- RayGen secures over $51 million in new funding to accelerate the commercialization and deployment of its concentrated PV and thermal hydro long-duration energy storage technology
- Funding includes investments from global oilfield services giant SLB and state government-backed independent investment fund manager Breakthrough Victoria
- Funds will be used to expand solar cell manufacturing capacity, secure the supply chain, and increase automation for rapid project delivery
- RayGen’s technology integrates concentrating solar generation with thermal hydro long-duration energy storage, capable of delivering 17 hours of continuous power
- Strategic deployment agreement with SLB will accelerate RayGen’s path to market and international expansion, with projects planned in South Australia and Eyre Peninsula
RayGen Secures Funding for Accelerating ‘Solar Hydro’ Technology
RayGen, an Australian solar and storage technology firm, has recently announced a significant milestone in its journey towards revolutionizing the energy sector. With a fresh injection of over $51 million in funding, the company is poised to fast-track the commercialization and deployment of its innovative concentrated PV and thermal hydro long-duration energy storage technology.
Partnership with SLB and Breakthrough Victoria
In a strategic move, RayGen has attracted investment from global oilfield services giant SLB, with a substantial contribution of more than $31 million. Additionally, Breakthrough Victoria, a state government-backed independent investment fund manager, has pledged $20 million towards supporting the further development of RayGen’s groundbreaking ‘solar hydro’ technology.
The Series D capital raise will be instrumental in expanding RayGen’s solar cell manufacturing capacity, with a new facility currently under construction in Hawthorn East, Melbourne. This investment will also focus on securing the supply chain and enhancing automation to facilitate rapid project delivery of the company’s integrated solar and storage technology.
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Advancing Solar Hydro Technology
RayGen’s ‘solar hydro’ technology combines concentrating PV generation with long-duration electro-thermal energy storage. The system incorporates two water reservoirs—one hot and one cold—leveraging the temperature differential to generate dispatchable electricity through organic Rankine cycle (ORC) turbines.
The company’s inaugural commercial facility, located in Carwarp, Victoria, boasts a 4 MW solar plant supported by 2.8 MW of long-duration storage. This cutting-edge project is recognized as the world’s largest operating next-generation thermal hydro long-duration energy storage facility, capable of providing 17 hours of continuous power to the grid.
Global Expansion and Future Projects
RayGen’s strategic deployment agreement with SLB, formerly Schlumberger, signifies a significant milestone in the company’s international expansion efforts. The partnership is expected to accelerate RayGen’s market presence beyond Australia, with a focus on scaling up projects, manufacturing capacity, and vendor network.
CEO Richard Payne emphasized the importance of collaboration with SLB in driving global impact and propelling RayGen towards its vision of dispatchable renewable energy generation and advanced manufacturing. The company’s technology aligns with the increasing demand for long-duration energy storage driven by the rise of wind and solar resources in electricity grids worldwide.
RayGen’s collaboration with energy major AGL on a solar-plus-thermal storage plant at the former Liddell power station site in New South Wales highlights the versatility and scalability of its technology. The company’s focus on South Australia for its next deployment, particularly in partnership with Dutch company Photon Energy on the proposed Yadnarie project, underscores the growing interest in RayGen’s innovative solutions.
RayGen’s recent funding milestone and strategic partnerships underscore its commitment to advancing ‘solar hydro’ technology and shaping the future of sustainable energy generation. With a focus on innovation, collaboration, and global expansion, RayGen is poised to make a significant impact in the transition towards a zero-carbon grid.
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