It’s taken 12 months, but solar power startup Raygen Resources finally bagged another $75 million for its Series D

Victorian solar and thermal storage scaleup RayGen has finally completed its Series D raise after 12 months, tapping out with $127 million in total.

The total comes 12 months after the Series D kicked off with a $51 million announcement – $20m from Breakthrough Victoria and a $31m follow-on and lead investment from NYSE-listed SLB.

Bringing the additional funding to the table are existing backers Equinor Ventures, AGL Energy, Photon Energy Group and the federal government’s renewable energy investment agency, ARENA, joined by Quanta Services and Oxy Technology Ventures.

ARENA topped up with a further $17m, following on from a $10 million funding agreement announced last year.

RayGen was founded in 2010 to develop the world’s lowest-cost, highest-efficiency solar technology. It has two working projects in Victoria, and others in development including a 150MW site South Australia and also a 250MW project in South Africa with Photon Energy.

Alongside the decade-old Newbridge test facility, the company’s flagship asset at Carwarp  is one of the world’s largest operating next-generation long duration energy storage projects and, can deliver 17 hours of continuous power to the grid in north-west Victoria under an offtake agreement with AGL.

The RayGen system uses mirrors to concentrate sunlight onto Australian-made solar modules. The heat is also captured from the modules and stored in water reservoirs for on-demand electricity dispatch via a synchronous engine.  Last year, the company opened Australia’s largest renewable energy manufacturing facility, a 170MW per annum solar module production line in Melbourne.

RayGen CEO Richard Payne said the renewable energy company is an Australian success story they want to take global

“Beyond their funding commitments, the calibre of our strategic investors places RayGen in an unrivalled position as we continue to drive local and international technology deployments,” he said.

“It also enables us to continue to play an important role in Australia’s energy transition and pioneer innovation to help us achieve our climate goals.

ARENA CEO Darren Miller said the solar scaleup has provided valuable insights into the practical applications of innovative energy solutions.

“RayGen’s technology represents a significant advancement in renewable energy solutions,” he said.

“Its work in solar-and-storage will have a substantial impact on the global energy landscape and ARENA is proud to have been there almost every step of the way.”