Battery storage manufacturer Allegro Energy is one of five local scaleups to share in the latest allocation of funds from the federal government’s flagship innovation pipeline program.
Allegro Energy, which has developed water-based redox flow battery technology that it claims is non-flammable and less expensive then competing technology, secured $1.85 million to scale production at their NSW plant.
It is the fifth largest grant awarded under the $392 million Industry Growth Program, which was funded in the 2023 federal Budget to bridge the ‘valley of death’ facing SMEs working on innovative projects.
The program effectively replaced the former Coalition government’s Entrepreneurs Programme, but differs in that it aligns with the seven National Reconstruction Fund priorities.
The latest grant allocation has also funded drilling tech startup CoilRig, electric weed management company Azaneo, software maker Innovation Industries and meat startup Magic Valley with $660,000.
Industry and Science minister Ed Husic said the grants would allow the five companies to “make the jump from startup to fully-fledged enterprise, creating new jobs and new industries in the process”.
“We’ve got world-leading know-how in agricultural and mining gear, low emission technologies and batteries, the challenge is to get a better economic return on these national strengths,” he said.
Founded in 2021 by a small group of scientists at Victoria University of Wellington, New Zealand and in now based in Newcastle, Allegro Energy’s battery prototype is based on its proprietary microemulsion electrolyte technology.
The $1.85 million federal grant follows a $2.1 million grant under the NSW government’s Clean Technology Research and Development Grant program in December.
The company also closed a $17.5 million Series A funding round last year, securing backing from US climate change philanthropic fund the Grantham Foundation, as well as Origin Energy, Melt Ventures and Impact Ventures.
“Our long-duration energy storage solution is perfectly suited for large-scale storage of renewable energy to ensure that the lights don’t go out when the sun doesn’t shine and the wind doesn’t blow,” Alegro chief executive and co-founder Thomas Nann said.
“The IGP grant will allow us to accelerate our production capability in Australia, while further improving our product. We are very grateful for the government support.”
The full list of recipients in the latest IGP allocation are:
- Allegro Energy: $1.85 million to scale the company’s redox flow battery technology to mass production
- CoilRig: $250,000 to complete testing of the firm’s affordable and environmentally friendly Coiled Tube drilling system
- Azaneo: $250,000 to build a pilot unit to validate the company’s pulsed electric field weed control technology
- Innovation Industries: $60,000 to advance and create new capability for the startup’s Remote Monitoring Camera applications in the agricultural industry
- Magic Valley: $100,000 to transition from research to commercial production of cultivated meat
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