Independent investment company Breakthrough Victoria is investing $20 million in renewable energy storage firm RayGen Resources to enable the state’s transition towards clean sources of energy.
RayGen’s innovative solar PV and thermal water-based energy storage solution is crucial to supporting the increasing penetration of intermittent renewable energy and the removal of fossil fuels-based energy. Its technology achieves 70% round-trip efficiency, which is significantly higher than other electro-thermal storage technologies on the market.
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RayGen uses proprietary photovoltaic solar modules that generate nearly 2,000 times more power than traditional photovoltaic systems under a concentrated beam of sunlight. Combined with their thermal water-based storage system, which uses heat captured from water that is used to cool the modules, RayGen has developed a world-leading, high- efficiency, low-cost long-duration energy storage solution.
RayGen’s solar technology has been operating at a test facility in Newbridge, Victoria, since 2015. Its flagship solar and storage project, which consists of 4MW solar and 3MW/50MWh (17 hours) storage, is located in Carwarp, Mildura.
RayGen also manufactures its proprietary solar modules in Victoria. A new, 170MW per annum manufacturing facility is being commissioned in Hawthorn East.
Breakthrough Victoria joins RayGen’s existing strategic investors SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures and the Australian Renewable Energy Agency (ARENA), who participated in the company’s 2021 Series C investment round.
Breakthrough Victoria CEO Grant Dooley said, “We are investing in RayGen Resources because they focus on what Victoria needs—sustainability, scale and local manufacturing. Their innovative energy storage technology will help us better transition to renewable energy.”
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RayGen Resources CEO Richard Payne said, “We’re delighted to be working with Breakthrough Victoria. We’re a Victorian-born company with global ambitions for dispatchable renewable energy generation and advanced manufacturing. Grant and the broader team at Breakthrough Victoria are natural partners for us as we embark on our growth journey and mission to accelerate the transition to renewable energy with our innovative technology.“
