Breakthrough Victoria Invests in Innovative Solar Technology

Breakthrough Victoria (BV) is investing AUD$20 million in Victorian company RayGen Resources to enable the State’s transition towards clean sources of energy.

Breakthrough Victoria is an independent investment company managing the AUD$2 billion Victoria state fund.

BV said its investment in RayGen supports home grown innovation and will help the technology expand into more markets through helping to commercialise Victorian IP, enabling RayGen to continue growing and expanding while remaining in their home state.

RayGen’s innovative solar PV and thermal water-based energy storage solution is crucial to supporting the increasing penetration of intermittent renewable energy and the removal of fossil fuels-based energy.

The Victorian company’s technology achieves 70% round-trip efficiency, which is significantly higher than other electro-thermal storage technologies on the market.

RayGen uses proprietary photovoltaic solar modules that generate nearly 2,000 times more power than traditional photovoltaic systems under a concentrated beam of sunlight.

Combined with their thermal water-based storage system, which uses heat captured from water that is used to cool the modules, RayGen have developed a world leading high efficiency, low-cost long-duration energy storage solution.

RayGen’s solar technology has been operating at a test facility in Newbridge, Victoria, since 2015. Their flagship solar and storage project, which consists of 4 MW solar and 3 MW/50 MWh (17 hours) storage, is located in Carwarp, Mildura.

While most solar panels used in Australia are made overseas, RayGen manufactures their proprietary solar modules in Victoria. A new, 170 MW per annum, manufacturing facility is being commissioned in Hawthorn East.

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.

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.

“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,” said RayGen Resources CEO, Richard Payne.