The Clean Energy Finance Corporation has received $500 million in federal funding to boost the commercialisation of innovative clean energy technologies
The allocation is part of the Powering Australia Technology Fund, which seeks to help businesses accelerate projects and technologies designed to reduce emissions and expand their operations.
Chris Bowen, minister for climate change and energy, said the Albanese government is finally commencing the delivery of its ambitions for a renewable and clean energy future for Australia.
“Through the Powering Australia Technology Fund, Australian businesses will be able to scale up creative projects using clean energy technologies,” Bowen said.
“The Albanese Government is ensuring the world’s largest green bank can continue to support the commercialisation of innovative new technologies, such as energy-efficient smart city sensors and innovations in solar arrays and battery technologies.”
The fund will be similar to the CEFC’s successful Clean Energy Innovation Fund, which backs startups specialising in developing clean energy technology across a wide range of sectors, from transport to agriculture, waste, and energy demand management.
As part of amendments to the Clean Energy Finance Corporation Act, the $500 million funding will be added to the CEFC Special Account and the details of the fund will be included in the CEFC’s investment mandate.
The CEFC will make investment decisions using the fund, in accordance with its legislation, statutory independence, and technology eligibility rules.
“While we excel in research, Australia has been losing out for too long when it comes to commercialisation. We need to continue developing innovative technologies that will help power Australia, and realising more of their economic benefits here,” the minister added.
“To capitalise on the opportunities of the global energy transformation and ensure Australia becomes a renewable energy superpower, Australia must invest in the commercialisation of new clean energy technologies, this fund does just that.”
