ADVANCED manufacturing in the Geelong region is set to receive a $10.1 million boost today.
The Federal Government is expected to announce the first round of funding under the $47.5 million Advanced Manufacturing Growth Fund today, to establish and expand advanced manufacturing.
The first recipients will receive about $30 million under the initiative, with $10.1 million to be handed to Geelong businesses.
Corangamite Liberal MP Sarah Henderson revealed the Geelong region recipients included LeMond Composites, Carbon Revolution Operations, Flat Glass Industries, Boundary Bend Olives and Air-Radiators.
“Across the Geelong and Corangamite regions, we are seeing some incredible advanced manufacturing success stories,” Ms Henderson said.
“In four years, Carbon Revolution based at Deakin University Waurn Ponds has grown to become a major global supplier of carbon fibre wheels, employing 120 people.
“This is an absolute game changer for our region.”
Carbon Revolution Operations will receive $2.5 million through the funding announcement, to support it’s moves to expand at the Waurn Ponds site.
LeMond Composites will also receive $2.5 million, which it is set to use to commission Australia’s first commercial carbon fibre manufacturing facility which will produce commercial quantities of carbon fibre under license from Deakin University.
Flat Glass Industries will also receive $2.5 million to embed an advanced manufacturing platform into its existing glass plant in Geelong.
Ms Henderson said the fund would build on the progress of the $29.5 million Geelong Region Innovation and Investment Fund (GRIIF).
“This targeted support builds on the millions of dollars the Turnbull government has already provided to local manufacturing businesses, driving further innovation, skills and employment opportunities for local residents,” Ms Henderson said.
“The Advanced Manufacturing Growth Fund will help transition Australia’s manufacturing sector from traditional, heavy industrial processes to knowledge based manufacturing of higher value products.”
The Advanced Manufacturing Growth Fund is part of the $100 million Advanced Manufacturing Fund, announced in the 2017-18 Budget.