update 1-australia backs lithium mine to spur battery push - energy storage devices

* The government invests in lithium for the first time * lithium is a key component of the battery * Australia is the world's largest producer of lithium (
Increased funding for battery research)June 27 (Reuters)-
As part of a broad investment, the Australian government will invest in lithium for the first time
In a market that is increasingly dependent on wind and solar energy, there is a broad effort to enhance the stability of electricity.
The government said on Tuesday it would invest about $20 million ($15 million)
Enter the pilgangoira project of Pilbara mining Co. , Ltd. in Western Australia, which will produce lithium concentrate, a key component of electric vehicles and batteries.
Josh Frydenberg, Minister of Environment and Energy, said it was the first time the Conservative government had invested in such mining projects.
"Lithium is an important ingredient used in battery storage, which helps support Australia's growing use of renewable energy," the minister said in a statement . ".
The move comes at a time when the government is trying to prove that it is "technically neutral" in its efforts to strengthen power supply, in which debate whether the government should include subsidies for coal --fired power.
The investment came from the government's clean energy finance company, which recently completed a $0. 132 billion bond offering.
Proceeds from bond issuance, combined with $80 million raised in stock sales, will support the $0. 234 billion needed for the first phase of the project's development.
The project is expected to start in early 2018, the company said.
According to US data, Australia was the world's largest producer of lithium in 2016. S.
Geological Survey.
On the same day, the government also issued a $2 million grant to Australian researchers developing ultra-ultra. thin, screen-
Printed Batteries for large batteries
Expand energy storage in cheap portable devices. The Brisbane-
The company is a supporter of a $12 million project "printing energy," which says the battery will be printed flexiblyto-
Rolling process like a newspaper-can adapt to almost any shape.