Minister for Resources and Energy, Gary Gray, today welcomed the investment by the Southern Cross Renewable Energy Fund, in Queensland company, Hydrexia.
The Fund is a key component of the Renewable Energy Venture Capital Fund Program, part of the Australian Government’s renewable energy strategy.
The Southern Cross Renewable Energy Fund’s $4.5 million contribution to a $9.25 million investment in hydrogen storage technology will enable a new renewable energy storage solution.
“Southern Cross Venture Partners, through the Southern Cross Renewable Energy Fund, provide investment capital and active management to help leading Australian renewable energy companies commercialise new technologies,” Minister Gray said.
“Hydrexia will use the investment to commercialise its hydrogen storage technology in existing industrial gas markets, which will provide a commercialisation pathway for emerging applications such as hydrogen refuelling and renewable energy storage,” he said.
Hydrexia’s technology can store more hydrogen in less space than traditional storage technology and at low pressure which reduces cost; making it desirable for use in existing hydrogen markets and renewable energy generation.
The Southern Cross Renewable Energy Fund is a 13-year venture capital fund that was established under the Australian Government’s $100 million Renewable Energy Venture Capital (REVC) Fund Program.
The Australian Government’s $100 million investment has been matched dollar for dollar by Softbank China Venture Capital (SBCVC), a leading venture capital firm in Asia, creating a $200 million fund dedicated to renewable energy.
Incorporating storage into renewable energy systems allows energy to be stored for use during peak times or when renewable energy sources are not available such as when the sun is down.
“Importantly, the financing has been co-led by Air Liquide, a world leader in gases for industry, health and the environment, which will provide Hydrexia with an opportunity to capture a share of the existing industrial market, and the potential to enter the emerging renewable energy storage markets on a faster, more competitive basis,” Minister Gray said.
