Breakthrough Victoria announced a $20 million investment in local company RayGen Resources in a bid to propel Victoria’s transition towards clean energy sources.
This investment by Breakthrough Victoria not only fosters homegrown innovation but also facilitates the expansion of RayGen’s groundbreaking technology into broader markets, as stated in a news release.
Breakthrough Victoria also said the initiative underscores its commitment to commercialising Victorian intellectual property, allowing RayGen to scale up while remaining rooted in its home state.
RayGen’s innovative solar photovoltaic (PV) and thermal water-based energy storage solution play a crucial role in supporting the integration of intermittent renewable energy sources while phasing out fossil fuel-based energy.
The technology developed by the Victorian company boasts a round-trip efficiency of 70 percent, surpassing that of other electro-thermal storage technologies available in the market by a considerable margin.
Furthermore, RayGen has developed exclusive solar modules that produce almost 2,000 times more energy than conventional systems when exposed to focused sunlight.
These modules, along with their innovative thermal water-based storage system, which harnesses heat from the water used for cooling, constitute a cutting-edge, cost-effective, and highly efficient long-term energy storage solution, positioning RayGen as a global leader in the field.
Since 2015, RayGen said its solar technology has been undergoing testing at a facility in Newbridge, Victoria.
Their flagship solar and storage project, boasting 4 MW solar capacity and 3 MW/50 MWh (17 hours) storage, is situated in Carwarp, Mildura.
Unlike most solar panels used in Australia, which are imported, RayGen said it manufactures its proprietary solar modules locally in Victoria.
In a significant move, a new manufacturing facility capable of producing 170 MW per annum is being commissioned in Hawthorn East.
Breakthrough Victoria’s investment complements RayGen’s existing strategic investors, including SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures, and the Australian Renewable Energy Agency (ARENA), all of whom participated in the company’s 2021 Series C investment round.
