Today’s launch of the Australian National Battery Strategy is an incredibly important and exciting development.
The strategy recognises the critical importance of energy storage to Australia’s energy transition and Australia’s objective to be a renewable energy superpower. This is ambition backed by clear action.
This strategy is directly relevant to Redflow and reflects the ongoing government engagement we have had over many months.
There are five critical aspects of the strategy that are relevant to us and worth emphasising: - The strategy recognises that Australia needs short, medium and long duration batteries. It highlights flow batteries and specifically mentions zinc-bromine chemistry as one of a handful of battery technologies that are cheaper to scale, have long cycle-life and are specifically relevant for large-scale systems.
- The strategy sets out a clear objective to build sovereign battery manufacturing capability and move beyond minerals extraction. Through the Battery Breakthrough Initiative, over $500m has been allocated to achieve this.
- The strategy highlights a strong focus - and allocated $1.7bn – for battery technology development and battery manufacturing in Australia.
- The strategy calls on government at all levels to assist in executing the National Battery Strategy and reflects closely the ambitions of the Queensland Battery Strategy.
- The strategy also notes the massive market need in Australia for over 43 GW of energy storage by 2040, worth hundreds of billions of dollars. It calls for the harnessing of government entities and procurement, to accelerate the adoption of energy storage, as reflected in our recent announcements with Horizon Power and Energy Queensland.
The strategy establishes the support required for Redflow to accelerate our growth strategy and commercial success. Specifically, it contains a set of initiatives that will enable and fast track our Australian manufacturing plans, drive the launch of our X10 solution for large-scale deployments, stimulate current Australian opportunities, and underpin our global ambitions.
We continue to progress discussions with State and Federal organisations regarding our plans to manufacture in Queensland and we expect to make an announcement very soon.
As a proud Australian company, with locally developed world leading technology and a recognised leader in long-duration energy storage, this strategy will allow us to continue to invest in Australia and create more jobs.
We congratulate Hon Ed Husic MP and his team for this strategy and we look forward to playing a key role in enabling our net zero ambitions.
Click here to read the full strategy. |
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