WA Investment Attraction Fund - New Energies Industries

WA Investment Attraction Fund – New Energies Industries

  • Applications for the Investment Attraction Fund’s New Energies Industries Funding Stream will be paused from 5:00pm AWST on Wednesday, 19 June 2024, due to the high volume of submissions received, with no new applications accepted until further notice.
  • Funding large scale projects up to $15M on a matched funding basis. Financial assistance will be determined by the State on an individual basis, with a maximum allocation of 50% of the total proposal cost or up to a maximum State contribution of $15 million, whichever is less.

The Investment Attraction Fund (IAF) promotes fresh investments in Western Australia across various industries, aiming to diversify the economy and generate local employment opportunities.

The New Energies Industries Funding Stream, within the IAF, actively contributes to the economic development of WA by focusing on key pillars such as diversification and decarbonisation. This funding stream specifically targets the acceleration of innovation in Western Australia, facilitating the scaling up of commercial potential and the expansion of local manufacturing capacity in emerging sectors like battery and critical minerals, renewable hydrogen, carbon capture and utilisation storage (CCUS), as well as solar and wind.

Key Requirements

This funding stream will support proposals in the sub-sectors of New Energies Industries.

  • Battery and Critical Minerals: Investments in advanced critical minerals processing, such as precursor cathode active materials production, and other battery chemical manufacturing, are recognised as specific catalysts for the further development of the supply chain.
  • Renewable Hydrogen: To advance the industry, investments will be directed towards essential infrastructure and exploring hydrogen’s potential as a feedstock.
  • Solar and Wind: Projects aiming to directly expand generation within the state or manufacture major components essential for onshore renewable energy projects will be strongly supported.
  • Carbon: Investments in CCUS are concentrated on projects that support emerging low-emission industries, develop clean fuel capabilities, and contribute to ongoing research.

Invitations are extended to supply chain entities, project proponents, and ancillary service providers presently engaged in or contemplating expansion into New Energies Industries. This includes entities currently operational in Western Australia, seeking diversification into new industries, as well as international participants intending to initiate operations within the state.

The application involves two stages, each subject to specific assessment criteria.

  1. EOI application
    • Mandatory Criteria:
      • Priority sector(s) and targeted diversification opportunities
      • Co-investment
      • Economic benefits to the State
      • Operational criteria
      • Funding stream-specific criterion: Contribution to decarbonisation
  1. Full application
    • Mandatory Criteria:
      • Sustainable jobs growth
      • Additionality – explaining how the financial assistance of the proposal will benefit the State
      • Investment readiness
      • Contracting risk
    • Desirable Criteria: Strong applications will also illustrate how the proposed project aligns with one or more of the desirable criteria fields, including skills attraction and development, co-contribution, and location.

What is eligible for funding?

Eligible costs typically include the following:

  • capital or asset investment expenditures
  • procurement of new equipment and technology
  • remuneration for newly created jobs dedicated to project-related tasks or activities throughout the project duration
  • costs incurred after the project commencement date, aligning with the specified guidelines
  • expenditures not slated to receive supplementary funding from the State.

What companies are eligible for funding?

To qualify for consideration, applicants must meet the following criteria:

  • hold or be eligible for an Australian Business Number (ABN) registration
  • represent a legally sound and solvent entity or be affiliated with such an entity, possessing a documented trading history for at least the past three financial years, as recognised in their respective domicile
    • Financial statements covering the preceding three financial years are mandated to include the following components:
      • Income Statement
      • Statement of Financial Position
      • Statement of Cash Flows
      • Statement of Changes in Equity
      • notes to the Financial Statements (if applicable)
    • Should an applicant be subsequently invited to advance to Stage 3 and submit a comprehensive application, audited financial statements become a prerequisite.
  • demonstrate the capacity to furnish a comprehensive business plan, accompanied by substantiating evidence, attesting to the managerial, technical, and financial proficiency necessary for the successful execution of the proposed project.

Is this grant competitive or entitlement-based?

Competitive. Your application will be assessed among other applications by a judging panel.

How can I increase my chances of winning this grant?

By engaging an accredited government grants consultant, such as Avant Group.

Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.

As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.

Grant application writeup including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project

  • Industry analysis presentation
  • Competitor Analysis Presentation
  • Marketing and Sales Analysis Presentation
  • 3-5 year Cashflow Forecast
  • 3-5 year Balance Sheet Forecast
  • Cost-Benefit Analysis of Grant Funding
  • End-to-end grant application including information collating, analysis and application writing
  • CAPEX (Capital Expenditure) cost-benefit analysis
  • Stakeholder relations and Risk Mitigation Plans
  • Any other relevant forecasting that will support your application

How can I get help with my application? Or know if I’m likely to win funding?

Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.