A new grant from Commercialisation Australia will help WA company Stochastic Simulation prove its computer modelling technology for the oil and gas industry.
The SRE (Stochastic Reservoir Engineering) on-demand solution provides reserves assurance information that can significantly reduce the risk of over and under-investment. This means it can substantially increase the return on investment for oil and gas products.
Stochastic Simulation was previously awarded a $250,000 grant to conduct a Proof of Concept trial with a leading company to prove the commercial viability of this solution in the oil and gas industry.
The new $350,000 grant will allow the company to engage an Experienced Executive to accelerate entry into global markets, and drive business development and operational activities.
Commercialisation Australia recently announced almost $6.9 million in funding to 21 innovative businesses and researchers, two of which are already participating in the program.
Among the other companies receiving grants are:
Radotec received $250,000 to develop a 10 kW Low Noise Vertical Axis Wind Turbine for use in domestic or small scale commercial applications. The wind turbine produces clean energy close to where it is needed.
The NSW-based company will use the to construct a proof of concept prototype. This first production example will demonstrate the superior low noise performance combined with high energy output and advanced safety features. Production of the wind turbine will commence after the successful demonstration to service the Australian and international markets.
Hanuman received $50,000 to develop automated simulation software to optimise residential building energy performance. The RoboRater tool can be used to identify the most cost-effective and energy efficient building design or retrofit solutions for both new and existing dwellings.
Queensland-based Intelligent Automation was awarded a $50,000 grant to develop a device for systematically reducing and controlling power use. The G-Switch is a circuit control device that will transform energy use. The primary aim of the G-Switch is to minimise energy consumption in both domestic and commercial situations.
The switch can be integrated with supply authority metering to reduce peak demand. By combining designated circuits and a series of automated programming schedules, the G-Switch creates an environment that saves energy and maintains household / business functionality without compromising lifestyle.