Australia, Policy, Projects, Renewables, Solar

Victoria backs solar and thermal-water energy storage research

The Victorian Government is supporting the state’s clean energy transition by investing $20 million in RayGen Resources, a company developing an innovative solar and thermal water-based energy storage solution.

According to the Victorian Government, RayGen has created photovoltaic solar modules that generate nearly 2000 times more power than traditional solar panels under concentrated sunlight.

RayGen’s solar and thermal-water energy storage system offers a high-efficiency, long-duration and scalable energy storage solution.

The Victorian company has operated a test facility in Newbridge since 2015, while its flagship solar and storage project is located in Mildura. A new manufacturing plant is also under construction in Hawthorn East.

“We’re supporting good ideas like RayGen’s energy storage solution – keeping our best and brightest minds and ideas on home soil and creating good jobs for Victorians,” Victorian Economic Growth Minister Tim Pallas said.

While most solar panels used in Australia are imported, RayGen’s modules will be locally manufactured in Victoria.

The $20 million investment comes from Breakthrough Victoria, the government’s investment firm managing the Breakthrough Victoria Fund.

It joins several strategic investors already backing RayGen, including SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures and the Australian Renewable Energy Agency.

“We are investing in RayGen Resources because they focus on what Victoria needs – sustainability, scale and local manufacturing,” Breakthrough Victoria CEO Grant Dooley said.

“Their innovative technology will help us better transition to renewable energy.”

State Energy Minister Lily D’Ambrosio highlighted the emissions reduction, lower power bills and local job creation benefits of RayGen’s solar technology.

“It’s great to see Victorian businesses taking the lead in new renewable energy technologies,” D’Ambrosio said.

RayGen CEO Richard Payne said the company is “delighted to be working with Breakthrough Victoria” as a “Victorian-born company with global ambitions for dispatchable renewable energy generation and advanced manufacturing”.

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