As the Australian Business Growth Fund makes inaugural investment
Australian heavy-vehicle battery manufacturer, 3ME Technology Holdings (3ME Technology) this week welcomed a $15 million capital investment from the $540 million Australian Business Growth Fund (ABGF) – the first investment to date by ABGF. The Clean Energy Finance Corporation has also backed 3ME Technology with a $5 million investment.
Based at Cardiff in NSW’s Hunter Region, 3ME Technology has developed a powerful, scalable, lithium-ion battery system to replace the diesel-powered engines used in large industrial vehicles in mining and defence.
3ME Technology Chief Executive Officer Justin Bain said: “3ME Technology is working with other Australian businesses to electrify Australia’s heavy vehicle fleet in mining and defence. Our batteries’ advanced safety features and high performance are designed specifically for use in military and mining environments and can be retrofitted into a
range of vehicles from small utilities to very large loaders.”
“We are delighted to have the funding support of the ABGF and CEFC. This combined $20 million investment will allow us to accelerate sovereign onshore battery manufacturing, increase our workforce, and invest in expanding our battery system operations centre,” Mr Bain said.
3ME Technology’s pioneering BLADEVOLT® battery system has been successfully retrofitted into a typically diesel-powered 20-tonne underground mining loader. The same battery system is a highly suitable replacement in a range of diesel-powered military vehicles because it offers reduced thermal and acoustic signatures. Another advantage of the BLADEVOLT® system is its potential for integration with onboard sensors and communications systems.
Led by military veterans, 3ME Technology is also working with other Australian defence SMEs involved in the C4 EDGE (Evolutionary Digital Group Environment) communications program, and recently demonstrated its electric vehicle systems, BLADEVOLT® and other defence specific battery systems (SABREVOLT®, N8TOVOLT®) at the Australian Army Innovation Day and Land Forces 2021.
“In developing the BLADEVOLT® battery system our focus has been on building a sovereign capability in electric-powered heavy vehicles. With the challenge of meeting the very high safety and operating demands solved, we are ready to scale up production and help defence deliver better performance” CEO Justin Bain said.