Australian utility-scale solar and long-duration energy storage company RayGen Resources has closed a$127 million series D investment round—one of the largest clean energy technology capital raises in Australian history.
Global technology company SLB led the round with a$31 million follow-on investment and the execution of a RayGen-SLB Strategic Deployment Agreement(SDA),designed to accelerate the technology’s path to the global energy market.
New investors in Series D include infrastructure project delivery leader Quanta Services,Oxy Technology Ventures and,Breakthrough Victoria—a private investment company for Victoria.Equinor Ventures,AGL Energy and Photon Energy Group,alongside other existing shareholders,have also followed up their previous investments.ARENA also continued its support with an additional$17 million boost to the$10 million funding agreement announced last year.
RayGen CEO Richard Payne said,“This new funding round validates our vision,empowers us to accelerate our growth and is recognition of the outstanding effort and dedication of the RayGen team.
“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.
“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.
“This is already an Australian success story;our mission now is to deploy this technology to the world.”
RayGen’s solar-and-storage solution addresses the growing need for long-duration energy storage to balance intermittent wind and solar power in global energy systems as fossil fuel generators are decommissioned.
The RayGen system uses mirrors to concentrate sunlight onto Australian-made,highly efficient solar modules.In addition to producing electricity,heat is captured from the modules and stored in water reservoirs for on-demand electricity dispatch via a synchronous engine.
The company’s flagship asset at Carwarp,Victoria,is one of the world’s largest operating next-generation long duration energy storage projects and is under an offtake agreement with AGL.
The additional investment comes as RayGen’s modular,integrated design for hi-tech solar and thermal hydro storage is being considered for multi-GWh projects.
Partnering with Photon Energy Group,a development application has been submitted for a 150MW project at Yadnarie,on South Australia’s Eyre Peninsula.Photon Energy has also announced the development of a 250MW RayGen project in South Africa.
Last year,the company opened Australia’s largest renewable energy manufacturing facility,a 170MW per annum solar module production line in Melbourne.
