Sicona Battery Technologies needs $55M to compete in global battery race
An Australian battery maker warns it is losing its chance to compete as foreign rivals get government backing.
Sicona Battery Technologies needs $55 million to finish building a factory in Port Kembla. The company warns Australia is missing the global battery boom.
Rival makers in the UK and US get government help. Australian firms struggle to find investors.
The battery industry is worth about $17 billion globally. Without more local investment, Australia will fall behind.
- 55 million dollars
- Funding needed
- 17 billion dollars
- Global battery industry value
- Port Kembla, New South Wales
- Location
- Sicona Battery Technologies
- Company
Why it mattersAustralia could lose a multi-billion-dollar economic opportunity if it does not back local battery makers while rival nations actively invest in their own industries.
AustraliaAustralia risks falling behind in battery manufacturing and losing high-skilled jobs and economic growth as the UK and US pour government money into competing companies.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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