Cardiff-based battery and electric vehicle technology company 3ME Technology has made history by becoming the first investment of the Australian Business Growth Fund, a joint partnership between the federal government and Australia's major financial institutions.
The company, an advanced manufacturing designer and integrator of large-format battery electric systems for mining, defence, marine and aerospace applications, will receive $15 million from the fund.
The funding is designed to allow the company to triple its business in the next five years.
"3ME Technology is working with other Australian businesses to create a domestic electric heavy vehicle industry. This funding allows us to further scale up production, invest in the on-shoring of battery component manufacturing capabilities, and continue our expansion into adjacent industries including defence," 3ME chief executive Justin Bain.
"We will create more regional jobs by focusing on a specific market segment in those tough Australian industries like mining and defence with high safety and operating demands."
Australian Business Growth Fund chief executive Anthony Healy said 3ME's expansion reflected the strong demand for the electrification of typically diesel-powered heavy vehicles, particularly in underground mining.
"3ME Technology is a perfect example of the type of Australian business we want to invest in. Companies that show high potential for growth, are innovative, future focused and provide a clear point of difference in their industry. Our investment will further Australian manufacturing capabilities in the Hunter region of regional NSW," he said.
The growth fundwas launched last year with the aim of supporting the small to medium business sector. It was founded with initial capital of $540 million as a public-private partnership between the Federal Government and six leading banks in Australia.
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