CSIRO solar venture nets record seed funding

FPR Energy, a new venture launched by CSIRO, has secured $15 million in seed funding to commercialise next-generation solar thermal technology that will help reduce industrial emissions, which account for 20% of Australia’s annual carbon footprint.

The company was launched in collaboration with global advisory and funds management firm RFC Ambrian and utilities company 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°C in what CSIRO says is 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-focused science and technology,” he 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.”

FPR Energy plans to develop a 50 MW 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 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 New-gen Business Development at 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,” he said. “Through our history, we have been contributing to lower carbonisation by switching heat sources from coal and 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.”

Headquartered at CSIRO’s Energy Centre in Newcastle, FPR Energy is built on CSIRO’s particle receiver technology research program, developed through the Australian Solar Thermal Research Institute (ASTRI), with support from the Australian Renewable Energy Agency (ARENA).

FPR Energy plans to expand the technology to other high-solar regions worldwide, including North and South America, the Middle East and Africa.

Image: FPR Energy is built on CSIRO’s particle receiver technology research program and is headquartered at CSIRO’s Energy Centre in Newcastle.