Wedoany.com Report-Oct 28, The competitive Innovation Booster Grant program is funded through the $25.8 million New Industries Fund, administered by the Department of Jobs, Tourism, Science, and Innovation (JTSI).
Since rebranding from the Innovation Vouchers Program in 2022, the IBG has aimed to support Western Australia (WA)-based startups and small businesses in overcoming commercialization barriers.
This funding helps bridge the gap between idea and market by providing essential financial support for accessing specialized knowledge, services, and skills, noted the WA Government.
WaveX’s project focuses on integrating advanced controls to optimize the efficiency and reliability of its D-Spar wave-powered generator, a technology designed to convert ocean wave energy into a consistent, scalable power source.
By securing the IBG, WaveX joins 11 other companies that will leverage this funding to push forward innovations with commercial potential.
In August, WaveX received a statement of feasibility from OWC Australia & New Zealand, a part of energy and marine consultancy ABL Group, for its wave-powered generator technology.
More recently, WaveX secured an AU$2.4 million grant (about $1.6 million) from the Australian Government’s broader AU$55 million fund to fuel innovation in critical sectors, including renewable energy.
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