March 7, 2019: Battery start-up Cadenza Innovation announced on February 20 it had signed a licensing agreement with Energy Renaissance, the company that signed a memorandum of understanding in 2017 with the Darwin government to build a lithium ion gigafactory in Australia.
The deal gives the Australian company exclusive manufacturing rights of the US firm’s patented technology in Australia and worldwide sales rights, excluding China and the US.
The terms of Energy Renaissance’s agreement with Cadenza Innovation have not been disclosed.
Energy Renaissance’s 1.3GWh Renaissance One facility will manufacture commercial-scale cells, initially using imported wound jelly-rolls and electrolyte. Eventually the company aims to source all processed materials from Australia.
To date the company has secured A$64 million ($46 million) in equity and A$47 million in debt and obtained around 300MWh in preliminary orders to date — the exact initial capacity of the facility.
The company plans to begin a 12-month construction and commissioning process this July, around six months after its initial start date.
The company said development work had been slower than anticipated, mostly due to the complex inter-dependence of technology, industrial automation and off-take negotiations.
It said early reticence from institutional firms to invest in early stage Australian advanced manufacturing had hampered the raising of pre-project finance capital.