Palaszczuk Government investment drives electrical vehicle innovation

Published Thursday, 09 June, 2016 at 09:30 AM

Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

Brisbane-based innovation firm Tritium could soon be powering electric vehicles around the globe with its new super speed charging stations.

Treasurer Curtis Pitt said the new technology was designed and built in Brisbane thanks to a $2.5 million investment through the Palaszczuk Government’s Business Development Fund as part of its Advance Queensland initiatives.

“This home-grown company is the first to receive funding from the Business Development Fund and it’s exactly the type of innovative business that the Palaszczuk Government is looking to invest in,” Mr Pitt said today on a tour of Tritium’s manufacturing facilities.

“The founders of Tritium met as students while competing together as a solar car racing team representing the University of Queensland and have grown to be a global leader in electric vehicle technology.

“The Palaszczuk Government’s investment, alongside matched investment from private sector co-investors St Baker Energy Innovation Trust and the Varley Group, will help this world-leading Queensland business bring its innovative tech products onto the market sooner.”

Tritium CEO David Finn said that Tritium is in the final stages of the commercialisation journey for its Veefil station – a convenient electric car charging station.

“Our fast charging technology is providing drivers of electric vehicles greater convenience to charge their cars anywhere,” Mr Finn said.

“Backing from the Palaszczuk Government will allow us to expand our R&D, manufacturing and sales workforce, as well as finalise expansion at our new manufacturing facilities in Brisbane.”

St Baker Energy Innovation Trust Director Trevor St Baker said Queensland Government investment along with private sector investment creates exciting opportunities for Queensland businesses.

“Backing from the Queensland Government brings greater market confidence, and with the knowledge and expertise private sector investors bring, along with their co-investment, Queensland businesses are well on their way to turn their innovative ideas into a commercial reality,” Mr St Baker said.    

The $40 million Business Development Fund invests from $125,000 up to $2.5 million in matched funding, alongside private sector co-investors to assist businesses turn their ideas and innovations into commercial realities.

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