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Finance

Report tips $138 billion to keep Australia in manufacturing race

The Australian government needs to commit up to $138 billion (USD 90 billion) over the next decade to support manufacturing of renewable energy-related equipment or risk the country being left behind in the race to develop the technologies and manufacturing capacities needed to prosper from the global energy transition.

MGA moving to scale up thermal energy storage solution

Newcastle-based clean energy company MGA Thermal has secured $8.25 million (USD 5.39 million) from domestic and international investors as it gears up for commercial scale production of its thermal long-duration energy storage solution.

H2X to accelerate growth after landing US funding deal

Australian hydrogen technology startup H2X Global will accelerate the rollout of its hydrogen-powered vehicle range in both domestic and international markets after securing an $87 billion (USD 57 million) investment agreement with United States-based Verde Mobility.

Ingeteam sells O&M division to RES Group

Ingeteam has sold its operation and maintenance (O&M) division to United Kingdom-based RES Group. It says the division’s 35 GW of O&M contracts throughout the world are valued at $58.55 billion (€35 billion).

State taps local companies to test out flow battery technology

Flow battery technology is under the microscope with the Queensland government committing $24 million (USD 15.83 million) to further evaluate and assess the capacity of the technology to support the next stage of the state’s battery capability and help meet its renewable energy targets.

350 MW solar and storage project gets state tick of approval

Construction of the 350 MW Blind Creek solar farm and large-scale battery energy storage project planned for southeast New South Wales is set to begin next year with renewables developer Octopus Australia announcing the state government has now granted planning approval.

Atco shelves Western Australia green hydrogen project

Gas major Atco has ditched its plans for a commercial-scale green hydrogen manufacturing facility proposed for Western Australia’s remote midwest, saying the distance between the production facility and end use undermined the commercial viability of the project.

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Australia invests $50 million to expand clean energy supply chains

The Australian government has committed $50 million to support the development and diversification of clean energy supply chains in the Indo-Pacific as it seeks to increase manufacturing opportunities and enhance energy security in the region.

Fortescue snaps up ‘fast-to-market’ green hydrogen project in US

Australia’s Fortescue Future Industries has made its first major move in the United States since the passage of the landmark Inflation Reduction Act, outlaying $34.42 million (USD 24 million) to purchase the ‘fast-to-market’ Phoenix Hydrogen Hub being developed in the American state of Arizona.

Solar leads way for new-build power source as all technology prices surge

A new report released by Australia’s national science agency shows that renewables, led by large-scale and rooftop solar, remain the cheapest form of new-build power generation in Australia despite a 20% average rise in technology costs.

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