Five food companies are part of the first cohort to receive funding through the federal Industry Growth Program. Harvest B, DFDU, Cauldron Molecules, Forager Automation, and Seastock join 15 other recipients spanning robotics, medical manufacturing, defence, mining, and agriculture.
Last October, National Reconstruction Fund Corporation (NRFC) chief investment officer, Dr Mary Manning, said 350 proposals had been received since the program was launched in November 2023.
Industry and Science minister, Ed Husic, said “It’s terrific to mark this milestone and see vital funding out the door and onto the factory floor of these terrific Aussie businesses, ensuring more things are made right here.”
Harvest B: $2.2 million to develop its gluten-free Australian faba bean plant protein alternative to meat products.
Dairy-Free Down Under: $1.2 million to develop its processes and recipes for the manufacture of plant-dairy hybrid cheeses, creams and dips for food manufacturers, quick service restaurants, home delivery meal kits and export markets.
Cauldron Molecules: $4.3 million to support world-first, fully automated hyper-fermentation technology to make food, animal feed, fibre and fuel.
Forager Automation: $157,943 for the development of its robotic blueberry picking device that will tackle labour costs and increase yield efficiency for farmers.
Seastock: $136,000 to develop an innovative solution which lowers the environmental impact of supply chains by using ingredients from sustainably produced seaweed.
The IGP grants are provided through two streams. Early-Stage Commercialisation grants provide matched grant funding from $50,000 to $250,000 to help establish the commercial viability of an innovative product, process, or service.
Commercialisation and Growth grants provide matched grant funding from $100,000 to $5 million to help push ideas from prototyping through to market readiness stages. The federal government said these grants would help develop strategies for entry to market and scaling up into national and international markets.
AMGC, AusBiotech appointed IPOs
Industry Partner Organisation (IPO) grants are also part of the IGP, created for not-for-profit industry bodies to provide expert, sector-specific advice to start-ups and scale-ups in the IGP. The advice could include industry connections and opportunities for investment, specialised facilities, and support with IP creation.
Advanced Manufacturing Growth Centre (AMGC) was awarded $1.9 million to join the IPO and will focus on developing IGP recipients across Transport, Defence and Value-Add to Resources.
AusBiotech has also received $2 million to deliver a commercialisation advisory support service for Australian biotech and medtech companies that are part of the IGP.
“I’m pleased to see AMGC and AusBiotech join the IGP stable of Industry Partner Organisations, with their expertise supporting Aussie manufacturers to realise their potential.
“We’re serious about backing local know-how, that’s why we’re ensuring growing businesses have the support they need to increase our manufacturing capability and keep more jobs here in Australia.”
The program provides the Advisory Service to eligible businesses all year round. Following the service, businesses may choose to apply for matched grant funding. For more information, including eligibility, visit business.gov.au/igprecipients.
