{"id":14409,"date":"2021-09-01T12:30:16","date_gmt":"2021-09-01T11:30:16","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=14409"},"modified":"2021-09-01T15:08:40","modified_gmt":"2021-09-01T14:08:40","slug":"australias-7-4bn-diversified-battery-industry-opportunity","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/australias-7-4bn-diversified-battery-industry-opportunity\/14409\/","title":{"rendered":"Australia’s $7.4bn diversified battery industry opportunity"},"content":{"rendered":"

Stedman Ellis, Chief Executive Officer of the FBICRC, details how the diversified battery industry offers a $7.4bn opportunity for Australia.<\/h2>\n

Under the Australian Government\u2019s Cooperative Research Centre Program, the Future Battery Industries Cooperative Research Centre (FBICRC) brings together partners across the battery value chain from Australia\u2019s established strength in mining through to processing, manufacture, services and recycling and reuse of batteries.<\/p>\n

Cooperative Research Centres are jointly funded by the Federal Government, industry participants, and research organisations to support Australian industries in solving critical issues, developing new technologies, products, and services and competing on the world stage.<\/p>\n

Established in 2019, the FBICRC provides a platform to enable collaboration along the battery value chain. It is the largest partnership of industry, government organisations, and research partners focused on battery industries in Australia. With nearly 70 participants and our ability to access the highest calibre research and industry expertise, we aim to strengthen Australia\u2019s participation in global battery value chains.<\/p>\n

A report we recently commissioned has revealed that a diversified battery industry could add over 34,000 jobs to the Australian economy with an estimated value of $7.4bn by 2030.<\/p>\n

The \u2018Future Charge: Building Australia\u2019s Battery Industries\u2019 report<\/a> compiled by Accenture offers a comprehensive assessment of Australia\u2019s economic opportunity to leverage its competitive advantages as a major supplier of battery minerals and expand its role within a growing global industry.<\/p>\n

As well as quantifying the value-adding opportunities available, the report proposes a set of actions that are required from government and industry to capture the battery opportunity. Demand for batteries has grown steadily but is now forecast to accelerate, increasing nine to 10-fold over the next decade, with sales expected to reach US$133-151 billion by 2030.<\/p>\n

We believe the convergence of improved affordability, increased demand for energy storage, and a favourable regulatory environment has placed the battery industry on the cusp of unprecedented growth.<\/p>\n

Batteries are manufactured through a complex value chain from mining, refining raw materials, to the manufacturing of cells, battery packs, and finally integration and end of life. Battery technology and manufacturing have matured rapidly since 2010, with unit prices decreasing by 88%. Batteries are now the preferred technology for electric vehicles<\/a>, massively outpacing hydrogen fuel cells and increasingly cost-competitive with internal combustion engine vehicles.<\/p>\n

The Future Charge report identified six opportunities for Australia to expand its presence across the battery value chain:<\/p>\n