Birth of a new Silicon Valley

High hopes for Geelong hi-tech

GEELONG has the potential to be “Australia’s Silicon Valley”, triple Tour de France winner Greg LeMond says.

The American entrepreneur sealed an almost $58 million deal with Deakin University yesterday at an official ceremony in Waurn Ponds for the intellectual property covering its carbon fibre breakthrough.

Mr LeMond said the technology developed at Carbon Nexus would enable carbon fibre to be manufactured using up to 75 per cent less energy — making the process faster and cheaper.

“This is world-leading research, this really has the potential to turn Geelong into Australia’s Silicon Valley,” he said.

“The carbon fibre produced here isn’t just limited to bikes.

“I like to call it the ‘democratisation’ of carbon fibre.

“It’s an expensive product considering the development of a carbon fibre manufacturing plant in Geelong, with the potential investment of more than $30 million in construction and equipment, creating dozens of jobs.

State Industry Minister Wade Noonan said the Deakin-LeMond announcement would “help inform the State Government’s advanced manufacturing statement.”

“This partnership is a game changer — setting a new path for carbon fibre manufacturing to create jobs and reduce energy costs,” he said.

City of Greater Geelong administrator chairwoman Kathy Alexander said LeMond Composites’ investment demonstrated the benefits of having a respected university in the region.

“We’re pleased to be involved in a collaborative effort with Deakin University and G21 to identify and progress large-scale economic growth opportunities for our region,” Dr Alexander said.