To continue to drive investment and achieve a $40 billion economy by 2030, the Territory Labor Government has announced a new partnership to accelerate the Territory’s battery materials and manufacturing industry.
The $500,000 investment will see the Government work with the Future Battery Industries Cooperative Research Centre (FBICRC) over a four year period.
The partnership will see the Territory participate in industry research, which will better inform investors about the Territory’s capabilities and battery value chain – the steps involved in manufacturing, distributing and selling batteries to end users.
It will play an important role in identifying the Territory’s best opportunities to capitalise in an emerging domestic and global market, and link us with the best partners to grow local business and manufacturing.
This initiative is a key part of the Territory’s strengthened approach to winning investment and supporting economic growth. It will play a significant step in supporting the development of new mines and new manufacturing industry.
The FBICRC benefits from the shared knowledge of 60 participants who combined have contributed in excess of $120 million, key insights and a joint approach to solving key technical and market development challenges in growing new battery industries in Australia from mining to manufacture to recycling and re-use, as well as tackling critical topics like sustainability and responsible sourcing.
The battery industry has been identified as an opportunity to add value to the Territory’s abundant natural resources and leverage its proximity to export markets throughout the Indo-Pacific.
Analysts have forecast an increase in the global demand for batteries as the world moves towards 2030 and 2050 emissions reduction goals.
Quotes from Chief Minister, Michael Gunner:
“The Territory is Australia’s comeback capital because we continue to invest in new industries, expand business opportunities and create jobs for Territorians.
“Partnering with the FBICRC will seat the Territory at the table with Australia’s leading scientists, companies and entrepreneurs.
“We have the potential to be an internationally-recognised manufacturer when it comes to battery materials, and we are hunting every opportunity.
“This partnership will lay the groundwork for future investors and projects that will continue to build up our economy.”
Quotes from Minister for Renewables and Energy, Eva Lawler:
“We want Territorians to have access to the latest and best technology as we build a stronger and more resilient power system for Territory households and businesses.
“This partnership is a win-win for the Territory – as the world moves towards emission reduction goals we know we must remain on the front-foot when it comes to chasing that next economic opportunity.”