RayGen Secures $127M Series D For Solar-Tech Growth

RayGen Resources announced  the close of its record-breaking A$127 million Series D funding round, ranking as one of Australia's largest capital raisings in clean energy technology. The round, led by SLB in its follow-on A$31 million investment, saw strong participation from both international energy majors and public sector participants. This flow of capital will propel the global growth of RayGen's world-leading solar-thermal hydro storage technology, helping to solve one of the energy transition's greatest challenges: long-duration energy storage.

The funding round demonstrates increasing faith in RayGen's homegrown technology, which integrates concentrated solar power with thermal storage using water to provide clean, reliable, and flexible energy. This hybrid solution makes RayGen's system an effective answer to the intermittency challenge posed by conventional renewable energy technologies like wind and solar.

RayGen CEO Richard Payne thanked and was optimistic regarding the future of the company, describing the investment as a validation of RayGen's vision and a testament to the hard work of its team. He highlighted that the backing from elite strategic investors not only brings funds but also bolsters RayGen's ability to scale worldwide.

One of the most important results of the raise is the Strategic Deployment Agreement (SDA) between RayGen and SLB. The agreement is aimed at expanding RayGen's technology globally. Irlan Amir, Vice President of Renewables & Energy Efficiency at SLB, emphasized the importance of this collaboration, highlighting that RayGen's technology has the potential to revolutionize the energy sector by providing clean and flexible power to solve the problem of intermittency of renewables.

The Series D funding introduced some new high-profile investors, such as Quanta Services, Oxy Technology Ventures, and Breakthrough Victoria. Existing investors like Equinor Ventures, AGL Energy, and Photon Energy Group also deepened their stakes, showing their long-term belief in RayGen's vision. The Australian Renewable Energy Agency (ARENA) also put in A$17 million in this round, following its initial A$10 million investment.

ARENA CEO Darren Miller has characterized RayGen's innovation as a breakthrough for renewable energy in Australia, as a true reflection of the country's technological expertise. He underscored the potential of the system to be at the forefront of decarbonizing the energy grid while ensuring reliability and resilience.

RayGen's lead solar-thermal project, located at Carwarp in Victoria, has already commenced operating and providing power to AGL customers through a power purchase deal. AGL Chief Operating Officer Markus Brokhof welcomed the success of the project, mentioning that the facility at Carwarp is continuously supplying energy and proving that the technology from RayGen has potential to be one of the possible solutions to overcoming the long-duration storage issue.

Aside from its success at Carwarp, RayGen is growing fast, with new projects in South Australia and South Africa under way through its partnership with Photon Energy. The company also has Australia's largest renewable energy manufacturing plant in Melbourne, including a 170MW solar module production line, further enabling it to scale up deployment cost-effectively.

Katherine Peachey, Equinor Ventures Head, was very supportive of RayGen, noting the potential of the company to enhance grid resilience and make a major contribution to the global energy transition. Likewise, Rod Bristow, Breakthrough Victoria CEO, said RayGen's solar and storage technologies were indicative of the future of clean energy.

With this substantial Series D funding and a powerful coalition of strategic investors, RayGen is positioned as a pivotal player in the global shift toward flexible and low-carbon energy systems. Its solar-thermal hydro technology not only bridges the gap between intermittent renewable generation and round-the-clock energy supply but also offers a scalable model for countries seeking to meet climate goals while ensuring energy security.

RayGen's path now is a powerful testament to Australian ingenuity making real inroads in the clean energy space, with its technology set to leave a lasting legacy on how the world produces and stores renewable energy.