Scale Facilitation® and its portfolio company Recharge Industries, welcome the Australian Government’s decision to accept Project Recharge into the Global Business and Talent Attraction Task Force as an endorsed project, providing priority services and project acceleration.
The Taskforce is a whole-of-nation initiative, hosted by the Department of Home Affairs in partnership with the Australian Trade and Investment Commission (Austrade) and the Department of the Prime Minister and Cabinet. It is supported by: Treasury; Department of Foreign Affairs and Trade; Department of Industry, Science, Energy and Resources; Department of Defence; Department of Education, Skills and Employment; state and territory governments.
Acceptance of Project Recharge as a priority project is in recognition of the project’s impact in delivering strong economic growth across the manufacturing sector. The Taskforce has recognised Project Recharge’s contribution to ongoing energy and supply chain security for Australia through sustainable, renewable energy manufacturing, and the creation of significant employment and new skilling opportunities.
The Taskforce is working closely with the Recharge Industries team on a range of key activities for the development of advanced battery manufacturing capability in Australia, catalysed by Scale Facilitation® securing significant technology transfer from the United States for Recharge Industries. Scale Facilitation® has also established material-contingent offtake contracts for its proposed gigafactory in Australia.
Recharge Industries will provide access to over 200 partners to fill critical supply chain gaps and create new opportunities for Australian supply chain partners. This supply diversification will reduce the impact of global disruption and strengthen Australia’s sovereign position.
Through the Taskforce, Recharge Industries will gain access to the 408 Visa program to leverage global expertise and exceptional talent in advanced battery technology, as they look to supplement the Australian Management and project team. The direct, indirect, and induced workforce opportunities, independently validated by a large third-party professional services firm, predict 5,500 jobs could be created during the investment and construction period of five years, transitioning to an average of 4,700 jobs during the operational phase.
The Taskforce concierge service will guide Recharge Industries progress through to the Foreign Investment Review Board (FIRB), who directly advise the Australian Government on Australia’s Foreign Investment Policy and its administration. FIRB is supported by the Treasury’s Foreign Investment Division, which administers Australia’s foreign investment regulatory framework.
Lastly, the Taskforce facilitates access to fast and tailored guidance from the Australian Tax Office through an innovative new service, the New Investment Engagement Service (NEIS). The NEIS assists in understanding the tax implications of significant commercial transactions and proposed investments. The advice is provided promptly, meaning Recharge Industries can move quickly too. The service helps Scale Facilitation®, Recharge Industries, and their collective stakeholders make objective, informed, and confident decisions about the tax implications of the anticipated $2.5 billion investment into Australia.
For more information about the Global Business and Talent Attraction Taskforce, please visit www.globalaustralia.gov.au.