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- Sunrise Energy Metals (SRL) receives conditional approval for a $10 million grant from the New South Wales Critical Minerals and High-Tech Metals Activation Fund
- The grant will support the ongoing development of the Sunrise battery materials project in New South Wales
- The company says it will apply the funds towards the connection of an electrical transmission line from the project site at Fifield to the NSW electricity grid
- The total construction cost of the line, which is included in the full capital development cost estimate for the project, is approximately $34 million
- Shares in Sunrise Energy Metals are down 0.76 per cent to $1.96 at midday AEDT
Sunrise Energy Metals (SRL) has received conditional approval for a $10 million grant from the New South Wales Critical Minerals and High-Tech Metals Activation Fund.
The company said the grant would support the ongoing development of the Sunrise battery materials project in New South Wales.
Sunrise said it would apply the funds towards the engineering, procurement, construction and connection to the NSW electricity grid at Parkes of a 77-kilometre 132 kilovolt (kV) electrical transmission line (ETL) from the project site at Fifield.
The ETL is required to connect the project to the NSW electrical grid and Central West Orana Renewable Energy Zone, which is a “critical enabler” of Sunrise’s pledge to procure 100 per cent renewable electricity for the project.
The total construction cost of the ETL, which is included in the full capital development cost estimate for the project, is approximately $34 million.
Sunrise CEO and Managing Director Sam Riggall said the offer demonstrated the NSW government’s commitment to providing material financial assistance to project developers.
“We remain focused on securing a comprehensive funding package, including commercial bank debt, government financing support and a project-level equity contribution from a strategic offtake partner, to enable the company to proceed to a final investment decision for the Sunrise project,” Mr Riggall said.
“The funding from the NSW Government, along with the conditional support received
earlier in the year for up to $400 million of debt funding from Export Finance Australia, are
meaningful contributions towards this project financing package, and we are grateful for the ongoing support of the NSW Government through its various agencies.”
Shares in Sunrise Energy Metals were down 0.76 per cent to $1.96 at midday AEDT.
