Australian Industry Minister Ian Macfarlane said Revetec would receive more than $1 million through the Commercial Ready program to help bring the product to market.

"This is a fantastic development and exactly the type of innovation this program is designed to support," Mr Macfarlane said.

"On top of this, it's great to see that even in the sport and recreation area, Australia’s innovators are looking at ways to reduce emissions."

Mr Macfarlane said the proposed 2.4 litre combustion engine will use unleaded and JP8 fuel with an output in excess of 82 kw and 262 Newton metres (Nm) while being 25 per cent more efficient.

Its main competitor is a 2.2 litre engine with less power output. [Contact: Revetec Holdings Ltd, Mr C Chan 07 5531 6059]

Revetec is one of eight Queensland companies sharing in $1.8 million through the January 2007 round of Commercial Ready and Commercialising Emerging Technologies (COMET) funding, including:

• MTG Products Pty Ltd, of Gold Coast, Qld – $64,000 COMET grant to help commercialise a video-streaming product that allows users to broadcast live to multiple parties, using a mobile phone or PC, regardless of the viewer's network or device. [Contact: Mike Taylor 07 5553 6464]

• Vicmarc Machinery Pty Ltd, of Brisbane - $433,979 Commercial Ready grant to commercialise its innovative woodturning lathe capable of turning the smallest of pen barrels to work pieces 2.3m in diameter and 1.3m long. [Contact: Darren Morris 07 3856 5831]

• SMS Feedback Pty Ltd, of Brisbane - $64,000 COMET grant to commercialise its customer-to-business voice communication application called txtCALLING, which enables "click to call" via a mobile network nationally and internationally. [Contact Robert Hinds 0400 308 809]

View a list of the latest Commercial Ready grants.
View a list of the latest COMET grants.

Contact: Lisa Chalk, Minister's Office, 02 6277 7580 or 0409 476 619
             Warren Ludski, AusIndustry, 0419 271 132