Media release: RayGen launches Series D with US$20m SLB follow on

22 Apr, 2024

RayGen and SLB also sign a Strategic Deployment Agreement, accelerating RayGen’s international expansion to support the global energy transition.

Apr 22, 2024 – Australian solar-and-storage technology company RayGen today welcomed a US$20 million (A$30 million) follow-on investment from global technology company SLB (NYSE:SLB) to launch the company’s Series D Capital Raise.

Further, the companies are proud to announce the execution of a Strategic Deployment Agreement (SDA) that will accelerate RayGen’s path to market, including international expansion beyond Australia.

Increased deployment of wind and solar resources in electricity grids worldwide is driving the need for long-duration energy storage. RayGen’s integrated technology transforms by-product heat from solar generation to on-demand high-value electricity when other forms of renewable energy are not available.

The company’s flagship project in Carwarp, Victoria, is the world’s largest operating next-generation thermal hydro long-duration energy storage project, capable of delivering 17 hours of continuous power to the electricity grid in north-west Victoria.

Funds from RayGen’s Capital Raise will be primarily used to enhance RayGen’s capabilities to deliver a growing pipeline of international opportunities by expanding manufacturing, securing the supply chain and increasing automation for rapid project delivery.

Under the SDA, SLB will accelerate the commercialisation and deployment of RayGen’s technology with international sales and engineering support to expand the pipeline of projects, manufacturing capacity and vendor network.

SLB is a global technology company with a footprint extending across more than 100 countries and employees representing almost twice as many nationalities. Its New Energy business focuses on fostering global scale deployment of technology for industrial decarbonization and clean energy generation.

RayGen and SLB have been working together since 2021, with SLB also investing in RayGen’s Series C Capital Raise.

Quote from RayGen Chief Executive Officer Richard Payne

“RayGen is thrilled by SLB’s extensive and deep support of our vision to accelerate the energy transition with our innovative solar and storage technology. As a world-leader in technology innovation and engineering, SLB will play an integral role in accelerating RayGen’s global impact. We are excited to strengthen our partnership with the SLB team across our operations as we continue to scale the business in preparation for RayGen’s expansion and deployment to global markets”.

About RayGen

RayGen Resources Pty. Ltd. is an Australian technology company backed by investment from Equinor, AGL Energy, Photon Energy Group, SLB, Chevron Technology Ventures and the Australian Renewable Energy Agency (ARENA). RayGen’s hi-tech solar and thermal storage solution is designed and manufactured in Melbourne, Australia and protected by six patent families. RayGen has an experienced team of over 85 staff.

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