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CST Composites secures $1.4M government funding

By September 1, 2015March 10th, 2017All News, Industrial News, Marine News

CST Composites Secures Government Funding

Advanced carbon fiber filament winder and pultruder, CST Composites (Sydney, Australia) has secured a $1.4 million (US$1M) grant from the Australian Government,  as a part of a $5.7 million (US$4M) project investment to increase production capacity, continue development of its filament winding process technology, and to enter new markets.

The grant was a part of the Australian Government’s $50 million Manufacturing Transition Programme that provides assistance to help manufacturing businesses become more competitive and sustainable, enabling a move or expansion into higher value or niche manufacturing activities.CST Composites Secures Government Funding

On awarding of the grant, CST Composites was visited by Federal Minister Hon. Scott Morrison MP.  “This grant will support CST Composites to increase its capacity, employ more people and develop further innovations in both niche and mainstream markets. It is great to see this award-winning company, employing local people, offering a globally unique product and supplying carbon fiber products to leading companies all across the world from its Sydney base. ” Mr Morrison said.

CST Composites Managing Director Clive Watts welcomed the grant and the government’s support.

“We have invested heavily over many years to
develop our filament winding technology and automation, and this grant support and investment enables us to take the next step in growing our business.   The timing of the grant is also important, as we have just acquired a second larger production facility, which allows us to achieve greater economies of scale and gives us increased capacity.  This will enable the company to continue its push into new larger markets including Automotive, Oil & Gas, Mining and Defence.  Further to that, a weaker Australian dollar has seen demand increase from overseas companies as buying from Australia becomes even more attractive.”

The successful Manufacturing Transition Programme projects were awarded through a highly competitive, merit-based process, and based on advice from an expert technical committee to ensure the projects have a sound commercial basis.