Renewable energy pioneer RayGen raises $127m to take its technology to the world
Renewables pioneer RayGen Resources says the $127m Series D funding it’s raised is among the largest clean energy technology capital raisings ever in Australia.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
Renewable energy pioneer RayGen Resources has raised $127m in a Series D funding round in what it says is among the largest clean energy technology capital raises in Australia to date.
Global technology company SLB – formerly Schlumberger – led the round with a $31m follow-on investment which included a strategic deployment agreement designed to accelerate RayGen’s technology on the global market.
The raise follows a Series C raise of $55m in 2024 and brings the total funds raised by the company to about $200m.
RayGen has two operating electricity generation and storage projects in Australia. Its Carwarp demonstration plant in Victoria, which includes 4MW of electricity generation and 50MWh of storage, opened in 2022.
The company said that project is “one of the world’s largest operating next-generation, long-duration energy storage projects and is under an offtake agreement with AGL’’.
The plant in Newbridge, Victoria, has been operating since 2015, and the Yadnarie project on the Eyre Peninsula in South Australia was going through the development approval process.
That project, 7km west of Cleve, would include 150MW of solar generation, a 90MW grid connection and 720MWh of storage, equivalent to eight hours of dispatchable energy.
Yadnarie is a joint venture with Netherlands-based Photon Energy, which has announced the development of a 250MW RayGen project in South Africa.
RayGen chief executive Richard Payne said the money raised would be used to hasten the company’s development activities.
“This is already an Australian success story; our mission now is to deploy this technology to the world,’’ he said. “Fundamentally, (the new capital) is to allow us to grow and really be able to deploy into large-scale projects.’’
Some of the funds will be used to automate the manufacture of heliostats which are used to focus the sun’s rays on to a central collector module.
The company is also investing into its engineering and design processes, with the vision of being able to roll out projects in a replicable manner around the world.
The company’s business model longer term is to be an original equipment manufacturer and project designer, collaborating with large project proponents around the world.
New investors in the Series D raise include infrastructure project delivery leader Quanta Services, Oxy Technology Ventures and the Victorian government investment vehicle Breakthrough Victoria.
Equinor Ventures, AGL Energy and Photon Energy Group, alongside other existing shareholders, have also followed up their previous investments, RayGen said.
The Australian Renewable Energy Agency tipped in $17m, adding to the $10m it invested last year. ARENA chief executive Darren Miller said: “RayGen’s journey to enhance the efficiency and sustainability of renewable energy has provided valuable insights into the practical applications of innovative energy solutions and is a true testament to Australian ingenuity.”
RayGen last year opened what it said is the largest renewable energy manufacturing facility in Australia – a 170MW per annum solar module production line in Melbourne.
Originally published as Renewable energy pioneer RayGen raises $127m to take its technology to the world
Stocks tipped to rise after electronics tariff exemption
The local sharemarket is poised for a modest bounce after US tech heavyweights including Apple took a breather from punishing tariff wars.
Coles planning for a fresh squeeze on Woolworths
Coles is looking to ramp up the pressure on its main rival after recent wins, now restructuring fresh food promotions which could trigger a new fruit and veg price war.