- $127M Series D raise led by SLB marks one of Australia’s largest clean energy tech capital rounds.
- Strategic backing from global energy players and government agencies positions RayGen for international deployment.
- Proprietary solar-thermal storage tech addresses long-duration storage needs critical to energy transition.
RayGen Resources has closed a landmark A$127 million Series D investment round, drawing strong support from global energy leaders and public sector investors. The raise, led by SLB with a A$31 million follow-on, will fast-track RayGen’s international rollout of its next-gen solar-thermal hydro storage technology.
“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,” said RayGen CEO Richard Payne.
“Beyond their funding commitments, the calibre of our strategic investors places RayGen in an unrivalled position.”
The RayGen-SLB Strategic Deployment Agreement (SDA) aims to scale the company’s technology globally. Irlan Amir, SLB Vice President of Renewables & Energy Efficiency, emphasized its transformative potential:
“We believe RayGen’s next-generation solar thermal hydro energy storage technology can provide clean and flexible energy to address the intermittency challenge of renewable energy.”
New investors in the round include Quanta Services, Oxy Technology Ventures, and Breakthrough Victoria, while existing backers such as Equinor Ventures, AGL Energy, and Photon Energy Group increased their stakes. The Australian Renewable Energy Agency (ARENA) contributed A$17 million, building on a previous A$10 million commitment.
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Darren Miller, CEO of ARENA, noted: “RayGen’s technology represents a significant advancement in renewable energy solutions… a true testament to Australian ingenuity.”
RayGen’s proprietary system combines solar concentration and water-based thermal storage to provide reliable, long-duration power. The system’s flagship project at Carwarp, Victoria, under offtake with AGL, is already operational.
Markus Brokhof, AGL Chief Operating Officer, said: “Electricity generated and stored at Carwarp is already being supplied to AGL customers. This technology could be one solution to the challenge of long duration energy storage.”
The company is scaling aggressively, with projects under development in South Australia and South Africa through its partnership with Photon Energy. RayGen also operates Australia’s largest renewable energy manufacturing facility in Melbourne, with a 170MW solar module line.
Katherine Peachey, Head of Equinor Ventures, stated: “RayGen’s innovative technology is set to play a key role in strengthening grid resilience and driving the energy transition forward.”
Rod Bristow, CEO of Breakthrough Victoria, added: “RayGen’s innovative solar and storage technology represents the future of clean energy.”
RayGen is now positioned as a key enabler in the global shift toward flexible, low-carbon energy systems—bridging the gap between renewable generation and reliable supply.
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