RayGen raises $80.38m in series D investment round

Technology company SLB led this round’s investors.

Australian utility-scale solar and long-duration energy storage company RayGen Resources has closed its latest round of fundraising, with investors committing $80.38m (AU$127m) to the company.

In a statement,  RayGen said SLB led the round with its $19.62m (AU$31m) follow-on investment and the execution of a RayGen-SLB Strategic Deployment Agreement designed to accelerate the technology’s path to the global energy market.  

New investors in Series D include infrastructure project delivery leader Quanta Services, Oxy Technology Ventures and, as previously announced, Breakthrough Victoria, a private investment company for Victoria.

Equinor Ventures, AGL Energy and Photon Energy Group, alongside other existing shareholders, have also followed up on their previous investments. The Australian Renewable Energy Agency, meanwhile, added a $10.76m (AU$17m) boost to its $6.33m (AU$10m) funding agreement announced last year.

RayGen’s flagship asset at Carwarp, Victoria, is one of the world’s largest operating long-duration energy storage projects and is under an offtake agreement with AGL.

It also partnered with Photon Energy Group for a 150-megawatt (MW) project at Yadnarie, on South Australia’s Eyre Peninsula. The latter will also develop a 250 MW RayGen project in South Africa.

Last year, the company opened Australia’s largest renewable energy manufacturing facility, a 170MW per annum solar module production line in Melbourne.