ARENA CEO Ivor Frischknecht said the investment would enable Brisbane based Octillion Power Systems Australia (Octillion) to further develop advanced lithium-ion battery storage solutions for Australian and global markets.
Reliable, cost effective energy storage will allow more renewable energy to enter Australias electricity markets, Mr Frischknecht said.
Octillion will tap into the global manufacturing capabilities of Sinoelectric Powertrain Corp (SinoEV) to achieve a competitive price for its products.
The companys honeycomb battery solution can be installed in different size and space configurations, allowing greater flexibility. This can be useful for many applications, such as when batteries need to be tightly integrated with inverters.
Octillion will work with research institutions to further develop the technology for Australia and South East Asias needs. This will address challenges such as local grid constraints, high ambient temperatures and significant annual temperature fluctuations.
The investment joins a range of ARENA supported projects aimed at increasing industry knowledge and reducing costs and barriers to developing and deploying battery technologies in Australia.
Octillion Managing Director Stephan McRae said the investment would allow Octillion to deliver a tailored product across multiple applications using SinoEVs advanced battery technology as a core building block.
Octillion will combine a cost competitive supply chain with world class research and development to deliver products relevant to the Australian market and broader international markets, Mr McRae said.
