Australia Awards Funds to Develop Renewable Energy Technologies

8 November 2009 (Last Updated November 8th, 2009 18:30)

Australia has awarded grants totalling A$235m (US$214m) to four companies in a bid to boost the development of renewable energy technologies. Funds were awarded to Petratherm, Geodynamics, Victorian Wave Partners and Hydro Tasmania. Australia's Renewable Energy Demonstration P

Australia has awarded grants totalling A$235m (US$214m) to four companies in a bid to boost the development of renewable energy technologies.

Funds were awarded to Petratherm, Geodynamics, Victorian Wave Partners and Hydro Tasmania.

Australia's Renewable Energy Demonstration Programme promotes the use of geothermal, ocean and other green technologies with the aim of hitting the country’s target of deriving 20% of its power from clean energy by 2020.

Geodynamics will receive A$90m, Victorian Wave A$66m, Petratherm A$63m and Hydro Tasmania A$15m, according to Bloomberg.

The government grant, together with investment by the individual companies, will amount to A$810m of funds in renewable energy, which will generate 80MW of new power generation.

Hydro Tasmania specialises in the integration of wind, solar and storage technologies while Victorian Wave specialises in ocean energy technology.

Geodynamics and Petratherm are involved in hot rock geothermal project development.