RayGen
Overview
RayGen is an innovative Australian clean technology company specializing in solar energy and long-duration storage solutions. Founded in 2010 by Dr. John Lasich, RayGen aims to provide integrated solar and storage technologies that capture nearly all the sun's energy as electricity and heat. Based in Hawthorn East, Victoria, RayGen has raised approximately AU$127 million (USD$79.8 million) in a Series D funding round, one of the largest in Australian clean energy tech, to further its ambitious global expansion plans.
Recent Developments
-
April 2025: RayGen completed its Series D funding round, securing a total of AU$127 million. The investment round, led by SLB (formerly Schlumberger) and Breakthrough Victoria, aims to expand RayGen's manufacturing and technology deployment both locally and internationally.
-
2024: The company received AU$20 million from Breakthrough Victoria and AU$30 million from SLB, indicating robust support for its renewable technologies which include high-efficiency solar PV and thermal hydro storage solutions.
-
April 2024: Photon Energy Group announced plans for a significant expansion of RayGen's Solar Hydro technology in South Africa, underscoring RayGen's global reach and technology scalability.
-
April 2024: RayGen's technology was featured in a report by the Australian Renewable Energy Agency, highlighting its role in advancing energy storage capability which is crucial for renewable energy integration.
-
April 2024: RayGen received investments from notable players like AGL Energy, Photon Energy, and Chevron Technology Ventures, further advancing its solar projects in South Australia and its Carwarp facility.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2010 |
| Headquarters | Hawthorn East, Victoria, Australia |
| Founders | Dr. John Lasich |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | SLB, Breakthrough Victoria, AGL Energy, Equinor Ventures, Photon Energy Group |
| Industry | Renewable Energy Semiconductor Manufacturing |
| Number of Employees | 90 employees |
Early History
RayGen's journey began with a mission to develop the world's most efficient solar technology. Founded by Dr. John Lasich in 2010 in Australia, the company was rooted in the principle of concentrating sunlight to achieve high efficiency. By integrating photovoltaic and thermal energy storage from the outset, RayGen distinguished itself from conventional solar energy providers. In 2015, RayGen initiated operations at its Newbridge test facility, which was a significant milestone for the company. By 2019, RayGen had begun integrating its photovoltaic technology with electro-thermal storage solutions to meet the increasing demand for energy storage in various markets.
Company Profile and Achievements
RayGen operates at the intersection of solar photovoltaic and thermal energy storage technologies, offering a unique solution to capture and store solar energy efficiently. Its flagship project, the Carwarp plant, is notable as one of the largest next-generation long-duration energy storage (LDES) installations in the world. RayGen's proprietary technology includes the PV Ultra, which utilizes concentrated sunlight to generate significant amounts of energy, and their thermal hydro storage method, which retains energy efficiently for long-term use.
-
RayGen's Carwarp power plant features a 4 MW solar and 3 MW/50 MWh storage system in Victoria, which delivers continuous power over extended periods.
-
The company has secured agreements with significant investors, such as SLB and Equinor Ventures, providing strategic opportunities for growth and technological deployment.
-
RayGen's innovative approach, which includes eliminating polysilicon from its solar modules, has positioned it as a leader in sustainable energy solutions.
-
The company has set up a 170 MW manufacturing facility in Melbourne, highlighting its commitment to advanced manufacturing in Australia.
Current Operations and Market Position
RayGen continues to expand its operations with a focus on integrating solar PV with advanced storage solutions. The company's technologies cater to both on-grid and off-grid solutions, allowing it to capture diverse market segments. With continued backing from substantial investors and partners like SLB, AGL Energy, and others, RayGen is well-positioned to capitalize on the growing need for long-term, reliable renewable energy storage solutions. The strategic development agreement with SLB is set to accelerate RayGen’s global impact, complementing its local successes.
Conclusion
RayGen stands at the forefront of renewable energy innovation with its unique combination of high-efficiency solar PV and thermal energy storage technologies. As it continues to scale its manufacturing capabilities and widen its market presence, RayGen is set to play a crucial role in the global transition to sustainable energy solutions. With its recent substantial funding successes and strategic partnerships, RayGen is poised to become a key driver in the worldwide push for renewable energy adaptation and integration.