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Overview

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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.

Objectives

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.

Funded projects

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.

Flotation Energy

Completed scoping studies and surveys for a 1500 MW offshore wind farm off the Gippsland Coast. This included working with oil and gas facility operators to assess the potential for onshore and offshore asset re-use.

The scoping works supported the development of a project. If constructed, could result in an investment of approximately $6 billion and the creation of over 1,600 jobs.

  • Location: Gippsland
  • Funding awarded: $2.3 million

Macquarie Group

Pre-feasibility works investigated the potential for a 1500 MW offshore wind farm off the Bass Coast. If constructed the project could result in a total investment of approximately $4.0 billion and the creation of over 1,500 jobs.

  • Location: Bass Coast
  • Funding awarded: $16.1 million

Star of the South Offshore Wind Project

Pre-construction development activities for the 2200 MW project, located off the coast of Gippsland. If constructed, the project could result in an investment of approximately $8.7 billion and the creation of over 2,000 jobs.

  • Location: Gippsland
  • Funding awarded: $19.5 million

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.

Funded projects

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.

FRV Services

Installation of a 100MW/2-hour lithium-ion battery energy storage system using new grid forming inverters.

  • Location: Terang, Barwon South West
  • Funding awarded: $7 million

Innovating Energy

Installation of a 2.2MW bioenergy facility at an existing dairy processing plant.

  • Location: Gippsland
  • Funding awarded: $10 million

Pavillion Farms

Installation of an anaerobic digestion plant which using chicken litter and other organic matter as feedstock to convert to Biogas.

  • Location: Anakie, Barwon Southwest
  • Funding awarded: $9.3 million

Yarra Valley Water

Installation of an electrolyser to split water into hydrogen and oxygen at its wastewater treatment plant. This pilot project will test the technology prior to building the full-scale electrolyser.

The site’s existing waste-to-energy facility will power the electrolyser producing renewable hydrogen from surplus recycled water and oxygen which will potentially be used to treat wastewater.

  • Location: Wollert, Melbourne
  • Funding awarded: $11.9 million

Page last updated: 18/01/23