Up to $15 million per project, reducing greenhouse gas emissions, boosting local industry, creating jobs, and leveraging WA’s strategic advantages in the global energy transformation.
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What is the Investment Attraction Fund?
The Government of Western Australia has opened Round 2 of the Investment Attraction Fund (IAF) – New Energies Industries (NEI) Funding Stream.
This program aims to accelerate investment into Western Australia’s clean energy transition, supporting projects in critical minerals midstream processing, renewable hydrogen, green iron and steel, and carbon capture, utilisation and storage (CCUS).
Investment Attraction Fund level of support
- Minimum Funding: There is no set minimum, but projects must be investment-ready and significant in scale.
- Maximum Funding: Up to $15 million per project, capped at 50% of total eligible project costs.
- Payment: Grants are milestone-based, with disbursements tied to a Financial Assistance Agreement (FAA).*
- Co-contribution: Mandatory. Applicants must contribute at least 50% of eligible project costs (cash only, no in-kind).
- Evidence Required: Applicants must show secured or committed co-funding through equity, debt, or other grants.
*Applicants must accept the minimum terms of the Financial Assistance Agreement (FAA). No departures from these terms are allowed. Applicants are strongly encouraged to seek independent legal advice on the FAA prior to submission.
Investment Attraction Fund important dates
- Round 2 NEI Funding Stream will close on 4 November 2025 at 17:00 AWST.
- Register your interest with GrantHelper.
Investment Attraction Fund objectives
The NEI stream is designed to:
- Position WA as a global leader in renewable hydrogen production, critical minerals processing, low-carbon metals, and CCUS technologies.
- Enable projects that will significantly reduce emissions and strengthen WA’s decarbonisation pathways.
- Deliver economic diversification, long-term industrial development, and sustainable job creation.
- Attract and secure private investment and global partnerships, ensuring WA remains competitive in the energy transition.
Projects and expenditure eligible for Investment Attraction Fund support
Projects must be:
- Commercially investment-ready, with operations commencing within two years of executing the FAA.
- Aligned to one of the four NEI sub-sectors:
- Critical Minerals: TRL 6+; processing of minerals on the Australian Critical Minerals List.
- Renewable Hydrogen: TRL 4+; projects in production, use, transport, or export (excluding feasibility or FEED).
- Green Iron & Steel: TRL 4+; early movers showing meaningful emissions reductions.
- CCUS: TRL 5+; geological capture, utilisation, transport, or storage (excluding BECCS and nature-based solutions).
Projects must also:
- Nominate their primary WA project location (region, strategic industrial area, or precinct).
- Confirm whether they intend to establish or relocate their headquarters to WA, which can strengthen their case.
- Identify and provide details on required regulatory approvals, with expected approval timelines.
Ineligible Expenditures
Not eligible for IAF funding or co-contribution:
- In-kind contributions.
- Related-party costs.
- Pre-project costs (incurred before the program start date).
- Activities outside WA.
- Feasibility, proof-of-concept, or pilot trials.
- Ongoing operating expenses.
- Regulatory costs, fees, fines, and penalties.
Other Investment Attraction Fund important details that you will need to know
Organisations eligible for Investment Attraction Fund support
Applicants must:
- Hold an ABN (or be eligible to obtain one).
- Be a legally constituted entity with a proven trading history and three years of audited financials.
- Provide a detailed business plan with evidence of technical, managerial, and financial capability.
- Confirm their organisation is solvent, not under administration, and with tax obligations up to date.
- Partnerships are eligible, provided a Primary Applicant leads, supported by a signed contract with partner(s) outlining contributions and responsibilities
Applicants must also confirm that their organisation is:
- Solvent and not under external administration.
- With all Commonwealth and State tax lodgements up to date.
- Free from conflicts of interest with WA Government officers.
- Without any criminal convictions or regulatory penalties for directors or owners in the past three years.
See the guidelines for full details of organisational requirements.
Investment Attraction Fund assessment criteria
Applications are assessed against weighted criteria:
1. Decarbonisation Impact (15%):
- Measurable and evidenced greenhouse gas reductions (including units, baselines, and methodology).
2. Co-investment (10%):
- Demonstrated cash co-funding by applicant and partners, secured or pending.
3. Job Creation (10%):
- Direct new full-time equivalent (FTE) jobs in WA, plus evidence of indirect jobs (contractors, subcontractors, supply chain) and workforce development initiatives.
4. Economic Benefits (15%):
- Broader benefits to WA, including exports, diversification, support for SMEs, and supply chain growth.
- Leveraging strategic industrial areas, precincts, or regional locations.
5. Timely Delivery (5%)
- Ability to commence operations within two years of executing the FAA.
6. Additionality (15%)
- Evidence that the project proceeds sooner, larger, or at all due to IAF support; demonstration of contestability against other jurisdictions.
7. Investment Readiness (20%)
- Business plan, approvals pathway, financing, partner commitments, governance, TRL substantiation, and risk management.
8. Other Co-contributions (5%)
- Demonstrated support from Commonwealth, industry partners, or third parties.
9. Location Leverage (5%)
- Benefits tied to WA strategic hubs or regional development.
How do I get the Investment Attraction Fund?
Applicants must:
- Read and understand the guidelines.
- Ensure eligibility for the funding. Applicants that do not meet all the eligibility criteria will not be considered.
- Deliver the project/s as outlined in the application.
- Provide complete information requirements.
Applicants should demonstrate alignment with WA’s Diversify WA strategy and highlight how their project supports at least one cross-sector enabler, such as:
- Infrastructure and project-ready land
- Skilled workforce
- Advanced manufacturing
- Science, innovation and technology
- ESG frameworks
- Policy and regulatory frameworks.
In addition to direct job creation, applicants should detail indirect employment benefits, such as contractors, subcontractors, and supply-chain engagement, as well as training, upskilling, and workforce development opportunities.
Information to prepare for the Investment Attraction Fund application
Applicants must prepare and submit the following documentation:
- Business Plan (mandatory) with detailed project information and capability evidence.
- Audited financial statements for the last three years (FY22–FY24; FY25 if available), including all core statements signed by a registered auditor.
- TRL substantiation confirming the project meets the minimum technology readiness level for its subsector.
- Project timeline demonstrating commencement within two years of executing the FAA.
- Evidence of secured or pending co-investment (cash only – equity, debt, capital raised, or partner/Commonwealth support).
- Risk assessment and mitigation strategy.
- Governance documentation and board or senior management commitment.
- Market and competitor analysis.
- Job creation plan detailing direct new FTEs (with salary and category breakdowns) and indirect jobs (contractors, subcontractors, supply chain).
- Supply chain engagement strategy, including opportunities for WA small and medium enterprises (SMEs).
- Tax compliance statements, including current Income Tax Account and Integrated Client Account statements.
- Financial evidence, such as capital raising history, debt facilities, and management accounts where applicable.
- Trade creditors and debtors ageing reports.
- Details of any restricted cash on hand.
Applicants must also prepare:
- A set of Key Performance Indicators (KPIs) to measure project success, structured under the SMART framework (Specific, Measurable, Assignable, Relevant, Time-bound).
- A suggested milestone payment schedule to accompany the FAA.
See the guidelines and application form for full details of information requirements.
Applying for the Investment Attraction Fund
Applications are submitted via the IAF SmartyGrants portal.
Register your interest with GrantHelper to explore your alignment with this grant and how we can assist you to increase your chances of success.
Investment Attraction Fund resources
- Invest and Trade Western Australia
- Investment Attraction Fund application information
- New Energies Industries Funding Stream application information
- Funding recipients
- Register your interest
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