Solar power startup Raygen generates $51 million in Series D

- April 23, 2024 2 MIN READ
RayGen Resources CEO, Richard Payne
RayGen Resources CEO Richard Payne at the renewable power company's Mildura plant
Victorian solar generation and thermal storage company RayGen has kicked off a Series D raise with $20 million from Breakthrough Victoria alongside a US$20 million (A$31m) follow-on investment from NYSE-listed SLB, as part of plans to expand offshore. 

RayGen uses proprietary photovoltaic solar modules that generate nearly 2,000 times more power than traditional photovoltaic systems under a concentrated beam of sunlight. Combined with its thermal water-based storage system, which uses heat from water used to cool the modules, RayGen has developed a high efficiency, low-cost long-duration energy storage solution.

The result means RayGen can deliver on-demand high-value electricity when other forms of renewable energy are not available.

The technology has been operating at a test facility in Newbridge, Victoria, since 2015, while RayGen’s company’s flagship project in Carwarp, Victoria, is the world’s largest operating next-generation thermal hydro long-duration energy storage project – 4MW of solar and 3 MW/50 MWh of storage, which can deliver 17 hours of continuous power to the grid in north-west Victoria.

The fresh funding will be used to supply a growing pipeline of international opportunities by expanding manufacturing, securing the supply chain and increasing automation for rapid project delivery. The company employs 85 people. 

A new, 170 MW per annum, manufacturing facility is being commissioned in Hawthorn East.

RayGen’s previous investors in 2021’s Series C, alongside SLB,include Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures and the Australian Renewable Energy Agency (ARENA).

RayGen Resources CEO, Richard Payne said the company has signed a Strategic Deployment Agreement (SDA) to accelerate the path to market, including international expansion.

“RayGen is thrilled by SLB’s extensive and deep support of our vision to accelerate the energy transition with our innovative solar and storage technology. As a world-leader in technology innovation and engineering, SLB will play an integral role in accelerating RayGen’s global impact,” he said.

“We are excited to strengthen our partnership with the SLB team across our operations as we continue to scale the business in preparation for RayGen’s expansion and deployment to global markets.”

Payne also thanked government-backed Breakthrough Victoria for its support. 

“We’re a Victorian-born company with global ambitions for dispatchable renewable energy generation and advanced manufacturing,” he said.

“Grant [Dooley, CEO of BV] and the broader team at Breakthrough Victoria are natural partners for us as we embark on our growth journey and mission to accelerate the transition to renewable energy with our innovative technology.”

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