Strategy.
It is proposed that the initiative will first focus on the production of active battery materials, battery cell manufacturing and battery pack assembly.
Through consultation, ARENA is seeking feedback on the design and market readiness of the initiative.
This draft for the initiative also suggests that funding could be provided by either production-linked payments or capital grants, depending on the initiative’s needs.
ARENA’s delivery of the Battery Breakthrough Initiative is aligned with the Economic Resilience and Security stream of the Future Made in Australia (FMA) policy agenda.