Investment in Innovative Renewable Energy Technology

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 per cent 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.