The coastal city leading an entrepreneurial revolution

A global success story birthed in Wollongong

Sicona Battery Technologies is developing next generation sustainable battery tech that increases energy density of Lithium-ion batteries by more than 20 per cent. They have successfully raised $22 million for expansion, made strides in the US market, as well as announced their recent $15 million landmark strategic and licensing agreement with Himadri Specialty Chemical Ltd in India to commercialise their flagship Silicon Carbon anode material, SiCx®. It was supported in its early days by iAccelerate.

“Being located at the iAccelerate innovation hub in Wollongong provided Sicona with a dynamic environment that offered more than just a physical space,” says Christiaan Jordaan, founder and CEO.

That included critical mentorship and strategic guidance within a supportive local ecosystem that enabled natural early-stage networking, helping Sicona build partnerships that accelerated its transition from a start-up to a globally competitive company.

Now, Sicona is looking abroad, with plans to extend its market reach across the US, Europe and Asia.

“The company aims to establish itself as a leader in sustainable battery technology worldwide,” says Jordaan.

Transforming fintech from Wollongong’s heart

Paul Mitchell, CEO of MitchCap, established his equipment finance company in Wollongong in 2018, with his first office space in the UOW Innovation Space. Now, it’s one of the region’s biggest success stories, having raised $30 million in equity and secured over $500 million in funding facilities since their launch.

Having achieved staggering growth, Mitchell says he has no plans to leave Wollongong.

“Being based in Wollongong has never been a disadvantage compared to Sydney or Melbourne. We’re just as accessible and always within the same time zone,” he says.

“I believe our investors see us as more than just a profit-driven business… They appreciate our commitment to building a strong community and supporting initiatives across the Illawarra that matter to our team and their families.”

Wollongong, as Mitchell sees it, “just makes perfect sense” as the home of his business. The city has a thriving professional scene, a strong track record of success stories, affordable office space and a rich talent pool supported by the UOW.

The future of entrepreneurship

Wollongong has taken big steps towards supporting its growth as a thriving centre of entrepreneurship. In 2019, the city endorsed its Economic Development Strategy 2019-2029, which has already achieved 96 per cent of its 10,500 net job creation target in just five years. Lord Mayor of Wollongong Councillor Tania Brown is a proud supporter of the city’s thriving entrepreneurial scene.

“You only have to look at the incredible businesses coming out of Wollongong and taking the tech and clean-energy sectors by storm to know why the city is a good place to do business, while also balancing lifestyle,” she says.

“These start-ups are a great source of job growth in Wollongong, particularly for graduating university students who can now have a market-leading job close to home.”

Mitchell shares this vision. He remembers when he first moved to Wollongong to start his business in 2018. “Every morning at North Wollongong Train Station, I watched hundreds of professionals lining up for a three-hour round-trip commute to Sydney. These were clearly talented, engaged individuals, but the best opportunities seemed to be in Sydney,” he recalls.

“Wanting to avoid that commute myself — and believing we could offer a better work-life balance for finance professionals in the region — we set up our business right here.”

And now for MitchCap, Sicona and Wollongong at large, the sky’s the limit.

To learn more, please visit Invest Wollongong.