Thanks Sharks. I read some more on the Australian Renewable Energy Agency (ARENA) website. They have a funding budget of $2.5 billion legislated and mandated to 2022 and is aimed at advancing renewable energy technologies toward commercialisation. The following is taken from ARENA's General Funding Strategy 2015/16:
Responsive and agile
ARENA aims to be responsive to market conditions, technology developments and industry needs as they arise. It works cooperatively with federal agencies, state and territory governments, proponents and others, and aims to complement other programmes and initiatives to ensure its activities achieve maximum value in the market. ARENA reviews its IP from time to time in light of its investment portfolio as well as market and policy developments, to ensure it invests in the most strategic activities. ARENA also aims to be an agile organisation. It is prepared to fund novel ideas and approaches, recognising there is no absolute certainty they will pay off, and then expand or contract support depending on the actual experience with activities. For example, ARENA may initially fund a pilot activity for a new technology where there is a hypothetical commercial proposition but significant technical uncertainty. If the pilot is successful, ARENA may then consider supporting a larger demonstration activity.
Commercially focused
ARENA helps technologies or applications advance towards commercialisation, helping to overcome early-mover disadvantage that leads to under-investment in renewable energy. ARENA does this by: • building investor confidence and knowledge of renewable energy by providing assistance to de-risk activities • supporting emerging and next generation technologies to move through the research, demonstration and pre-commercial deployment stages • informing regulatory decisions and standards development by other agencies. ARENA only funds activities that are expected to advance renewable energy technologies towards commercial readiness, improve business models or reduce overall industry costs. ARENA does not fund activities that are commercially viable without ARENA support. The time frame for commercialisation is expected to vary by innovation stage and investment focus area. Research and development into emerging technologies, for example, may have a path to commercialisation measured in decades while demonstration activities may have a path to commercialisation that spans five to ten years. All ARENA-funded activities are also required to share knowledge, providing a benefit beyond the proponent to the broader industry.
Technology neutral
ARENA takes a technology-neutral approach to supporting research, development, demonstration, and pre-commercial deployment activities, as well as those that develop expertise and share knowledge. While the IP indicates funding opportunities for particular technologies, ARENA aims to maintain at least one programme that allows for exceptional proposals, regardless of technology. ARENA also recognises the importance of supporting new energy technologies, improvements in existing technologies and new energy sources in making renewable energy more competitive and helping to enhance economic development, productivity and affordability.
IMO the Protean Wave Energy Converter must surely qualify for ARENA funding? I'd be staggered if given what they say above a bid from SHE was declined!
All IMO.
Chilloutman
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