This article is part of our New Energy Insights series from our New Energy team. Stay tuned for regular updates and commentary on topical issues across the sector.
ARENA has launched the second round of its Future Fuels Program, allocating $127.9 million in funding to support fleets to shift to new zero emissions vehicles over the next four years. Funding will be available for light vehicle fleet operators for charging and electrical infrastructure, while heavy fleet operators are eligible for funding towards enabling infrastructure and some support for vehicle costs.
Under Round 1, ARENA awarded $24.55 million to five companies for the construction of 403 electric vehicle fast charging stations spread across every state and territory.
With the additional funding program, the total value of the Future Fuels Fund is now $250 million. The fund aims to deliver on the Future Fuels and Vehicles Strategy (read here) released by the Federal Government at the end of 2021.
According to ARENA, future targeted funding rounds under the Future Fuels Program will focus on further expansions to the electric vehicle public charging network, including regional areas, as well as increasing the use of smart chargers in drivers’ homes.
The Future Fuels Program is a welcome acknowledgement by Government that the zero emissions vehicles revolution is now upon us and that support is required to facilitate the incorporation of these new technologies into the heavy industry and transport sectors. However, for now, it’s a case of a little done, a whole lot more to do.
We will be considering the zero-emissions mobility sector more broadly – both its challenges and opportunities – in a series of upcoming articles.
The Hamilton Locke team advises across the energy project life cycle – from project development, grid connection, financing, and construction, including the buying and selling of development and operating projects. For more information, please contact Matt Baumgurtel.