26 March 2013 — A new funding relationship between Commonwealth Bank and Low Carbon Australia will help two companies, Radevski Coolstores and the Labelmakers Group, reduce their power bills.

Radevski Coolstores, a family owned and operated business at Shepparton East, Victoria, is undertaking a $1.15 million refrigeration upgrade for its cool rooms.

A major Goulburn Valley supplier of apples and pears to Coles supermarkets, Radevski expects to reduce its refrigeration energy bills and carbon emissions by 24 per cent, by upgrading to an ammonia-based refrigeration system for its 16 cool stores.

Meanwhile, the Labelmakers Group, Australasia’s leading supplier of label solutions, will install three new high efficiency, productivity boosting printing presses valued at $5.3 million.

The new energy efficient presses operate at twice the speed while allowing a broader range of higher-quality printed products to be manufactured.

They require half the energy to print the same number of labels as the old presses and their technology reduces set up and start up times to enable quicker job turnarounds.

Low Carbon Australia’s chief executive officer Meg McDonald said in an environment of rising energy prices and a high Australian dollar, it was essential that industry found ways to take immediate advantage of the available energy and operating cost savings from new equipment and position itself for the low carbon economy.

“Low Carbon Australia is working with Commonwealth Bank to make access to capital easier for businesses that have previously found financing these kinds of projects a hurdle,” she said.

“Since 2010, we’ve contracted investments in excess of $80 million, generating a flow of new financing and markets, making available more than $270 million in new finance for energy efficiency in the market.”

Commonwealth Bank Corporate Banking Solutions executive general manager Kelly Bayer Rosmarin said the joint funding would support energy efficiency upgrades for manufacturers and industry.