CSIRO solar venture nets record seed funding to accelerate clean energy transition
FPR Energy, a new venture from CSIRO, Australia’s national science agency, has secured $15m in seed funding to commercialise next-generation solar thermal technology to help reduce industrial emissions, accounting for 20% of Australia’s annual carbon footprint.
The company was launched today with global advisory and funds management firm RFC Ambrian and utility leader Osaka Gas, raising the most extensive seed funding for a CSIRO co-founded venture.
FPR Energy aims to cut emissions in heavy industries such as mineral refining, steel, cement, and chemical production using CSIRO’s particle-based Concentrated Solar Thermal (CST) technology, which can produce temperatures up to 1200 degrees Celsius—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 significant 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-focussed science and technology,” Dr Roberts said.
“Diversifying how 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. Helping heavy industries to transition to cleaner energy sources is essential to reaching Australia’s net-zero emission targets,” he said.
FPR Energy plans to develop a 50-megawatt 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 valuable knowledge and expertise to advance CST technology to market. It offers energy, heat, and electricity solutions tailored for the Australian resources sector.
Hiroki Tanaka, Head of Osaka Gas’s next-generation business development department, 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,” Tanaka said.
“Throughout our history, we have been contributing to low carbonisation by switching heat sources from coal, 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.”
Rob Adamson, Chair of RFC Ambrian, said he was delighted to partner with CSIRO and Osaka Gas to launch FPR Energy.
“The decarbonisation of high-temperature industrial processes is crucial, and particle-based CST technology stands out as a highly promising solution, offering both high-temperature heat and long-duration storage at competitive costs,” Adamson said.
“FPR Energy’s technology embodies Australian innovation in solar technology and is designed for scalable, local manufacturing.”