RayGen, a solar-and-storage technology company headquartered in Melbourne, has achieved a significant milestone by securing over $50 million in a Series D round. This major investment, supported by US-based technology group SLB and Breakthrough Victoria, aims to enhance the company’s local manufacturing operations and capitalize on expanding international opportunities.
SLB, a prominent player in the oil and gas industry that has expanded into new energy technology solutions, has invested $20 million in the Series D round, following its initial involvement in the Series C round in 2021. Additionally, Breakthrough Victoria has contributed $20 million to the latest round, supplementing the participation of existing investors such as Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures, and the Australian Renewable Energy Agency (ARENA).
The injected funds will be used to streamline RayGen’s path to market, with Breakthrough Victoria explicitly supporting the preservation of the company’s manufacturing base within the state. RayGen’s standout offerings include long-duration energy storage solutions through an innovative technology model that utilizes residual heat from solar generation to deliver on-demand electricity.
RayGen’s flagship project in Carwarp is currently the world’s largest and most advanced next-generation thermal hydro long-duration energy storage project, providing a continuous 17-hour power supply to the electricity grid in north-west Victoria. Additionally, the company has been operating a solar technology testing facility in Newbridge, central Victoria since 2015.
What sets RayGen’s technology apart are its claims of achieving an impressive 70 per cent round-trip efficiency, a notable leap compared to other electro-thermal storage technologies available in the market. The latest capital infusion aims to capitalize on an expanding international project pipeline, enhance manufacturing capacities, fortify supply chains, and bolster automation to expedite project deliveries.
In a recently revealed strategic deployment agreement, SLB has committed to extending pivotal support for RayGen, accelerating commercialization efforts and technology deployment through international sales and engineering backing. With SLB involved in over 100 countries, the partnership is specifically targeted at fostering global-scale deployment of technology for industrial decarbonization and clean energy generation.
Richard Payne, CEO of RayGen, expressed his elation at the significant support from SLB for their vision of expediting the energy transition with innovative solar and storage technology. Meanwhile, Breakthrough Victoria has explicitly stated that RayGen’s unique energy storage solutions are crucial in facilitating the surge of intermittent renewable energy and expediting the eradication of fossil fuels-based energy.
This major investment marks an exciting time for RayGen as they aim to secure increased manufacturing capabilities, create jobs in Victoria, and deepen engagements with leading energy corporations across the globe. Victorian Minister for Energy and Resources, Lily D’Ambrosio, has also voiced her support for the initiative, lauding the move to reduce emissions, drive down power costs, and stimulate the creation of skilled local jobs.
In conclusion, RayGen’s recent success in securing funds is a testament to the company’s strategic vision, innovative prowess, and the growing demand for sustainable energy solutions globally. The company’s focus on local manufacturing and ambitious growth trajectory signifies a promising future for renewable energy technology.
For any further queries or additional details, please do not hesitate to contact RayGen’s media spokesperson.
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