The $2.5 million grant stands out as one of the biggest awards from the $25 million Round pool, covering up to 95% of eligible Quad Clean Energy Supply Chain and Diversification Program (QCESCDP) expenditure. AVESS Energy’s grant of $2.5 million represents the maximum funding available under the Program.
The Program, announced by the Quad – Australia, India, Japan, and the United States – at the 2023 Quad Leaders’ Summit on 20 May 2023, is part of a broader commitment to develop and diversify clean energy supply chains across the Indo-Pacific.
As part of the QCESCDP, Australia committed $50 million to develop and diversify clean energy supply chains in the region. Funding supports research and development projects, and feasibility studies focused on solar photovoltaics, hydrogen electrolysers, and battery technologies.
In partnership with its South Korean subsidiary KORID Energy, AVESS Energy will assess the feasibility of vanadium flow battery (VFB) manufacturing in the region, including an investigation into the automation of VFB cell stack manufacturing in South Korea, and potentially the Philippines.
Commenting on the support from the Commonwealth Government, AVESS Managing Director Young Yu said: “We’re extremely pleased to be recognised by the Commonwealth Government as a potential contributor to a diversified supply chain for long-duration energy storage technologies. Working alongside our subsidiary KORID Energy, we aim to deepen collaboration in South Korea, while exploring future opportunities in the Philippines.”
“At the same time, we’re drawing on our regional experience to build an Australian VFB supply chain and contribute to Australia’s decarbonisation goals by establishing onshore battery manufacturing.”
“Stronger, more efficient supply chains – supported by automation and advanced manufacturing – are essential to the scaling of long-duration VFB energy storage and supporting decarbonisation efforts across Australia and the Indo-Pacific.”
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