Sydney-based company Ecoult has won $4.1 million in new recoupable funding from the Australian Renewable Energy Agency (ARENA) to enhance and fully commercialise its UltraBattery technology, which was originally developed by CSIRO with ARENA’s support.
It is the second funding support awarded to Ecoult by ARENA, which provided the company $583,780 for the early development of its technology, leading to the creation of the small, kilowatt-scale battery storage device known as the ‘UltraFlex’ in 2013.
Ecoult CEO John Wood said the new funding will help the company expand its engineering team in Sydney to improve the technology and help shift dependency on fossil fuel consumption to renewables.
“Over the past 10 years, since our inception at CSIRO, and with the assistance of the critical funding from ARENA, our team has developed energy storage systems to enhance renewable adoption in Australia at the same time contributing to the global evolution in the way people and companies think about application of energy storage alongside renewable energy,” Mr Wood said.
ARENA CEO Ivor Frischknecht said providing support for battery storage technologies like the UltraBattery was key to ensuring a smooth transition to a renewable energy future.
“ARENA is working hard to accelerate the energy storage revolution as part of its efforts to bring down costs and increase the reliability and security of renewable energy,” he added
“This latest funding supports a $10.6 million effort by Ecoult to improve its technology and pursue large-scale commercialisation. It will enhance the battery’s performance and improve its ability to support both grid and offgrid applications.”
Ecoult already has in place a deal with Exide Industries, India’s largest battery manufacturer, which will see the UltraBattery manufactured and distributed in India and South Asia.
“ARENA’s further $4.1 million support will help Ecoult deliver on both its local and global objectives, which is a major step towards fully commercialising the UltraBattery and securing export dollars for Australian intellectual property,” Mr Frischknecht continued.
“This is just one example of the way ARENA’s work is helping accelerate the shift to renewable energy in Australia and at the same time reaching around the globe.”