The funding includes strategic investments and partnerships with AGL, Photon Energy, Schlumberger, and Chevron in addition to the private grant funding by the Australian Renewable Energy Agency (ARENA).
This funding would bring about the world’s first dispatchable ‘solar hydro’ power plant to be built in Victoria with an estimated completion time of 12 months. With construction underway, the thermal plant will add 4MW of solar and 3MW / 50MWh (17 hours) of storage to the West Murray grid.
Currently, construction has begun on a first of a kind ‘solar hydro’ power plant with 4 MW of solar PV generation and 3 MW / 50 MWh (equivalent to 17 hours) of dispatchable storage capacity at Carwarp in Victoria’s north-west.
RayGen’s newly raised capital will also support the new manufacturing facility, expanding its existing capacity from 25MW to 125MW.
The funds will allow the company to bring a pipeline of 1GWh+ projects to financial close, located both in Australia and internationally.
The RayGen brand, website and strategic assets were the results of a fruitful partnership with Mo Works Creative Agency based in Docklands, Melbourne. The team at Mo Works continuously support RayGen as they develop groundbreaking technology for a sustainable future.
The successful Series C raise by RayGen has “changed our perception as an agency towards energy companies and what we can do for them to empower them to create a better future for all”, Mo Hamdouna, Founder and Managing Director of Mo Works said.
Mo Works would like to congratulate the RayGen team on this exciting milestone.
“I am very proud of the Mo Works team and their contribution to this capital raise campaign by developing the brand direction, shaping its story and equipping them with the right assets to help RayGen SHINE.”
Take a look at what we did:
See the official media release by RayGen here