Smart energy innovator carbonTRACK Ltd has secured a share of $25.1 million in innovation funding to accelerate the commercialisation of its ground-breaking Australian energy management technology.
carbonTRACK is one of 15 projects that received a total investment of $25.1 million, comprising $17.95 million from the manufacturing industry and $7.16 million from the Federal Government’s Advanced Manufacturing Growth Centre (AMGC) $30 million Commercialisation Fund. The investment was awarded by AMGC in consultation with all Industry Growth Centres, and CSIRO.
Melbourne-based carbonTRACK received total funding of $877,000 - including $428,500 in grant funds - to continue development and commercialisation of its mass market Smart Gateway which uses cellular & Wi-Fi communication to remotely monitor and control renewable energy assets and electronic devices and appliances. The carbonTRACK product maximises energy efficiency while minimising costs and CO2 emissions and supports virtual power plants, virtual energy networks and energy trading.
AMGC Managing Director Dr Jens Goennemann said Australia’s manufacturing industry was ready to get to work. “All 15 co-funded manufacturing projects are expected to generate higher-paying, more resilient jobs onshore, while providing significant export opportunities of high-quality Australian products abroad,” he said.
“These projects also demonstrate the multiplier effect of manufacturing, not just in terms of industry committing significant funds, but also in the fact that for every direct manufacturing role, 3.6 complementary jobs are created elsewhere in the economy.”
carbonTRACK CEO Brenton Spear said the additional funding would assist the company to continue developing and delivering its innovative technology, which is already used by energy companies in Australia, New Zealand, South Africa, Botswana, Kenya, USA and the UK. “This funding will assist carbonTRACK to capture the tremendous opportunities in the energy space globally by delivering decentralised energy management solutions, providing access ‘behind-the-meter’ and easily integrating with third party hardware,” he said.