Investing in Australia’s Battery Storage Market

A new player is entering the Australian battery storage market with the help of a $6.3 million investment by the Southern Cross Renewable Energy Fund, supported by the Australian Renewable Energy Agency (ARENA).

ARENA CEO Ivor Frischknecht said the investment would enable Brisbane based Octillion Power Systems Australia (Octillion) to further develop advanced lithiumion battery storage solutions for Australian and global markets.

“Reliable, cost effective energy storage will allow more renewable energy to enter Australia’s electricity markets,” Mr Frischknecht said.
“Octillion will tap into the global manufacturing capabilities of Sinoelectric Powertrain Corp (SinoEV) to achieve a competitive price for its products.

“The company’s ‘honeycomb’ battery solution can be installed in different size and space configurations, allowing greater flexibility. This can be useful for many applications, such as when batteries need to be tightly integrated with inverters.

“Octillion will work with research institutions to further develop the technology for Australia and South East Asia’s needs. This will address challenges such as local grid constraints, high ambient temperatures and significant annual temperature fluctuations.

“The investment joins a range of ARENA supported projects aimed at increasing industry knowledge and reducing costs and barriers to developing and deploying battery technologies in Australia.”

Octillion Managing Director Stephan McRae said the investment would allow Octillion to deliver a tailored product across multiple applications using SinoEV’s advanced battery technology as a core building block.

“Octillion will combine a cost competitive supply chain with world class research and development to deliver products relevant to the Australian market and broader international markets,” Mr McRae said.