Presentation on theme: "Australias Green Car Innovation Fund – An Investment Opportunity Leigh Wilmott Senior Business Development Manager ASEAN Automotive."— Presentation transcript:
Australias Green Car Innovation Fund – An Investment Opportunity Leigh Wilmott Senior Business Development Manager ASEAN Automotive
GREEN CAR INNOVATION FUND Part of the Australian Government's A New Car Plan for a Greener Future. The AUD$1.3 billion fund over ten years. Supports Australian companies for projects that enhance the research and development and commercialisation of Australian technologies that significantly reduce fuel consumption and/or greenhouse gas emissions of passenger motor vehicles. Grants are provided at a ratio of $1 of government funding for every $3, (25%), of eligible expenditure, contributed by the grantee.
Program essentials Competitive merit-based grants program $1.3 billion over ten years from 2009 Companies, individuals and other entities can apply Applications from consortia are encouraged Funding ratio of 1:3 (25% grants 3 year projects (with extensions to 4 years) Funding available under Stream A and Stream B Minimum grants available –Stream A $5 million (Australian registered MVP) –Stream B $100,000 (Automotive parts companies) Cumulative total of grants must not exceed $100 million
Eligible activities The program will support: –research and development (R&D) –proof-of-concept –early-stage commercialisation –pre-production development Activities must be undertaken in Australia and directly relate to the creation, acquisition, application or commercialisation of knowledge, technology, processes, materials or products which: –are new or additional to the grantee, and –significantly reduce fuel consumption and/or greenhouse gas emissions of passenger motor vehicles
Eligible expenditure Labour (including salaries, overheads and employing recent graduates) Contractors Plant and equipment (50% cap) Acquisition and adaptation of new leading-edge technologies (10% cap) Prototype IP protection (10% cap) Collaborative costs Other
Merit criteria Extent of reduction in fuel consumption and/or greenhouse gas emissions Technical merit, extent and calibre of innovation Capacity and capability of applicant to undertake the project (including management capability and need for funding) Commercial potential Contribution to a competitive Australian automotive industry, and benefits to the Australian economy
Foreign investors? For foreign companies this provides opportunities to: –establish an Australian presence –partner with Australian entities, or –further develop existing Australian operations/subsidiaries. CASE EXAMPLE A collaborative project / joint venture with an Australian partner where there is technology exchange. Conditions: where overseas collaborators are involved the lead applicant must be an Australian entity funding contributions from collaborative partners must be made available to the applicant to demonstrate capacity to fund share of costs
Case Study: Orbital apply FlexDI technology to Chinese cars from Changan Orbital announced a $2.4 million 18-month proof-of-concept development contract last May to fit its Australian designed air-assisted direct-injection system to Changans current petrol engine family at its Perth engineering centre. The Green Car Innovation Fund grant of $440,413 will help Orbital to develop its FlexDI engine management and combustion system to be tested on engines and in vehicles for Changan Automobile, Chinas fourth largest automaker with sales of 1,869,800 last year. What this grant shows is the power of partnerships between the Australian Government, industry and international investors, Senator Carr, Australian Industry Minister.
Further Information Website: ages/GreenCarInnovationFund(GCIF).aspxwww.ausindustry.gov.au/Manufacturing/GreenCarInnovationFund/P ages/GreenCarInnovationFund(GCIF).aspx
CONTACT INFORMATION Leigh Wilmott Senior Business Development Manager ASEAN Automotive Australian Trade Commission (Austrade) Australian Embassy, Bangkok Tel: Mobile: