The Queensland Government is providing $3.1 million for a feasibility study to progress the establishment of a $2 billion lithium-ion battery factory in Townsville.
The commitment follows the signing of an assistance agreement with Imperium 3 – an international joint venture led by Boston Energy and Innovation, Magnis Resources and Charge CCCV LLC.
“Today’s signing is great news for Townsville, and Queensland as a whole, as it means we are one step closer to making this facility a reality, along with the jobs it would bring to Townsville,” Premier Annastacia Palaszczuk said.
The announcement delivers on the Labor government’s 2017 election promise to financially underpin the construction of the $2 billion battery factory, which is expected to create hundreds of new jobs.
“I was in Boston in June this year at the BIO International Convention, as part of my trade delegation to the United States, where I observed the signing of a recommitment between Townsville City Council and Imperium 3 should the lithium-ion battery project progress to construction,” the Premier said, noting that the project is in line with her government’s Advance Queensland agenda.
The Premier underlined the great importance of battery storage for a renewable energy future.
“Battery storage solutions are fundamental to making renewable energy reliable, and Imperium 3’s project would be supplying into a rapidly expanding market and would further develop Queensland’s advanced manufacturing capabilities in the renewable energy market,” she said, noting the Government hope to leverage considerable private sector investment into regional Queensland.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said the feasibility study is a key requirement for attracting the next stage of funding and is expected to be completed next year.
“With today’s signing, we are another step closer to making this major manufacturing project a reality for Townsville, and following the feasibility study completion, we expect Imperium 3 will make the final investment decision by mid-2020,” he said.
The Imperium 3 consortium has a similar project in New York that is more advanced and expected to come online in 2019.