Australia has a wealth of natural resources we supply to countries such as China and the USA needed in the renewable energy sector with considerable expertise in the solar and wind power sectors.
However, the sector battles for a lack of Government support and delayed funding in trying to compete with overseas manufacturers and imports.
A case on point is Energy Renaissance, a business that operated in New South Wales which was highly regarded in the renewable energy sector, but recently entered administration due to a failure to fund and delays in funding by the Government.
The CEO of Energy Renaissance stated that despite its pleas for financial help, it had drowned in bureaucracy and delays and a lack of funding which impacted on the company’s ability to continue to trade.
The company failed in its application for funding from the National Reconstruction Fund (NRF) for $18 million. The request was declined with the NRF advising the company to “come back once they had bigger orders”. So much for supporting small and creative businesses in a growing sector!
At the same time the Australian Renewable Energy Agency (ARENA) announced a $500 million initiative to support and grow Australian battery manufacturers, but it was too late for Energy Renaissance, which had already closed its doors.