The Australian Business Growth Fund (ABGF) has made its first investment, backing cleantech innovator 3ME Technology Holdings with $15 million.

Based in the Hunter region, 3ME Technology designs and supplies safe, high-performance lithium-ion battery systems for industries with challenging safety, certification and operational requirements, 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 capacity in regional New South Wales and create new jobs in Hunter,” said treasurer Josh Friedenberg in a statement.

In addition to the direct investment, ABGF will also hold a position on the board of directors of 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 from the COVID-19 pandemic," said Mr Friedenberg.

Established in 2020, the government provided an initial investment of $100 million in the fund and partnered with other financial institutions to provide the ABGF with an initial investment capacity of $540 million. Major banks including ANZ, CBA, NAB and Westpac also committed $100 million each to the ABGF, while HSBC and Macquarie committed $20 million each.

Maja Garatsa Djurdjevic

Maya's career in journalism spans more than a decade in finance, business and politics. Now an experienced editor and reporter in all elements of the financial services sector, before joining Momentum Media, Maya reported for several established news outlets in South East Europe, looking at key processes in post-conflict societies.