Morrison Govt announces A$100M funds for energy storage projects

December 24, 2021 07:30 PM AEDT | By Samta

Google News:

Morrison Govt announces A$100M funds for energy storage projects — Image source: © Apartura | Megapixl.com

Recent News

WiseTech Slips on ASX 200 Amid Leadership Turmoil and Board Reshuffle

Dalrymple Bay (ASX:DBI) Stands Firm in the ASX 300 Energy Logistics Se...

Equal Weight Strategy Outpaces Traditional ASX 200 Index

ALS Limited (ASX:ALQ) Sees Momentum in ASX 100 with Broader Sector Gai...

Highlights

The Australian Renewable Energy Agency will be allocating AU$100 million to support large scale energy storage projects in Australia.

Federal Government is working along with the private sector to keep the energy projects.

The funding will support nearly three projects open to all battery energy storage technologies with advanced inverters.

The Morrison Government has announced to provide AU$100 million in grants for large scale energy storage projects of 70MW to provide essential system stability services to the electricity grid via the Australian Renewable Energy Agency (ARENA).

With a maximum grant of up to AU$35 million each, the funding will support at least three projects open to all battery energy storage technologies with advanced inverters.

These projects will help the country to achieve its target of net zero emissions by 2050 where the AU$100 billion funding will boost the private sector investment while overcoming barriers to deploying advanced inverter technology at scale.

RELATED READ – Hot battery metal stocks of 22021

Minister for Industry, Energy and Emissions Reduction - Angus Taylor said that the Federal Government is working along with the private sector to support the energy projects to secure Australia’s record levels of renewables.

So far, the Australian Federal Government has funded six large-scale batteries since 2017 through ARENA. The expression of interest for the funding will open in February 2022 that will be closed on 31 March.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.