RayGen Resources Pty Ltd has received $10 million in funding from the Australian Renewable Energy Agency (ARENA) to advance and commercialise its hi-tech solar and thermal storage technology.
The grant will assist RayGen in improving the design of its technology, achieving material cost reductions, and conducting a basic and front-end engineering design (FEED) of a proposed utility-scale 200 MW solar and 115 MW / 1.2 GWh storage deployment of its technology in Australia.
The announcement comes as RayGen launched its power plant in Carwarp, Victoria. The commercial project showcases RayGen’s cutting-edge hi-tech solar and thermal storage innovations. These technologies will create 4 MW of renewable energy while storing 2.8 MW/50 MWh for approximately 17 hours.
The successful commissioning of the Carwarp site marks an essential step in commercialising RayGen’s hi-tech solar and thermal storage technology.
RayGen’s impending $32.7 million initiative with ARENA will help lower the cost of dispatchable renewable energy while opening up a pipeline of opportunities in Australia and internationally.
ARENA CEO Darren Miller stated that advancing RayGen’s technology will contribute to meeting Australia’s future dispatchable electricity and energy storage needs.
“ARENA has supported RayGen for over a decade from early design validation, through to pilot-scale and now progressing to utility-scale assets,” Miller said.
According to him, ARENA plays a vital role in fostering domestic innovation by assisting in validating the technical performance and commercial viability of the technology, which provides confidence to offtakers, developers, and investors.
“Given RayGen’s operating characteristics and cost reduction potential at scale, its solar-and-storage technology could make a significant contribution to addressing Australia’s growing need for dispatchable renewable electricity and longer duration energy storage,” he added.
RayGen CEO Richard Payne commented, “RayGen would not be in the position to deliver Australian jobs and put downward pressure on energy prices without ARENA’s ongoing support. We look forward to continuing our relationship with ARENA as we develop upcoming projects throughout Australia.”
ARENA has provided $38.4 million to RayGen since 2012, covering five previous projects and the recently announced RayGen Carwarp project. Prior funding includes a pre-commercial scale pilot, development and deployment of hi-tech solar and thermal technologies.
