The Energy Innovation Fund supports the commercialisation of innovative, emerging renewable energy technologies in Victoria, required to meet the net-zero emissions by 2045 target.
The fund is being delivered in multiple rounds. Round 1 was dedicated to offshore wind. Round 2 to any renewable technology type that can support Victoria’s net-zero emissions by 2045 target.
The fund aims to bring intellectual property, innovation, local economic development and environmental benefits to the state, local businesses and communities. These will be achieved by supporting activities that progress innovative projects in their commercialisation continuum. This includes:
- feasibility/pre-investment studies
- large-scale pilots and demonstrations.
Round 1 (offshore wind)
Due to technological advances and declining costs, offshore wind has experienced significant global growth over the last decade. The sector now has an important role in the global energy transition and pathway towards net zero emissions.
Round 1 opened for applications in February 2021 and received a strong response.
Three projects secured the funding under Round 1. A total of $37.9 million was provided to support the completion of feasibility and pre-construction activities.
Round 2 Technology Neutral
Round 2 was open to any renewable technology type that could support Victoria's net-zero emissions by 2045 target and met the eligibility criteria.
Four projects secured funding under Round 2.
A total of $38.2 million was provided to support:
- two bio-energy projects
- a large-scale battery
- a renewable hydrogen project.
Combined these projects will create:
- over 130 construction jobs
- 20 ongoing jobs
- unlock more than $160 million of commercial investment.