Technology firm Hydrexia today received a $250,000 grant from the Queensland Government’s early stage investment fund, teQstart, to assist the company in advancing its technology to make hydrogen a viable green fuel alternative.

Meanwhile, Farmacule BioIndustries yesterday received $250,000 to develop new technology that promises to produce ethanol from sugarcane without compromising sugar yields.

Hydrexia’s technology uses a solid-state storage based on an innovative and cost-effective magnesium alloy and is five times cheaper than comparable designs.

State Development Minister John Mickel said although the technology, developed at the University of Queensland, was still in its early stages, Hydrexia – an offshoot of university technology transfer group UniQuest – had already attracted international attention.

He said the technology offered great promise at a time when the world was seeking alternative energy sources.

“Hydrogen is favoured as a clean energy to replace hydrocarbons but up until this point in time there hasn’t been a cost-effective and practical way to store it and make it work as a fuel,” he said.

“Under laboratory conditions Hydrexia’s alloys have been shown to deliver commercially viable hydrogen storage capacities at low cost and safely.

“The combination of these attributes makes Hydrexia’s technology revolutionary and may position the company to play a key role in the commercialisation of hydrogen-based technologies, such as fuel cells.”

Hydrexia is now able to advance its technology, including the performance of the material and working prototypes, as well as strengthen relationships with industry players to form collaborative partnerships.

Chief executive Jeffrey Ng said both he and UniQuest were delighted to have closed the company’s first round of investment.

“I look forward to working with teQstart to take Hydrexia to the next stage of development,” he said.

Meanwhile, Farmacule BioIndustries is now able to advance its In-Plant Activation technology.

Chief executive Dr Graeme Bullock said INPACT involves inserting specific genes into the leaves, roots or seeds of a plant to enable the production of a desired biological compound.

“In this case it is the insertion of the genes controlling the production of cellulase enzymes,” he said.

“The concept of molecular farming – using genetic engineering principles to enable plants to produce valuable biological compounds – is not new.

“But our technology is – and we believe it will more effectively produce significant gains for not only a potential new ethanol industry for Queensland but also in areas such as plastics, paper manufacturing and medical proteins.”

Bullock said Farmacule was close to commercial release of its first mammalian protein farmed in a plant host.

Mickel said successful outcomes would enhance the sustainability of the sugar industry while also providing key outcomes to benefit the environment and the biofuels industry.

“This could help producers move into a new industry without completely having to forgo the sugar production that has been their staple for so many years and so important to many regional communities,” he said.