The Victorian Government is supporting business growth while helping Victoria’s transition to clean energy by backing an innovative solar and thermal water-based energy storage solution.
The Minister for Economic Growth announced a $20 million investment in RayGen Resources, which has developed photovoltaic solar modules that generate nearly 2,000 times more power than traditional solar 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 has developed a high-efficiency, long-duration energy storage solution that is easily scalable.
A Victorian company, RayGen has been operating at a test facility in Newbridge since 2015 while their flagship solar and storage project is in Mildura.
While most solar panels used in Australia are made overseas, RayGen’s solar modules will be made in Victoria with a new manufacturing facility under construction in Hawthorn East.
Breakthrough Victoria is an investment company that manages the Victorian Government’s Breakthrough Victoria Fund. It joins RayGen’s existing strategic investors in SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures and the Australian Renewable Energy Agency.
The funds will allow RayGen to secure manufacturing capability and create additional engineering and manufacturing jobs in Victoria - as well as support RayGen’s growth in Victoria, Australia and internationally.
Learn about the opportunities in Victoria’s clean energy sector
