Aussie ARENA to invest in battery storage R&D

The Australian Renewable Energy Agency (ARENA) and Southern Cross Venture Partners will provide AUD 6.3 million (USD 4.7m/EUR 4.3m) in financing to Brisbane-based Octillion Power Systems Australia to support its energy storage debut.

“Reliable, cost effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” ARENA CEO, Ivor Frischknecht, commented.

In a press release on Wednesday, ARENA unveiled that the investment will be made via the Southern Cross Renewable Energy Fund. Through it, the agency and its partner will help Octillion Power develop its Honeycomb lithium-ion battery storage solutions even further and then introduce them to the domestic and international markets.

In order to achieve a competitive price for its products, the developer of the technology will take advantage of the manufacturing capabilities of sector player Sinoelectric Powertrain Corp (SinoEV), according to the statement. Moreover, it will join hands with research institutions to tackle issues like local grid constraints, high ambient temperatures and substantial annual temperature fluctuations.

The Honeycomb battery comes in different sizes and space configurations which allow better flexibility and multiple applications, such as a tight integration with inverters.

Previously, ARENA funded a number of energy storage research and development (R&D) projects, it noted.

(AUD 1.0 = USD 0.751/EUR 0.681)

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