Energy innovation, future fuels, and more: Industry Growth Program funds Australian SMEs
Always open for applications, Industry Growth Program (IGP) grants aim to help small and medium businesses bring new ideas to market while boosting Australia’s manufacturing sector
The Federal Government’s $400 million Industry Growth Program (IGP) is helping small and medium enterprises (SMEs) turn their ideas into reality, with over $26 million awarded to 20 businesses since the program began. This funding supports projects across diverse industries, including robotics, agriculture, medical manufacturing, defence, and renewable energy.
The program offers eligible participants an Advisory Service designed to provide expert guidance in the National Reconstruction Fund priority areas. The Advanced Manufacturing Growth Centre (AMGC) is the most recent organisation to join as an industry partner, providing tailored advice to businesses involved in advanced manufacturing.
Successful recipients in renewable energy and future fuels include:
- Allume Energy: Awarded $3.77 million to expand their ‘behind-the-meter’ SolShare technology, enabling apartment residents to share and optimise solar power usage.
- Cauldron Molecules: Received $4.3 million to advance automated hyper-fermentation technology for producing food, fibre, fuel, and animal feed.
- Li-S Energy: Secured $1.7 million to develop advanced lithium foil battery manufacturing for lighter and more durable batteries.
- Stralis Aircraft: Granted $250,000 to refine a lightweight, high-temperature fuel cell system to reduce aircraft operating costs.
- Turquoise Group: Received $949,500 to complete a nine-month test program for a zero-emission methane-to-hydrogen and graphene production plant.
Minister for Industry and Science Ed Husic said, “It’s terrific to mark this milestone and see vital funding out the door and onto the factory floor of these terrific Aussie businesses, ensuring more things are made right here.”
The IGP provides two types of grants:
- Early-Stage Commercialisation Grants: Between $50,000 and $250,000 in matched funding to assess the feasibility of innovative products or services.
- Commercialisation and Growth Grants: From $100,000 to $5 million in matched funding to move projects from prototyping to market readiness.
“We’re serious about backing local know-how, that’s why we’re ensuring growing businesses have the support they need to increase our manufacturing capability and keep more jobs here in Australia,” Husic added.
The program’s Advisory Service is open year-round, connecting SMEs with experienced advisers to provide tailored advice on commercialisation strategies, funding pathways, intellectual property, and partnerships. Businesses must complete this advisory process to qualify for grant funding. Applications are assessed on merit, and not all participants will be awarded grants.
