An independent report prepared by global services and consulting company Accenture predicts that Australia could play a significant role in the global future battery industry.
The Future Charge: Building Australia’s Battery Industries report – which was prepared for the Future Battery Industries Cooperative Research Centre (FBICRC) – predicts the industry will contribute $7.4 billion per year to Australia’s economy and create 34,700 jobs by 2030.
Stedman Ellis, CEO of the FBICRC said the report provides ‘a compelling business case’ for Australia to develop into a competitive player in the international batteries industry.
“We are shining a light on the different segments of an industry in which Australia can be a leader, and there is substantial economic value to gain if we capture the opportunity,” Mr Ellis added.
Toby Brennan, Director within Accenture’s strategy practice, said Australia has an opportunity for real industry growth given that demand for batteries in electric vehicles and energy storage systems is forecast to increase 10 times over the next 10 years.
“Our current battery industries contribute an estimated $1.3 billion to our GDP and 6,000 jobs, almost all of which comes from mining raw materials,” Mr Brennan continued.
“That will grow substantially over the next decade as demand for our battery minerals grows – but almost twice the economic gains can be achieved if Australia invests in diversifying its battery industries.”
The report identifies six opportunities for Australia to expand its presence across the battery value chain:
- Continue to invest and expand refining capacity of locally mined materials
- Establish active materials manufacturing capability to serve the global value chain
- Establish battery pack manufacturing & assembly capability focusing on specialised use cases
- Establish cell manufacturing capability to complement battery pack manufacturing and assembly activities
- Leverage domestic capability in integration and maintenance to export services to the region
- Create a circular economy for battery material.
It also lays out a strategy to create a comprehensive and unified battery industries development policy, including recommendations framed around four core objectives:
- Financially viable businesses throughout the value chain have access to capital from a variety of sources
- Australia has battery industry expertise to support diversified growth
- Australian-made batteries and battery inputs are in demand, both nationally and globally
- The battery industries, research organisations and education institutions collaborate to drive growth
The full report is available here: Future Charge Report.