Battery-powered cranes lead business shift from diesel amid fuel price surge

The global energy landscape is rapidly shifting away from diesel as businesses grapple with soaring fuel prices, intensified by geopolitical tensions including the war in Iran. This economic pressure is accelerating the adoption of renewable energy solutions.

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It is rapidly, thanks to [US President Donald] Trump's war on Iran, coming up the learning curve.

Financial data reveals a significant surge in business loans for green investments. Australia's NAB, the country's largest business lender, reported that the uptake of loans for green equipment between March and May this year nearly doubled compared to the same period in 2023. Electric vehicles now represent about half of all assets financed through NAB's green program, reflecting a strategic move by companies to reduce their vulnerability to volatile fuel prices and supply chain disruptions.

Companies are actively seeking ways to slash operational costs. Melbourne-based construction firm Hamilton Marino Builders has transitioned its cranes from diesel to battery-powered units. Project director Chris Madden explained that a single battery unit can power three cranes daily, offering substantial savings. "Once we get through a two-year project, the battery unit itself is effectively paid off versus using a diesel generator and using fossil fuels," Madden stated.

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We can run three cranes off one [battery] unit in a day.

This shift to battery power is yielding significant cost reductions. Madden estimates savings between 20 to 30 percent compared to diesel costs, given current oil prices. Tim Buckley, founder of Climate Energy Finance, believes that the price of imported diesel, oil, and aviation fuel will remain elevated in the medium to long term, further incentivizing this transition.

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Once we get through a two-year project, the battery unit itself is effectively paid off versus using a diesel generator and using fossil fuels.

The broader construction industry is showing early signs of moving away from diesel, according to the Green Building Council. Chief executive Davina Rooney noted that leading Australian projects demonstrate that lower-emission construction is not only feasible but increasingly practical, signaling a wider industry trend toward sustainable practices.

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That electricity from the network, in comparison to diesel costs, it could be saving us between 20 to 30 per cent given current oil prices.