Thornton based Allegro Energy to scale up battery technology with new funding
This funding will enable Allegro to scale up manufacturing at its NSW plant, reduce unit costs, and refine its battery energy storage systems to meet growing market demand.
Thornton-based battery innovator Allegro Energy has received $1.85 million from the Albanese Government’s $400 million Industry Growth Program (IGP) to accelerate the mass production of its redox flow battery technology.
Allegro’s cutting-edge water-based, micro-emulsion electrolytes are designed for long-duration energy storage and are non-flammable, cost-effective, and made from materials that are abundant and easily recyclable.
The company’s redox flow batteries are particularly suited for large-scale commercial, industrial, and utility applications, providing reliable energy storage for periods longer than four hours. As the global market for long-duration storage is expected to exceed $3 trillion by 2040, innovations like these are critical to improving energy reliability and supporting the renewable energy transition.
Thomas Nann, CEO and co-founder of Allegro Energy, said, “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."
"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 IGP aims to help early-stage businesses scale up through grants of up to $250,000 for early-stage commercialisation and up to $5 million for commercialisation and growth. It also supports businesses to position themselves for co-investment opportunities under the $15 billion National Reconstruction Fund (NRF).
Minister for Industry and Science Ed Husic emphasised the importance of backing innovative Australian companies, saying, “We’re backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process. The $400m Industry Growth Program is making a big difference in that effort across the seven priority areas, with more to come in due course.”
Allegro Energy is one of five companies to receive funding in the latest IGP allocation. The other recipients include:
- CoilRig (SA): $250,000 to test their environmentally friendly coiled tube drilling system.
- Azaneo (NSW): $250,000 to build a pilot unit for their Pulsed Electric Field weed control technology.
- Innovation Industries (WA): $60,000 to advance remote monitoring cameras for agricultural use.
- Magic Valley (Vic): $100,000 to transition cultivated meat production from research to commercial scale.
