Breakthrough Victoria invests $20m in solar tech company RayGen
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The news: The Victorian government's investment company Breakthrough Victoria will invest $20 million in Melbourne-based RayGen Resources to support the state’s transition towards clean sources of energy.
The context: RayGen has developed a high efficiency, low-cost and long-duration energy storage through photovoltaics solar modules and thermal water-based storage system.
The funds will allow RayGen to secure manufacturing capability and create additional engineering and manufacturing jobs in Victoria, as well as supporting the company’s growth in Victoria, Australia and internationally with leading domestic and international energy companies.
While most solar panels used in Australia are made overseas, RayGen manufactures its proprietary solar modules in Victoria, with a new 170 megawatt-per-annum manufacturing facility commissioned in Hawthorn East.
Breakthrough Victoria said the investment was part of its plan to help commercialise Victorian IP, and to help RayGen's growth while remaining in its home state.
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.
What they said: 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."
RayGen 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."
The source: Breakthrough Victoria media release
