BlackRock Raises $500M for Oz's Largest Battery

• BlackRock has raised $500 million to build the largest grid-scale battery project in the Southern Hemisphere, with 850 megawatts and 1680 megawatt-hours of capacity. Rio Tinto is also increasing demand for battery metals to meet the goals of the Glasgow Climate Pact.

BlackRock has raised more than $500 million from institutional investors and the Federal Government's Green Bank to accelerate the development of the Waratah Super Battery, the largest grid-scale battery project in the Southern Hemisphere. It will have 850 megawatts and 1680 megawatt-hours of capacity and will act as a ‘shock absorber’ for power surges. Separately, Rio Tinto has started building a laboratory at its research hub in Melbourne to test how minerals it extracts, such as lithium, will work in real-world applications. Demand for battery metals is increasing as governments and businesses meet the goals of the Glasgow Climate Pact, with lithium market expected to grow five-fold between now and 2030.

What Impact Will the Waratah Super Battery Have?

• The Waratah Super Battery will be able to supply power to 500,000 households for up to five hours.
• It will store energy from wind and solar sources, helping to address the intermittency of these sources.
• It will give the Australian energy grid greater stability, allowing for more efficient use of energy sources.
• It will enable more economical and efficient use of electricity, as energy can be stored for use when it is most needed.
• The development of the Waratah Super Battery will create jobs, and stimulate local economies.
• It will reduce Australia's dependence on traditional sources of energy, such as coal and natural gas.
• The battery will reduce greenhouse gas emissions, helping to meet the goals of the Glasgow Climate Pact.
• It will provide a model for other countries looking to invest in large-scale battery storage solutions.