The Federal Government is establishing a new $500 million fund that will progress innovative projects and technologies to reduce emissions.
The Powering Australia Technology Fund will operate through the Clean Energy Finance Corporation (CEFC), and is designed to increase the commercialisation of renewable energy, energy efficiency and other innovative clean energy technologies.
The new fund also aims to leverage off another $500 million from the private sector and include a “growth capital” offering for clean energy technology businesses looking to expand.
Minister for Climate Change and Energy Chris 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.“
“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.”