A process to convert waste plastics into fuel and chemicals and a new energy storage system are among eight Australian innovations to share in $5 million to help them become commercial reality.
The assistance under the Entrepreneurs’ Programme Accelerating Commercialisation element will help turn ideas into marketable products through market trials, upscaling, proving new technology, and connecting with markets.
One of the recipients is 1414 Degrees in Adelaide, which received $560,000 to help develop a commercial-scale demonstration system for a low cost and highly scalable energy storage system that can be sited anywhere on an electricity grid, including small industrial sites.
Other successful applications include:
Ignite Energy Resources received $1 million for its technology with the potential to divert end of life waste plastics from landfill to conversion into a Plasticrude which can be distilled into valuable fuels and chemicals;
Full Profile also received $1 million to commercialise a blockchain-enabled commodity management and finance solution creating efficiencies for those in the agricultural supply chain including managing contracts, deliveries and inventory and
Verton Technologies received $393,252 for an electromechanical load management system that replaces human-held rope taglines making crane operations safer in construction and logistics industries.
Accelerating Commercialisation Director Larry Lopez said the successful applicants include a pleasing mix of businesses based in regional and metropolitan areas around Australia.
“This funding helps entrepreneurs, researchers and businesses take good ideas that have been developed into working prototypes of novel products, processes or services, along the commercialisation pathway to market and generating revenue,” Mr Lopez said.
242 Australian innovators have accessed more than $122 million in assistance from the Entrepreneurs’ Programme. This funding is offered on a dollar-matched basis to help Australian businesses turn their ideas into commercial realities in Australian and international markets, growing businesses and jobs for Australians. Information on how to apply for commercialisation assistance through the Entrepreneurs’ Programme is available from the Australian Government.
[1414 Degrees Executive Director Matthew Johnson (left) and Executive Chairman Dr Kevin Moriarty. Photo: 1414 Degrees]