Posted: 27 November 2024
FPR Energy, a new venture from CSIRO, Australia’s national science agency, has secured $15 million in seed funding to commercialise next generation solar thermal technology that will help reduce industrial emissions, which account for 20 per cent of Australia’s annual carbon footprint.
The company was launched today in collaboration with global advisory and funds management firm RFC Ambrian and utilities leader Osaka Gas, raising the largest seed funding for a CSIRO co-founded venture to date.
FPR Energy aims to cut emissions in heavy industries such as minerals refining, steel, cement and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology, capable of producing temperatures up to 1200 degrees Celsius – an industry first.
The technology uses abundant and low-cost ceramic particles to store sunlight as heat, enabling long-duration energy storage to support industrial processes, green fuel production and reliable, dispatchable power.
CSIRO Energy Technologies Research Director, Dr Daniel Roberts, said FPR Energy is a major step in meeting the growing demand for renewable solutions in hard-to-abate heavy industries.
“FPR Energy is building on years of solar thermal research, demonstrating CSIRO’s commitment to supporting emissions reduction using impact-focussed science and technology,” Dr Roberts said.
“Diversifying the way we harness Australia’s abundant solar resources will help develop a low-carbon economy and support economic growth and job creation in the Hunter region.
“Helping heavy industries to transition to cleaner energy sources is essential to reaching Australia’s net-zero emission targets,” he said.
FPR Energy plans to develop a 50 megawatt thermal demonstration plant, with up to 16 hours of integrated thermal energy storage. The plant aims to prove the commercial viability of FPR Energy’s CST technology at a utility scale.
Osaka Gas, a major Japanese utility operating in Australia, brings valuable knowledge and expertise to advance the CST technology to market, with energy, heat and electricity solutions tailored for the Australian resources sector.
Hiroki Tanaka, Head of Next generation Business Development Department of Osaka Gas, said he was excited to collaborate with CSIRO and RFC Ambrian to create and offer unique solutions for industries.
“Emission reduction and affordability of energy are often a dilemma for many industrial energy users and this particle-based CST and possibly thermal energy storage can offer practical solutions for them,” Mr Tanaka said.
“Through our history, we have been contributing to the low carbonization by switching heat sources from coal, fuel oil to gas with efficient energy solutions. We are thrilled to bring our knowledge to help FPR Energy to create real-life solutions for industrial customers.”
Rob Adamson, Chair of RFC Ambrian, said he was delighted to partner with CSIRO and Osaka Gas to launch FPR Energy.
“The decarbonisation of high-temperature industrial processes is crucial, and particle-based CST technology stands out as a high promising solution, offering both high-temperature heat and long-duration storage at competitive costs,” Mr Adamson said.
“FPR Energy’s technology embodies Australian innovation in solar technology and is designed for scalable, local manufacturing.”
