Battery startup Allegro Energy scores $1.85 million federal grant
Battery storage tech startup Allegro Energy has scored a $1.85 million federal government grant to bring its battery technology to mass production.
The Newcastle-based startup is one of five early stage tech companies funded under the $400 million Industry Growth Program.
Allegro Energy has developed water-based Redox Flow Batteries (RFB) to store renewable energy.
The RFBs are clean, non-flammable, non-corrosive and recyclable, and suited to long storage, as well as being less expensive and safer than alternatives.
Just five months ago the startup raised a $17.5 million Series A while in 2023 Origin Energy took a 5% equity stake to support pilot projects at the energy giant’s sites.
Federal industry and science minister Ed Husic said rapidly scaling manufacturing at their NSW plant will enable Allegro to reduce unit cost and refine their battery energy storage systems.
“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,” he 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 national strengths.
Allegro CEO and cofounder Prof Thomas Nann said the technology they’ve developed solves complaints about renewables not being available when needed.
“Our long-duration energy storage solution is perfectly suited for large-scale storage of renewable energy to ensure that the lights don’t go out when the sun doesn’t shine and the wind doesn’t blow,” he said.
“The IGP grant will allow us to accelerate our production capability in Australia, while further improving our product.”
Four other companies receiving IGP grants are:
- CoilRig (SA): $250,000 to complete testing of their affordable and environmentally friendly Coiled Tube drilling system.
- Azaneo (NSW): $250,000 to build a pilot unit to validate their Pulsed Electric Field weed control technology.
- Innovation Industries (WA): $60,000 to advance and create new capability for their Remote Monitoring Camera applications in the agricultural industry.
- Magic Valley (Vic): $100,000 to transition from research to commercial production of cultivated meat.
IGP funding is seen as a precursor to access to funding from the federal government’s $15 billion National Reconstruction Fund, helping early-stage businesses scale up so they can apply for NRF co-investmen.
Applications for the IGP program are open on an ongoing basis. Details at business.gov.au/igprecipients.
Comments