RayGen secures USD 32m for solar storage expansion

Apr 23, 2024 01:23 PM ET
  • RayGen Resources secures AUD 50 million funding to expand manufacturing and scale up project delivery, combining solar power with thermal water-based storage for on-demand electricity.

Australian thermal storage technology provider RayGen Resources Pty Ltd has secured AUD 50 million (USD 32.2m) in funding to expand manufacturing and scale up project delivery. The company's technology combines concentrated solar power with thermal water-based storage to convert solar heat into on-demand electricity. The funding round included USD 30 million from US offshore oil drilling giant SLB, a current investor, and a strategic deployment agreement was signed to support RayGen's international market expansion.

In addition to SLB's investment, Breakthrough Victoria, a state-owned venture capital fund, injected AUD 20 million into RayGen to support market growth. The company, based in Victoria, is commissioning a 170-MW factory and has been operating a test facility since 2015, making it the largest next-generation thermal hydro long-duration energy storage site globally.

What is RayGen Resources' innovative solar technology and recent funding success?

  • RayGen Resources' innovative solar technology combines concentrated solar power with thermal water-based storage to convert solar heat into on-demand electricity.
  • The company recently secured AUD 50 million (USD 32.2m) in funding to expand manufacturing and scale up project delivery.
  • USD 30 million of the funding came from US offshore oil drilling giant SLB, a current investor in RayGen.
  • A strategic deployment agreement was signed with SLB to support RayGen's international market expansion.
  • Breakthrough Victoria, a state-owned venture capital fund, also invested AUD 20 million in RayGen to support market growth.
  • RayGen is based in Victoria, Australia, and is currently commissioning a 170-MW factory.
  • The company has been operating a test facility since 2015, making it the largest next-generation thermal hydro long-duration energy storage site globally.
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