The Australian Business Growth Fund has announced its first investment.
The Australian Business Growth Fund (ABGF) has made its inaugural investment, backing an innovator in clean technology 3ME Technology Holdings with $15 million.
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," Treasurer Josh Frydenberg said in a statement.
In addition to the direct investment, ABGF will also hold a board position at 3ME Technology, providing strategic support as well as access to ABGF's business networks.
"The ABGF is designed to ensure that small and medium-sized businesses have access to the capital they need as we move into the recovery phase of the COVID-19 pandemic," Mr Frydenberg said.
Established in 2020, the 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, while HSBC and Macquarie committed $20 million each.
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