Brisbane based Octillion Power Systems Australia is about to enter the battery storage market, with a helping hand from Southern Cross Renewable Energy Fund.
A $6.3 million investment by the Fund will assist Octillion in developing its lithium-ion battery storage solutions.
Southern Cross Renewable Energy Fund is supported by the Australian Renewable Energy Agency (ARENA).
“Reliable, cost effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” said ARENA CEO Ivor Frischknecht.
“The company’s ‘honeycomb’ battery solution can be installed in different size and space configurations, allowing greater flexibility. This can be useful for many applications, such as when batteries need to be tightly integrated with inverters.”
Mr. Frischknecht stated Octillion will utilise the manufacturing capabilities of Sinoelectric Powertrain Corp to attain a competitive price for its products; which will be sold both locally and overseas.
The $200 million Southern Cross Renewable Energy Fund is the largest renewable-energy specific venture capital fund in Australia. $100 million was provided by ARENA’s Renewable Energy Venture Capital Fund and another $100 million was contributed by Softbank China Venture Capital. Southern Cross Venture Partners Pty Ltd is the Fund’s manager.
The Fund makes equity investments in early-stage Australian renewables firms to help them overcome the challenges of capital constraints; to develop technologies, boost skills and establish international connections.
So far the Fund, established in 2012, has invested $27.78 million in six projects, including Octillion. The first company to benefit was Brisbane Materials, which develops anti-reflective coatings for solar panels.
In other recent ARENA news, the agency announced BioPower Systems Pty Ltd has completed construction of its prototype wave power unit; which is to be installed off the coast of Port Fairy, Victoria, later this year. ARENA has invested $11 million in the $21 million project.
Last month ARENA also announced $250,000 to support the development of new locally based renewable energy projects through investigating more flexible arrangements, including virtual net metering whereby excess generation at one site could be allocated to other sites.
ARENA is an independent agency established by the Australian Government 2012. ARENA was allocated approximately $2.5 billion in funding to invest in renewable energy projects, support related R&D and other related activities.
