24 September 2012
A novel Australian solar technology with the potential to significantly increase the efficiency of solar panels will be the first investment by the Southern Cross Renewable Energy Fund under the Australian Government’s Renewable Energy Venture Capital Fund.
Minister for Resources and Energy, Martin Ferguson AM MP, today announced that the Southern Cross Renewable Energy Fund has made an initial investment of $1.5 million, as part of a total $2.5 million commitment, to Queensland company Brisbane Materials.
The investment will be used by Brisbane Materials to commercialise its high-performance anti-reflective coatings, which will be applied to solar panels to make them more efficient and cost effective. The company is also receiving a matching $2.5 million investment from USA-based New Ventures Partners LLC (NVP).
“Southern Cross Venture Partners has helped secure matched international investment in an Australian innovation that draws on world leading technology developed at the University of Queensland,” Minister Ferguson said.
“These funds will provide the Australian company with the best chance of capturing a significant share of the global market by delivering important improvements on solar technology.
“Importantly, Southern Cross Venture Partners and NVP will provide Brisbane Materials with active investment management support to help it overcome the challenges of commercialisation.
“Through this initiative we are encouraging the development of Australian companies that are commercialising renewable energy technologies, ultimately to improve their competitiveness and to increase the numbers of renewable energy companies that are successful in Australian and overseas markets.”
The Southern Cross Renewable Energy Fund is a co-investment arrangement, with the Australian Government’s commitment of $100 million through the Australian Renewable Energy Agency’s Renewable Energy Venture Capital Fund Program matched dollar for dollar by SBCVC, which has experience in venture capital across the Asian region. Southern Cross Venture Partners is the Fund manager.