One lucky company in Queensland is set to receive $5 million in funding so that it can develop innovative solar energy technology.
Brisbane Materials will receive a $2.5 million contribution from the federal government, as well as a matched amount from US-based outfit New Ventures Partners (NVP).
So what's the money for? Well, the firm needs some help in commercialising a high-performance anti-reflective coating that is applied to solar panels, which is claimed to make them cheaper and more effective.
The idea for the technology was originally conceived through research at the University of Queensland.
The government cash will come through its Renewable Energy Venture Capital Fund (REVCF) – a $100 million scheme it is running alongside the Asia-based Softbank China Venture Capital (which is fronting $100 million of its own for these sustainable projects).
It will mark the first investment made by the government's Southern Cross Renewable Energy Fund – a part of the REVCF – and will offer an initial amount of $1.5 million to Brisbane Materials.
Martin Ferguson, minister for resources and energy, commented that the funding will have a number of advantages for the business – not least its ability to muscle in on the international scene.
"Through this initiative we are encouraging the development of Australian companies that are commercialising renewable energy technologies, ultimately to improve their competitiveness and to increase the numbers of renewable energy companies that are successful in Australia and overseas markets," he explained.
Ferguson was also eager to promote how helpful it will be for Brisbane Materials to receive commercialisation advice and guidance at every step of the way from Southern Cross Venture Partners and NVP.
"These funds will provide the Australian company with the best chance of capturing a significant share of the global market," he went on to say.
Posted by Mike Peacock