The Morrison Government welcomes the Australian Business Growth Fund’s (ABGF) inaugural investment. ABGF’s first investment, totalling $15 million, will be made to 3ME Technology Holdings (3ME Technology), an innovator in clean technology.
Based in the Hunter region, 3ME Technology designs and supplies safe, high-performance lithium-ion battery systems to industries with challenging safety, certification and operating demands, including the mining, military and marine sectors.
The investment will enable 3ME Technology to increase production, invest in their market leading technology and expand into new markets, as well as expand Australian manufacturing capabilities in regional New South Wales and create new jobs in the Hunter.
3ME Technology’s expansion will also empower the clean energy transition of specialist electric vehicles and power solutions to current and new industries. In addition to the direct investment, ABGF will also hold a board position at 3ME Technology, providing strategic support as well as access to ABGFs business networks.
The ABGF is designed to ensure that small and medium-sized businesses (SMEs) have access to the capital they need as we move into the recovery phase of the COVID-19 pandemic.
Established in 2020, the Commonwealth Government provided an initial $100 million investment in the fund and partnered with other financial institutions to provide the ABGF with an initial investment capacity of $540 million. The major banks including ANZ, CBA, NAB, and Westpac also each committed $100 million to the ABGF. HSBC and Macquarie also committed $20 million each in support of the fund.
The Morrison Government’s investment in the ABGF demonstrates its ongoing commitment to supporting SMEs as they seek to innovate, expand and create new jobs.