Wednesday, August 17, 2022

Australian Business Growth Fund Announces First Investment

Date:

Tech Reports

The Morrison government welcomes the inaugural investment by the Australian Business Growth Fund (ABGF). ABGF’s first investment with a total value of USD 15 million will be made in 3ME Technology Holdings (3ME Tech), an innovator in the field of clean technologies.

Headquartered in the Hunter region, 3ME Tech designs and supplies battery systems for industries with safety, certification and challenging operational demands, including the mining, military and marine sectors.

The investment will allow 3ME Tech to increase production, invest in its market leading technology and expand into new markets, as well as expand Australian manufacturing capabilities in regional New South Wales and create new jobs in the Hunter.

The expansion of 3ME Tech will also facilitate the transition of dedicated electric vehicles and energy solutions to clean energy in existing and new industries. In addition to direct investment, ABGF will also serve on the board of directors of 3ME Tech, providing strategic support as well as access to ABGF’s business networks.

The ABGF is designed to ensure that small and medium-sized enterprises (SMEs) have access to the capital they need as we move into the recovery phase of the COVID-19 pandemic..

Formed in 2020, the Commonwealth of Nations government provided an initial investment of $ 100 million in the fund and worked with other financial institutions to provide ABGF with an initial investment capacity of $ 540 million.

Major banks, including ANZ, CBA, NAB and Westpac, have also committed $100 million each to ABGF. HSBC and Macquarie also committed $20 million each in support of the fund.

The Morrison government’s investment in ABGF demonstrates its continued commitment to supporting SMEs in their drive to innovate, expand and create new jobs.

SMEs wishing to access funding through the ABGF can contact the Fund directly to present their business case for the investment. For more information, visit https://www.abgf.com.au/

Secondary editor and executive officer at Tech Business News. Contracting as an IT support engineer for 20 years Matthew has a passion for sharing his knowledge of the technology industry. He's also an advocate for global cyber security matters.

Matthew Giannelis
Matthew Giannelis
Secondary editor and executive officer at Tech Business News. Contracting as an IT support engineer for 20 years Matthew has a passion for sharing his knowledge of the technology industry. He's also an advocate for global cyber security matters.

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