$3m deal charges UNSW drive for an integrated renewables future

22 April, 2019

22 April, 2019

Below content from Renew Economy Press Release

UNSW Sydney’s $3m deal with Providence Asset Group will accelerate research into reliable energy networks and fund a new centre supporting global development of renewables markets. 

UNSW Sydney has signed a deal worth more than $3 million with renewables asset manager Providence Asset Group (PAG) as part of a 10-year commitment to joint research and collaboration in sustainable energy technologies.

PAG has made an initial investment of $500,000 to support renewables technology research at UNSW. These initiatives are working towards the provision of a reliable and sustainable energy supply, plus energy storage and distribution aimed at ‘future-proofing’ global energy systems.

In addition, PAG will provide up to a further $3 million over the next decade to fund a new, multi-disciplinary, world-class research centre, the Hydrogen Energy Research Centre (HERC).

HERC is Australia’s first dedicated precinct for hydrogen and renewable energy generation, storage, delivery and technology. Located within the University of New South Wales (UNSW) Kensington Campus, the Centre will be the global leader in domestic and international cooperation,  delivering renewable energy solutions in an efficient, cost-effective and innovative way.

The joint venture between UNSW Sydney and Providence Asset Group will enable innovation and collaboration with key industry, government and community partners to incubate and accelerate hydrogen technology and Australia’s renewable energy industry.

Henry Sun, CEO of PAG, said: “Providence Asset Group’s vision is to become the leading sustainable and cost-effective ‘green’ asset management company and service provider in Australia, powering the community with green and affordable energy, improving living with clean and innovative technologies.”

The funding from PAG will establish the HERC and bring together global research teams and market-leading industry partners to conduct all-round cooperation in the energy field. It will focus on technologies, introducing more sophisticated economic and investment modelling for renewables, and policy and regulation development in the sector.

“UNSW is one of the world’s leading research and technology hubs for renewable energy innovation. Partnering with UNSW through HERC will enable us to fast-track our goals with collaboration on multiple levels,” Mr Sun said.

Professor Brian Boyle, Deputy Vice-Chancellor, Enterprise at UNSW, said: “The significance of this investment from PAG is that it demonstrates the relevance of UNSW technologies and capability to the growing renewable energy sector in Australia and overseas. It’s also a strong endorsement of the partnership model adopted by the knowledge exchange team at UNSW to translate our expertise into social and economic impact and benefit.”