Victoria is advancing its clean energy transition with the support of an innovative solar and thermal water-based energy storage solution, backed by the state's economic growth initiatives.
A $20 million investment in RayGen Resources was announced today by the government, highlighting the company's ground-breaking photovoltaic solar panels, which can generate almost 2000 times more power than conventional solar systems under concentrated sunlight.
RayGen's unique approach combines these high-efficiency solar modules with a water-based thermal storage system that utilises heat captured from the water used to cool the modules. This integrated solution provides long term energy storage that is both efficient and scalable.
Headquartered in Victoria, RayGen has been operating from a test facility in Newbridge since 2015, with its flagship solar and storage project located in Mildura. Most notably, the company's solar panels will be manufactured locally in Victoria, with a new facility currently under construction in Hawthorn East.
Supported by Breakthrough Victoria, an investment company managing the Breakthrough Victoria Fund, this initiative is an important step in securing manufacturing capacity, creating engineering and manufacturing jobs and supporting RayGen's expansion in Victoria, Australia and beyond.