A Waurn Ponds manufacturer is set to receive up to $12 million of federal government funding.
Industry, Energy and Emissions Reduction Minister Angus Taylor and Victorian Senator Sarah Henderson visited Carbon Revolution’s Waurn Ponds site on Tuesday to announce the funding.
The funding will support the manufacturer’s $33 million project to expand its advanced manufacturing of carbon fiber wheel for the global electric vehicle market.
It will increase Carbon Revolution’s manufacturing capacity by roughly 94 per cent, equating to an additional 75,000 carbon-fibre wheels per annum and reduce unit costs by 60 per cent.
Mr Taylor said the project would position Australia as a leader in the production and export of carbon fiber wheels for the auto sector.
It is also expected to create significant benefits for the broader local carbon fiber sector, provide better commercialization pathways for research at Deakin University, and improve the cost effectiveness of production and improve the ability to secure global supply contracts for the growing EV market.
“Victoria has long been the center of Australian manufacturing and remains a key source of revenue and jobs for the Victorian economy. Victorians have been strong and resilient in the face of a number of COVID-19 related lockdowns which posed real challenges to these manufacturers,” Mr Taylor said.
Ms Henderson added it would provide benefit to the region.
“With customers from Ford to Ferrari, Carbon Revolution is producing some of most technically advanced and highest performing wheels on the planet, keeping our region on the modern manufacturing map,” she said.
“Already a global technology powerhouse and major local success story, this $12 million grant from the Morrison Government, will enable sustainable wheel supply to the global electric vehicle market, driving cleaner technology and creating 323 smart jobs.”
The funding is among $94 million the government to has allocated to 19 Victorian manufacturers under its Modern Manufacturing Initiative.
It forms part of the government’s $2.5 billion Modern Manufacturing Strategy to improve the country’s manufacturing sector.