Through WA’s New Energies Industries Funding Stream, support will be provided under the Investment Attraction Fund (IAF).
The government will accept applications from companies focused on developing green hydrogen, green iron and steel, critical mineral processing, and carbon capture, utilisation and storage (CCUS) projects.
In its first round in 2024, the IAF awarded AUD 60m to five projects. These included decarbonised steel manufacturing, converting critical minerals into battery precursors, developing battery materials, and carbon capture ventures.
“One of my government’s key priorities is diversifying the WA economy so that it remains the strongest in the nation,” said WA Premier, Roger Cook.
“The IAF has been able to support [47] projects over the past three years and has provided AUD $216.4m ($143m) in funding, creating local jobs and helping diversify WA’s economy.”
GWGI data shows that at least 18 green hydrogen projects are planned in WA, underscoring the region’s commitment to building capacity.
And despite experiencing numerous large-scale project cancellations in the country over the past year, industry analysts have suggested that green hydrogen demand from target export nations such as Japan, South Korea and Europe, will “continue to drive projects forward.”
Analysis: Billions pledged, projects paused – what’s next for Australia’s hydrogen industry?
Australia’s hydrogen sector has encountered significant challenges over the past year, highlighted by the South Australian Government’s recent decision to reallocate funding from the Whyalla hydrogen project to support local steelworks.
It came as the fourth project, with federal or state support, to be in the spotlight for apparent failures, opening the Labor government to stark, anti-hydrogen political opposition – just months away from a federal election.
bp’s 105MW Kwinana project, Origin Energy’s Hunter Valley Hydrogen Hub and Stanwell Corporation’s Central Queensland Hydrogen Project (CQ-H2) were all selected for a share of AUD $2bn Hydrogen Headstart Program.
The funding scheme planned to provide the prospective hydrogen producers with a 10-year production credit, aimed at closing the gap between high production costs and sale prices.
H2 View subscribers can continue reading here.