The region’s peak business advocacy organisation, Business Illawarra, has welcomed yesterday’s funding announcement of $5 million to support Hysata, an Illawarra company established to commercialise ground-breaking hydrogen related technology developed by the University of Wollongong.
“The financial contribution to Hysata, led by IP Group Australia, and supported by the Commonwealth Clean Energy Finance Corporation (CEFC), provides clear validation of the great industry related research undertaken at the University of Wollongong, our local and world renown tertiary institution,” said the Executive Director of Business Illawarra, Adam Zarth.
“This technology, which uses electricity to split water into hydrogen and oxygen, has the potential to drive down the costs of producing hydrogen, and this in turn should help drive down the price of hydrogen to be competitive with alternatives.”
“Better still, the hydrogen produced through the Hysata process is green hydrogen, which ultimately is what is needed to help decarbonise our economy.”
“Business Illawarra supports the commercialisation of low emissions technologies in order to meet climate change targets. Industry experts have concluded that producing hydrogen for sale at or below $2 per kilogram is crucial to its broader uptake and appeal as a commercially viable alternative to existing fuels.”
“While business will lead, government support for carbon exposed businesses, particularly in energy intensive heavy industry, such as steel manufacturing, will be crucial to realising these goals. Accordingly, we welcome the CEFC’s announcement of $750,000 in funding for Hysata, which we understand is its first hydrogen related investment.”
“Port Kembla is uniquely positioned to contribute to the realisation of NSW and Australia’s potential as a major hydrogen producer and exporter through the utilisation and development of the existing industrial supply chain and associated distribution infrastructure.”
“Business Illawarra strongly advocates for strategic investment that will leverage the Illawarra’s existing industry and port infrastructure to develop hydrogen production and export capabilities at scale and develop Port Kembla as a hydrogen hub.”