RayGen raises $127 million in Series D

Solar and hydro thermal energy startup RayGen Resources has announced the close of a Series D funding round worth $127 million, led by a follow-on investment from US oil and gas services company SLB.

In a statement on Thursday, the company said the $31 million investment from SLB was in addition with the execution of a previously agreed joint Strategic Deployment Agreement (SDA) with the investor to accelerate RayGen’s path into the global market.

Other investors in the round included The Australian Renewable Energy Agency (ARENA, with $17 million), AGL Energy, and Photon Energy Group.

RayGen was established in 2010 and its solution combines non-polysilicon-based solar PV panels and thermal water-based energy generation and storage, with a claimed “70 per cent round-trip efficiency, which is significantly higher than other electro-thermal storage technologies on the market.”

RayGen CEO Richard Payne (pictured) said in a statement, “This is already an Australian success story; our mission now is to deploy this technology to the world.

“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.”

RayGen operates what it says is the country’s largest renewable energy manufacturing facility. According to its website, the 170 megawatt per annum solar module line will employ 30 staff when it reaches full production.

The statement on Thursday added that a development application has been submitted in partnership with Photon Energy for a 150 megawatt project at Yadnarie in South Australia.

RayGen has two projects online in Victoria, including its flagship tech demonstration installation at Carwarp and another at Newbridge. 

The Carwarp site, south of Mildura, boasts 4 megawatt solar and 2.8 megawatt / 50 megawatt hour storage, according to the company’s website.

“Four solar towers each generate 1MW of electricity and 2MW of heat,” RayGen’s description reads. 

“Two 17,000m3 water pits store enough thermal energy to drive a 2.8MW ORC turbine for 17 hours (50MWh).”

Photon Energy has also announced development of a 250 megawatt project with RayGen in South Africa.

Picture: credit RayGen

Further reading

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RayGen to scale up manufacturing after $51 million raise

RayGen Resources opens new site, gets $10 million ARENA funding