Backed by funds from the federal government, ARENA provides capital to kickstart renewable projects and technologies in Australia. In financial year 2022-23, ARENA approved its biggest funding outlay as it rounded out a decade in existence. “We anticipate a continued elevated level of funding activity in the coming years,” ARENA CEO Darren Miller added.
The record year was driven by three funding rounds, ARENA said:
- The Large-Scale Battery Storage (LSBS) funding round – $176.4 million in funds approved to 8 projects, which included $60 million of additional funding provided by the Australian government to expand the funding round.
- The Ultra Low-Cost Solar Research & Development (ULCS) funding round – $41.5 million in funding approved to 13 projects.
- The HyGATE hydrogen funding round – $50 million in funding approved to 4 projects.
On top of the approved funding, ARENA also opened new funding rounds and federal budget measures, including:
- Community Batteries Round 1 – $120 million in funding
- The Hydrogen and Iron and Steel Research and Development Funding Rounds – $50 million in funding
- The 2023 Focus Areas of the Driving the Nation Program – $70 million in funding
- The Sustainable Aviation Fuel (SAF) Funding Initiative – $30 million in funding
- The Industrial Energy Transformation Studies program – $43 million in funding
ARENA also recently opened applications for the government’s $2 billion Hydrogen Headstart Program, and is also slated to deliver the $400 million Powering the Regions Industrial Transformation Stream.
Since being established in 2012, ARENA has supported 663 projects with $2.25 billion in grant funding, unlocking a total investment of almost $9.75 billion in Australia’s renewable energy industry.
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