The Turnbull Government has announced substantial support for local businesses in Corangamite and the Geelong region to establish and expand advanced manufacturing activities.
The first round of funding under the $47.5 million Advanced Manufacturing Growth Fund will support investment in advanced manufacturing projects in the region.
The first recipients of funding under the initiative will share in $29.96 million in financial assistance, including $10.1 million to businesses in the Geelong region.
The Government is directly supporting regions affected by closures of automotive manufacturing plants to support companies innovate, diversify, pursue new markets and create new jobs for Australians.
The Advanced Manufacturing Growth Fund is part of the $100 million Advanced Manufacturing Fund, announced in the 2017-18 Budget. This builds on the Turnbull Government’s $29.5 million Geelong Region Innovation and Investment Fund and the $155 million Growth Fund, established to help industry adjust to the wind-down of car manufacturing in Australia.
Member for Corangamite, Sarah Henderson MP, said she was proud to support local businesses to transition and expand their advanced manufacturing capabilities.
“This targeted support builds on the millions of dollars the Turnbull government has already provided to local manufacturing businesses, driving further innovation, skills and employment opportunities for local residents,” Ms Henderson said.
“The Advanced Manufacturing Growth Fund will help transition Australia’s manufacturing sector from traditional, heavy industrial processes to knowledge based manufacturing of higher value products.”
The Geelong region funding recipients are:
• LeMond Composites Pty Ltd will use $2.5 million to support the commissioning of Australia’s first commercial carbon fibre manufacturing facility which will produce commercial quantities of carbon fibre under license from Deakin University. The unique process developed by Deakin and licenced by LeMond will be a global game changer in terms of cost and performance, enabling the manufacture of new products and the opening up of new export markets;
• Carbon Revolution Operations Pty Ltd, the global leader in carbon fibre wheel development and manufacture will receive $2.5 million to support it embark on a major expansion program at its Waurn Ponds site;
• Flat Glass Industries Pty Ltd will also receive $2.5 million to embed an advanced manufacturing platform into its existing glass plant in Geelong and manufacture new value-added glass products;
• Boundary Bend Olives Pty Ltd, Australia’s largest olive farmer, olive oil producer and marketer of extra virgin olive oil, will receive $812,000 to develop its business to utilise waste by-products to produce high-value extracts for the cosmetic goods sector; and
• Air-Radiators Pty Ltd has received $1.85 million to assist the company develop a new range of heat exchangers to support its engine cooling solutions for high horsepower diesel engines.
“Across the Geelong and Corangamite regions, we are seeing some incredible advanced manufacturing success stories. In four years, Carbon Revolution based at Deakin University Waurn Ponds has grown to become a major global supplier of carbon fibre wheels, employing 120 people,” Ms Henderson said.
“LeMond Composite’s plan to construct Australia’s first commercial carbon fibre manufacturing facility is now underpinned by vital investment from the Turnbull government. This is an absolute game changer for our region,” Ms Henderson concluded.
Approximately $15.3 million will be available for a further round of the program to be opened later this year.
16 October 2017