The Australian Renewable Energy Agency (ARENA) has announced up to $5 million in funding for Queensland startup Banksia Minerals to support a pilot project aimed at advancing copper production and strengthening Australia’s critical minerals capability.
In a media release, ARENA said the funding will be delivered through its Advancing Renewables Program (ARP) in two stages over three years.
According to the agency, the support is intended to help de-risk the development of Banksia’s pilot plant and assist the project’s progression from laboratory prototype to field demonstration.
Banksia Minerals has developed an electrochemical processing technology designed to enable the efficient extraction of low-grade copper resources that are typically uneconomic using conventional methods.
ARENA noted the approach also reduces energy use and emissions, supporting broader efforts to decarbonise the resources sector.
ARENA Chief Executive Officer Darren Miller said supporting innovative Australian startups is central to building new industries and solutions as the energy system evolves.
“The rapid growth in global electrification and renewable energy deployment has seen copper demand grow to unprecedented levels whilst supply remains constrained. Innovative solutions like Banksia’s help meet that growing demand by unlocking low-grade resources, strengthening domestic supply chains and supporting a cleaner, more resilient energy future,” Miller said.
“By backing early-stage and first-of-a-kind projects like this, ARENA is helping Australian companies de-risk new technologies, attract private investment and scale faster,” he said.
Banksia Minerals was previously showcased at ARENA’s 2025 Innovation Bay Renewables Startup Showcase, which brings together emerging clean energy companies with investors, industry leaders and commercial partners.
Managing Director Leigh Staines said programs such as the ARP play an important role in supporting the transition from research to industry application.
“Coming from industry, I appreciate it is challenging to invest time and resources into early-stage innovation when the focus is on day-to-day operations and delivery. Yet we know that step-change solutions will only be delivered through the development of breakthrough research that can address the supply chain challenges faced by the resources sector and its ultimate customer base – all of us,” Staines said.
ARENA said it continues to support startups, mining and research organisations to accelerate the decarbonisation of critical energy minerals by funding electrified, low-emissions alternatives to diesel and gas-based systems, as well as scalable technologies across a range of minerals essential to the clean energy transition.
The Advancing Renewables Program is ARENA’s flagship, always-open funding initiative, supporting projects from early-stage research and development through to demonstration and pre-commercial deployment.
