Monsoon Aquatics, a Bundaberg business already taking the reef to the world, will investigate spawning coral on a commercial basis thanks to a $304,058 Federal Government grant.
The company obtained funding to accelerate commercialisation through the Entrepreneurs’ Program.
Federal Member for Hinkler Keith Pitt congratulated Monsoon Aquatics on its success.
“This grant will help Monsoon Aquatics investigate spawning coral commercially and using that technology in the future to help restore the Great Barrier Reef,” Mr Pitt said.
“It’s fantastic to see this type of innovation being developed right here in Bundaberg, which will see more local jobs and a boost to the local economy.”
Monsoon Aquatics founding director Daniel Kimberley said the grant would allow for a significant expansion at the Port of Bundaberg site.
“This grant will enable us to look at spawning three key species of coral for our aquaria market and then use that information and technology to restore the reef in the future,” Mr Kimberley said.
“We want to set the standard for aquaculture research, and this will be a sustainable approach, rather than wholly relying on wild harvested coral species.”
Established in 2008 in Darwin, Monsoon Aquatics expanded to Cairns in 2017 and Bundaberg in 2019.
About 80 per cent of the live coral it sells is exported.
Minister for Industry, Science and Technology Karen Andrews said the grants supported Australian ingenuity.
“Through this program, we’re helping Australian businesses scale up operations to meet the global market, while creating job opportunities here at home,” Minister Andrews said.
Accelerating Commercialisation is part of the Australian Government’s Entrepreneurs’ Program, which has provided 519 grants worth $251 million to Australian businesses since its establishment in 2014.
Information on how to join the Entrepreneurs’ Program and apply for an Accelerating Commercialisation grant is available here.