Two Australian startups, Allegro Energy and Magic Valley have received federal government funding to scale their innovative technologies. These investments align with Australia’s commitment to fostering clean energy solutions and sustainable food production.
Allegro Energy: Advancing Long-Duration Energy Storage
Allegro Energy, a developer of water-based redox flow battery energy storage solutions, has been awarded AU$1.85 million (US$1.17 million) in federal funding to expand its technology for mass production. The startup, which previously secured AU$17.5 million in Series A funding from investors including Origin Energy, Melt Ventures, and Impact Ventures, focuses on energy storage solutions that are both cost-effective and environmentally friendly.
Allegro’s batteries and supercapacitors use a water-based electrolyte, eliminating the need for scarce materials and making energy storage safer and more sustainable. The Australian government sees this technology as crucial for the long-duration energy storage market, projected to exceed AU$3 trillion globally by 2040.
Dr. Thomas Nann, CEO and co-founder of Allegro, emphasized the importance of this funding in ensuring grid reliability. “Our long-duration energy storage solution is perfectly suited for large-scale renewable energy storage, ensuring stability when solar and wind energy production is low,” he said.
Allegro’s partnership with Origin Energy includes a pilot project in Newcastle, New South Wales, where an 800kWh battery will be deployed, followed by a larger 12-hour (5MW/60MWh) battery energy storage system (BESS). This initiative aligns with Australia’s transition away from coal, with the country’s largest coal-fired power plant scheduled to shut down by 2027.
Magic Valley: Scaling Cultivated Meat Production
Melbourne-based Magic Valley has secured A$100,000 in government funding to transition from research to commercial production of cultivated meat. This investment, part of the AU$392M Industry Growth Program (IGP), will help the startup scale operations, optimize bioprocessing, and lower production costs.
Founded in 2020 by Paul Bevan, Magic Valley specializes in cultivated lamb and pork, using induced pluripotent stem cells (iPSCs) to produce meat without the need for fetal bovine serum. The process significantly reduces environmental impact, cutting emissions by 92%, land use by 95%, and water consumption by 78% compared to conventional meat production.
Magic Valley’s cultivated meat has gained public attention through tastings at events and on television, including Gordon Ramsay’s Food Stars Australia. The company is working closely with Food Standards Australia New Zealand to gain regulatory approval for its products.
With growing consumer interest in sustainable food options—42% of Australians are already reducing meat consumption—Magic Valley is positioned to play a key role in the country’s alternative protein industry. The government’s support signals a step towards a more sustainable and innovative food system.
Driving Innovation in Australia
The funding for Allegro Energy and Magic Valley highlights Australia’s commitment to supporting startups that address global challenges in energy and food sustainability. Through initiatives like the Industry Growth Program, the government is enabling small and medium-sized businesses to scale their ideas, expand to international markets, and drive future investments.
Both companies are now poised to make a significant impact in their respective industries, contributing to Australia’s vision for a cleaner, more sustainable future.