Allegro Energy, which has developed a water-based redox flow battery (RFB) energy storage solution that it says is non-flammable and less expensive than competing technology, has secured $1.85 million (USD 1.17 million) funding under the federal government’s $400 million Industry Growth Program.
Allegro, which late last year landed a $2.1 million grant from the New South Wales government and completed a $17.5 million Series A funding round, is developing water-based redox flow batteries that it said are “non-flammable, fully recyclable, and have no reliance on scarce materials or complex supply chains.”
The technology is based on the company’s proprietary microemulsion electrolyte technology that Allegro said has overcome the voltage limitations that typically hinder water-based solutions, giving it an advantage in the large-scale, long-duration energy storage market.
Federal Industry and Science Minister Ed Husic said rapidly scaling manufacturing at its NSW plant will enable Allegro to reduce unit cost and refine its 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, noting that it’s expected the long-duration energy storage market will be worth more than $3 trillion globally by 2040.
Allegro co-founder and Chief Executive Officer Thomas Nann said the company’s technology could play a key role in maintaining the security and reliability of Australia’s energy system as more renewables are brought online.
“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.”
Image: Allegro Energy
The funding announcement follows the completion of a 38 kW solar installation project at Allegro’s Newcastle headquarters.
The new system, installed by J Green Electrical and Solar, includes 78 x 475 W panels and three-phase 29.9 kW inverter power.
Allegro said the system will help ensure its work and manufacturing process match the sustainability best practices that its champions in it mission and technology.
“It’s a system powerful enough to meet our daytime energy needs, and continue to do so as we scale our operations,” the company said.
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