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:
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.
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.
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.
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.
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:
Combined these projects will create:
Installation of a 100MW/2-hour lithium-ion battery energy storage system using new grid forming inverters.
Installation of a 2.2MW bioenergy facility at an existing dairy processing plant.
Installation of an anaerobic digestion plant which using chicken litter and other organic matter as feedstock to convert to Biogas.
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.
Page last updated: 13/11/24