Monday, June 17, 2024

Victoria boosts innovation infrastructure with new grants – Australian Manufacturing Forum

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Ten Victorian manufacturers will boost their innovative capabilities through new grants announced under the state’s $15 million Made in Victoria – Industry R&D Infrastructure Fund.

The Minister for Jobs and Industry Natalie Hutchins announced the grants, highlighting support for medical technology developer PolyNovo.

The Port Melbourne company designs, develops and manufactures skin regeneration products to treat complex wounds using its patented NovoSorb biodegradable polymer technology.

NovoSorb is utilised during repair of wounds such as large scale burns, laying down a resorbable matrix that aids the regeneration of the skin’d dermal layers.

PolyNovo recently reported its largest-ever order worth $1.2 million for product to be delivered into the Ukraine.

PolyNovo will use the funding to build a new polymerisation lab to advance its existing R&D capability, fast-tracking new products in development, including some implantable products that have high promise for hernia and breast reconstruction patients.

PolyNovo CEO Swami Raote said the the new infrastructure would advance tissue engineering projects.

Raote said: “This will enhance R&D competitiveness, ensuring that an exciting pipeline of future products with the potential to redefine healing will be developed in Victoria.”

Other local companies receiving funding are leading innovators in their fields, including Quantum Brilliance, Powerplus Energy, ARKEUS, SPEE3D, GTE Technology, IAPMO Oceania and Effusiontech.

Projects supported under the fund span critical industries including new energy, health technology, food manufacturing, defence and aerospace and advanced technology.

These sectors were identified in the state’s Made in Victoria: 2030 Manufacturing Statement.

Minister Hutchins said the investments would have ripple effects across Victoria’s manufacturing sector.

Hutchins said: “Companies like PolyNovo and other grant recipients put Victoria at the forefront of technological advancements and boost productivity.”

Picture PolyNovo/NovoSorb polymer aids would healing

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