Safer, cheaper and longer battery storage is being backed by the Albanese Labor Government, with Allegro Energy the latest recipient of the $400 million Industry Growth Program. 

Awarded $1.85 million to scale their Redox Flow Battery technology to mass production, Allegro Energy’s new category of battery electrolytes are suited to long storage, they're non-flammable and made from abundant and easily recyclable materials. 

It’s expected the long-duration energy storage market will be worth more than $3 trillion globally by 2040, with battery storage key to lowering power bills and boosting energy reliability. 

Rapidly scaling manufacturing at their NSW plant will enable Allegro to reduce unit cost and refine their battery energy storage systems.

Four other companies have also been awarded funding under the latest IGP grant allocation. They include:

• 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 designed to scale up early-stage businesses so they can apply for NRF co-investment during later phases of development and is provided through Early-Stage Commercialisation grants up to $250,000 and Commercialisation and Growth grants up to $5 million.

The investment aligns with the National Battery Strategy, which builds on a range of existing initiatives to grow Australian industry, including through the Industry Growth Program, Solar Sunshot, the National Reconstruction Fund and the Critical Minerals Facility.

Applications for the program are open on an ongoing basis. For more information, including eligibility, visit: business.gov.au/igprecipients.

Quotes attributable to Minister for Industry and Science Ed Husic

“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.

“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.

“The $400m Industry Growth Program is making a big difference in that effort across the seven strategic priority areas, with more to come in due course.

“As these companies continue to grow, our $15 billion National Reconstruction Fund is there to support bigger projects that can create even more jobs and more economic opportunities.”

Quote attributable to CEO and co-founder of Allegro Thomas Nann

“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. 

“The IGP grant will allow us to accelerate our production capability in Australia, while further improving our product. We are very grateful for the government support.”