Australian company RayGen has raised A$127 million in a Series D funding round to support its solar and energy storage technology. The funding comes from a mix of new and existing investors.
Leading the round was global energy technology company SLB, which invested A$31 million. SLB also signed a new agreement with RayGen to help speed up the rollout of RayGen’s technology around the world, according to a company news release.
Other investors include existing backers like Equinor Ventures, AGL Energy, Photo Energy Group and the Australian Renewable Energy Agency. New investors include Quanta Services, Oxy Technology and Breakthrough Victoria.
RayGen’s technology combines solar power generation with long-duration energy storage — a key component of managing renewable energy as the world moves away from fossil fuels. The system uses mirrors to concentrate sunlight onto special solar modules, generating both electricity and heat. The heat is stored in water reservoirs and later used to produce electricity when needed.
RayGen CEO Richard Payne said in a statement that the funding will help the company grow faster and continue its mission to support Australia’s clean energy future.
“This new funding round validates our vision, empowers us to accelerate our growth and is recognition of the outstanding effort and dedication of the RayGen team,” Payne said.
