A Brisbane company is being flung into the Australian battery storage market with the help of a $6.3 million investment by the Southern Cross Renewable Energy Fund.

The fund, which is supported by the Australian Renewable Energy Agency (ARENA), provides capital to renewable energy projects to strengthen their chance of success.

Its latest imbursement has gone to Brisbane-based Octillion Power Systems Australia, to further develop advanced lithium-ion battery storage solutions.

“Reliable, cost effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” ARENA CEO Ivor Frischknecht said.

“Octillion will tap into the global manufacturing capabilities of Sinoelectric Powertrain Corp (SinoEV) to achieve a competitive price for its products.

“The company’s ‘honeycomb’ battery solution can be installed in different size and space configurations, allowing greater flexibility. This can be useful for many applications, such as when batteries need to be tightly integrated with inverters.

“Octillion will work with research institutions to further develop the technology for Australia and South East Asia’s needs. This will address challenges such as local grid constraints, high ambient temperatures and significant annual temperature fluctuations.”

SinoEV and Octillion both provide advanced lithium-ion battery systems for stationary storage, industrial and mobile vehicle applications.

Octillion Managing Director Stephan McRae said the investment would allow Octillion to deliver a tailored product across multiple applications using SinoEV’s latest battery technology as a core building block.

“Octillion will combine a cost competitive supply chain with world class research and development to deliver products relevant to the Australian market and broader international markets,” Mr McRae said.