Over the next four years vehicle fleet operators can now have access to $127.9 million thanks to a new funding program named the Future Fuels Fund by The Australian Renewable Energy Agency (ARENA). The goal of the fund is to integrate Zero Emissions Vehicles (ZEVs) into current fleets to move towards a net zero future in an affordable and scalable manner.
The government initiative allows fleet operators to enter into the Electric Vehicle (EV) space at an affordable and sustainable rate. Funding is available for vehicle charging stations as well as reducing the cost of vehicles for Australian fleets.
During Round 1 of the Future Fuels Fund, ARENA handed out $24.55 million to five businesses to construct over 400 EV charging stations spread across the country. This move eases the barriers to enter the EV market for fleet operators in Australia and makes investment in this field worthwhile, as well as overall aid in the reduction of vehicle emissions through the transition to cleaner solutions. You can find out more about the (Future Fuels Fund Round 1) here. (https://arena.gov.au/funding/future-fuels-fund/).
The move helps get ZEVs on the roads earlier, allowing the transport sector to speed up the development toward a net zero goal. This is an important move by the Australian Government as it sets out to reduce the climate impact by reducing carbon emissions and supporting vehicle fleet operators at the same time.
Following the success of the project’s early start, the Australian Government has injected a further cash increase of $178 million, boosting the development of fleet programs making the total value of the Future Fuels Fund $250 million. This will allow ARENA to unroll a fleet program worth $127.9 million to further integrate ZEVs into Australia’s transport industry.
Applying fleet operators are assessed on how well they align with the goals of the Future Fuels Fund’s Program Focus Areas. These include:
- Support the integration of battery electric vehicles into light vehicle fleets
- Support the integration of battery electric vehicles into heavy vehicle fleets
- Commercialise hydrogen as a transport fuel.
These Program Focus Areas will be reviewed in December 2022 and will be subject to updates periodically with applicants being assessed every two months.
If you have any questions regarding the fund, you can read the FAQ on the Future Fuels Program here (https://arena.gov.au/assets/2022/02/future-fuels-program-faqs.pdf).
It’s encouraged that fleet operators in Australia learn more about whether or not they are eligible and have access to the fund. For a guide on how to apply for funding, click here (https://arena.gov.au/funding/future-fuels-program/).