The federal government will provide more than $12 million in funding for Australian companies across industries including the resources sector to commercialise innovations.
The Accelerating Commercialisation grants are part of the government’s Entrepreneurs’ Programme that will help Australian companies grow, commercialise their products and gain further investments to enter new domestic and international markets.
“We are proud to support Australian companies take their innovative technologies and products to the next level through the commercialisation process,” minister for Industry, Energy and Emissions Reduction Angus Taylor said.
“These latest projects are all great examples of Australian innovations – many across high-skilled manufacturing priorities – which have remarkable potential to improve the quality of our lives, create new jobs and support our economic recovery.”
Tribe Technology in Western Australia is the recipient of an $864,040 grant to commercialise its world-first automated reverse circulation drilling sampling system which will improve safety in the global mining industry.
Tribe Tech reduces workforce risk while increasing drill time by 100 per cent, therefore improving efficiency and productivity.
Another successful project is New South Wales company BIOCARBON which received a grant of $293,840 to commercialise its innovative technology which will support green steel and help steelmakers to decrease their carbon footprint.
The Entrepreneurs’ Programme has provided 573 grants worth more than $281 million to Australian businesses since it was established in 2014.
The program aims to strengthen, grow, innovate and commercialise businesses by improving supply chain performance and improving capabilities to trade and export in global markets.
Businesses who are awarded an Accelerating Commercialisation grant must meet a comprehensive set of merit criteria, including how novel the project is, to be awarded up to $1 million in matched funding.