FMA Innovation Fund Priority: Green Metals

Purpose and Program Overview

The Future Made in Australia (FMA) Innovation Fund — Green Metals Priority is a federal grant program delivered by the Australian Renewable Energy Agency (ARENA). ARENA has allocated up to $750 million to this priority to support pre-commercial innovation, demonstration, and deployment of renewable energy and low-emission technologies across green metals, including iron, steel, alumina, and aluminium. 

The Program aims to fund projects that support Australia’s transition to net zero by developing, deploying, and commercialising technologies outlined in the Program’s Technology Focus Areas. The Green Metals Priority sits within the “Net Zero Transformation” stream under the Future Made in Australia National Interest Framework, which identifies industries expected to contribute to the net zero transition that have an enduring comparative advantage and require public investment.

The Program has been developed in consultation with the Department of Industry, Science and Resources (DISR), Department of Infrastructure, Transport, Regional Development, Communications, Sports and the Arts (DITRDCSA), and Department of Climate Change, Energy, the Environment and Water (DCCEEW). It is designated as Future Made in Australia support under the Future Made in Australia Act 2024.

Key Grant Details

• Minimum grant amount: $1 million. The maximum grant amount is subject to funds available. 
• Total program funding: up to $1.5 billion across all Technology Focus Areas. Up to $750 million has been allocated specifically to Green Metals.
• Program launch date: 16 December 2025. The program is currently open. 
• No stated closing date — the FMA Innovation Fund is an open, ongoing program that will remain open until funding is exhausted or ARENA closes it. 
• Eligible applicants: Australian entities, including corporations, research institutions, universities, local governments, and CRC operators.
• Location: Projects must primarily take place in Australia.
• Co-contributions: A minimum amount of matched grant funding is typically expected. ARENA will consider requests for grant funding above 50% but will require the applicant to demonstrate value for money and broader project benefit.

Priority Sectors

The Green Metals priority targets low and net-zero-emissions production of metals. Specific technology types sought include hydrogen direct reduced iron, electric smelting furnaces, hydrogen calcination, electric calcination, mechanical vapour recompression, electric boilers, thermal storage, inert anodes, and advanced beneficiation, pelletisation, and agglomeration. 

Eligible applicant groups include:

• Consortia comprising Australian university groups, public research organisations, and industry players 
• Emission reduction technology OEMs
• Established alumina, aluminium, iron, and steel value chain entities
• Start-ups with commercialisation potential in green metals production

Funding Scope

Applications are assessed under one of two program streams: 

Innovation Stream: Intended for early-stage technology development including prototyping, pilots, pre-commercial demonstrations, small-scale deployment, and studies such as feasibility and Front-End Engineering and Design (FEED). Projects under this stream are typically not expected to generate significant revenue. 

Deployment Stream: Intended for technology scale-up activities, including large-scale deployment and activities where outcomes have been demonstrated at a small scale but not sufficiently tested at a large scale under commercialisation conditions. Projects under this stream are expected to generate some revenue but would not meet reasonable commercial returns without grant support. 

ARENA will provide the minimum amount of funding to allow the project to proceed. Funding decisions up to $50 million are made by the ARENA board; projects exceeding $50 million require ministerial approval. 

Grant funding is allocated towards:

• Engineering activities such as feasibility or FEED studies
• Capital costs related to equipment purchasing, installation, or implementation of low-emission technologies
• Other costs directly related to project execution

Eligibility Criteria

To be eligible, applicants must hold an Australian Business Number (ABN) and be one of the following:

• An Australian entity incorporated under the Corporations Act 2001
• A corporate Commonwealth entity, Commonwealth company, or government business enterprise
• A body corporate owned or established by an Australian State or Territory
• An Australian local government, council, or representative organisation
• An Australian university or research institution
• An entity operating a Cooperative Research Centre (CRC)

Additional requirements:

• The project must include activities that primarily take place in Australia and involve technology at Technology Readiness Level (TRL) 3 or above.
• Applicants must comply with the Workplace Gender Equality Act 2012 (Cth). 
• Applicants must not be listed as a designated terrorist organisation and must not have contravened Australian Sanctions Laws. 
• Applicants must warrant ownership of, or access to, the intellectual property necessary to carry out the project.
• Applicants must not be included on the National Redress Scheme’s list of institutions that have not joined or signified intent to join. 

