Australia Govt: $500m to establish Powering Australia technology fund through the CEFC

The Australian Government is investing $500 million in the Powering Australia Technology Fund to help businesses progress innovative projects and technologies to reduce emissions.

This funding will be provided to the Clean Energy Finance Corporation (CEFC) and will boost commercialisation of innovative clean energy technologies.

The fund aims to leverage off another $500 million from the private sector. It will include a ‘growth capital’ offering for clean energy technology businesses looking to expand.

Through amendments to the Clean Energy Finance Corporation Act, as part of a Treasury Amendment Bill, the $500m will be added to the CEFC Special Account and the details of the fund will be included in the CEFC’s investment mandate.