Thermal storage co RayGen pockets USD 32m in growth capital

Australian solar and thermal storage technology provider RayGen Resources Pty Ltd on Monday said it has received AUD 50 million (USD 32.2m/EUR 30.3m) in a funding round that will help it expand its manufacturing and scale up the delivery of its projects.

RayGen has developed a technology that combines concentrated solar power with thermal water-based storage that transforms by-product heat from solar generation to on-demand electricity. The company makes its solar modules in its home state of Victoria, where it is commissioning a 170-MW factory.

Some AUD 30 million of the fresh proceeds came from US offshore oil drilling giant SLB, which is already among its backers. The follow-on investment was made in a Series-D capital placement, with the raised funds to be earmarked for “expanding manufacturing, securing the supply chain and increasing automation for rapid project delivery.”

Alongside the financing, SLB has signed a strategic deployment agreement (SDA) that will facilitate RayGen’s path to market, including overseas, by providing international sales and engineering support to the Aussie firm.

Additionally, Breakthrough Victoria, the state-owned venture capital fund led by former Victoria premier John Brumby, has injected AUD 20 million into RayGen to support the technology company’s market growth. With the move, it has joined RayGen’s existing investors Equinor Ventures, AGL Energy, Photon Energy, Chevron Technology Ventures and the Australian Renewable Energy Agency (ARENA).

RayGen has been running a test facility in Carwarp, Victoria, since 2015, consisting of 4 MW solar and 3 MW/50 MWh of storage. According to the company, this is the largest operating next-generation thermal hydro long-duration energy storage site globally.

(AUD 1.0 = USD 0.644/EUR 0.605)

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