A $20m ray of light for energy startup RayGen

Max Rattray

Breakthrough Victoria has invested $20 million into local energy startup RayGen Resources to drive the state’s energy transition and boost local manufacturing in the renewables sector.

RayGen uses an innovative solar PV and thermal water-based energy storage system – designed and manufactured in Victoria – to support the increased penetration of intermittent renewable energy, and ultimately the removal of fossil fuels.

“We are investing in RayGen Resources because they focus on what Victoria needs – sustainability, scale and local manufacturing, said Breakthrough Victoria chief executive Grant Dooley.

“Their innovative energy storage technology will help us better transition to renewable energy.”

The Victorian company’s technology achieves 70 per cent round-trip efficiency, which is significantly higher than other electro-thermal storage technologies on the market.

The RayGen technology uses proprietary photovoltaic solar modules that can generate nearly 2,000 times more power than traditional photovoltaic systems under a concentrated beam of reflected sunlight.

Combined with its thermal water-based storage system, which uses heat captured from water that is used to cool the modules, the company has developed a high efficiency, low-cost, long-duration energy storage solution.

RayGen has been been operating at a test facility of its technology at Newbridge in Victoria, since 2015, with it is flagship solar and storage project locate at Mildura consisting of 4MW solar and 17 hours of storage.

The company manufactures its solar modules in Australia, with a new manufacturing facility being commissioned in Melbourne that will produce 170MW per annum.

Victorian treasurer Tim Pallas said that investing in home-grown companies like RayGen helped to keep “our best and brightest minds and ideas on home soil and creating good jobs” for the state.

Breakthrough Victoria’s $20 million investment joins with existing RayGen investors including SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures and the Australian Renewable Energy Agency (ARENA), which participated in the company’s 2021 Series C investment round.

The funds enable RayGen to boost its manufacturing capability and create additional engineering and manufacturing jobs in Victoria, and support the company’s growth in domestic and international markets.

Do you know more? Contact James Riley via Email.

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