The Australian Business Growth Fund (ABGF) is pleased to announce its inaugural investment. The fund, which
is focused on providing growth capital to Australian SMEs, will invest $15 million into 3ME Technology, an
innovator in battery systems for heavy industry vehicles.
It’s a move that’s expected to see 3ME Technology, a global leader in innovation from regional NSW, triple its
business in the next five years – creating jobs, increasing export opportunities, and supporting the Australian
ABGF launched last year with a unique profit-for-purpose investment model intended to fuel the growth of the
Australian SME 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.
ABGF plays a vital role in filling the gap between late-stage venture capital (VC) and larger buyout funds. The
primary purpose of ABGF is to support SMEs by connecting them to capital, expertise and wider local and
international networks. The intent is to fuel business success during opportune times of growth, while ensuring
the original founders retain control of the business.
Based in NSW’s Hunter region, 3ME Technology is a world leading innovator with over 15 years of experience in
the development of electric vehicle systems and safe, high-performance lithium-ion battery systems. The
company is an advanced manufacturing designer and integrator of large-format battery electric systems for
mining, defence, marine and aerospace applications.
With ABGF’s support, 3ME Technology will expand its operations to meet a significant forward order schedule
for the retrofit electrification of heavy vehicle fleets in the Australian mining sector. The investment will also
contribute to further develop the sovereign manufacturing of innovative high-performance battery technology
and e-mobility systems.
3ME Technology’s expansion signals the strong demand for the electrification of typically diesel-powered heavy
vehicles, particularly in underground mining. It will also deliver significant job creation in the NSW Hunter region,
increase export opportunities, improve underground safety, lower emissions, and reduce maintenance costs for
Australian industry who wish to embrace electrification in special purpose vehicle applications.
Anthony Healy, Chief Executive Officer of ABGF, said: “We’re delighted to make this announcement. Now more
than ever, it’s imperative we provide capital opportunities for SMEs and provide a platform for them to thrive. We’ll
continue to support this sector in our key national industries, to rebuild our post-COVID economy, create jobs and
secure Australia’s future.
“Not only do we provide minority-only, patient growth capital that allows owners and founders to retain control of
what they’ve built, we’re an active investor. We provide SMEs with ongoing expertise and access to elite level
business advisors to help them achieve their growth aspirations.
“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 New
Justin Bain, Chief Executive Officer at 3ME Technology said: “3ME Technology is working with other Australian
businesses to create a domestic electric heavy vehicle industry. We are delighted to have the support of ABGF.
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. 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.
“Adding an ABGF representative to the 3ME Technology board will also broaden our access to business
networks and strategic advice. This combined offering will accelerate Australia’s sovereign onshore battery
Mike Baird, Chair of ABGF, said: “SMEs are the backbone of our economy and essential for our nation’s growth.
We look forward to supporting more Australian businesses that will play an important role in our economic
recovery and stimulate our key national industries.”
ABGF was founded on a model that was established over ten years ago in the UK to drive economic recovery
and long-term growth as their economy emerged from the Global Financial Crisis. Since then, the Business
Growth Fund in the UK (BGF UK) has invested £2.7 billion pounds in over 400 companies.
Healy further adds: “ABGF leverages a proven investment model that has generated hundreds of successful
growth outcomes for businesses in the UK and Canada. We are actively looking for growing, profitable
businesses with over $2million in revenue and a proven business model to help their success.”
ABGF will invest $15 million in 3ME Technology. This inaugural investment was led by Patrick Verlaine, Co-Head
of Investments. The Clean Energy Finance Corporation (CEFC) will also invest $5 million in 3ME Technology.