Eligible Activities and Expenses

The following expenditure types are eligible under the program:

• Contract expenditure for activities supporting the project
• Labour expenditure, including salaries, wages, and on-costs for personnel employed directly on the project
• Administrative expenses, including communications, accommodation, computing, travel, recruitment, printing, and stationery, are directly related to the project
• Equipment and plant costs at full delivered cost, or hire and lease costs, where equipment is used for construction
• Legal, audit, and accounting costs related directly to the project
• Expenditure on knowledge-sharing activities, including database development, websites, and reports
• Licence fees or intellectual property purchase costs necessary to undertake the project
• Expenditure related to obtaining government approvals for the project

Ineligible expenses include general business operations not related to the project, land acquisition, interest on loans, membership fees, donations, and sales or promotional activities not directly tied to project completion.

Assessment Process

The program is competitive. Applications must first meet all eligibility criteria before proceeding to merit assessment. Eligible applications are then assessed against five equally weighted merit criteria:

• Merit Criterion A: Contribution to technology focus area objectives and outcomes, including commercialisation pathway and alignment with community benefit principles.
• Merit Criterion B: Applicant capability and capacity, including track record, key personnel expertise, and resource planning.
• Merit Criterion C: Project design, methodology, risk management, and compliance — including regulatory approvals, community engagement, and First Nations engagement where applicable.
• Merit Criterion D: Financial viability and co-funding commitment, including the quality of the project budget, evidence of financial capacity, and cost accuracy. Higher co-contributions are considered of higher merit.
• Merit Criterion E: Knowledge sharing approach and willingness to make data and lessons learned publicly available.

ARENA takes a portfolio approach to selecting projects. This may include not funding an otherwise meritorious project if its outcomes are similar to a project already funded or intended to be funded.

The application process involves two stages: an Expression of Interest (EOI) and a Full Application. Prior ARENA endorsement is required before submitting an EOI.

Recent Program Updates

• The program launched on 16 December 2025.
• The program is designated as Future Made in Australia support under the Future Made in Australia Act 2024 (Cth). Community Benefit Principles apply and are assessed as part of the merit criteria.
• The program operates on a continuous open basis rather than discrete funding rounds, though ARENA may issue targeted Funding Round Announcements from time to time.
• The Technology Focus Areas documents may be updated during the program. Applicants should check the ARENA website regularly.

Application Tips

The following practical steps support a strong application:

• Contact ARENA before submitting an EOI to obtain endorsement. Applications submitted without prior ARENA endorsement will not be assessed.
• Read both the Program Guidelines and the Green Metals Technology Focus Area document in full before preparing any application materials.
• Create an account on the ARENANet Portal and select “FMA Innovation Fund – Expression of Interest Application” to begin.
• Prepare a detailed Project Plan that addresses all five merit criteria. Generic or underdeveloped submissions risk being assessed as obvious low merit.
• Demonstrate a clear pathway to commercialisation and explain why the project would not proceed without ARENA funding (additionality).
• Address the Community Benefit Principles, including plans for engagement with First Nations communities, workforce development, and supply chain transparency.
• Prepare a robust project budget with supporting evidence, cost accuracy statements, and a clear breakdown of eligible expenditure.
• Consider co-contributions above 50% — higher co-funding is treated as higher merit.
• Watch the information webinar and use the FAQ document before contacting ARENA with queries.

Where to Get Help

Consider consulting a grant specialist like Pattens Group for a personalised eligibility assessment and expert assistance in preparing a strong, compliant, and competitive application. Contact us today and get connected with Australia’s best grant specialist, with over 35 years of experience in the industry and a 100% success rate. For official guidelines, application details, templates, and further information, visit the official ARENA website at arena.gov.au/funding/fma-innovation-fund-priority-green-metals and other associated Australian Government websites.