15 April 2021
Melbourne-based “solar hydro” tech company RayGen Resources has received a new investment boost from equity partner Photon Energy, as it works towards plans for a huge 100MW/1,000MWh solar plus storage project.
Amsterdam-based solar project developer Photon, which last year took a minor equity stake in RayGen, on Thursday announced that made an equity investment of $3 million in RayGen maintaining a roughly 9% stake in the technology company.
Photon said he investment was made as part of a recent capital raise for RayGen, which it participated in alongside a group of as-yet undisclosed investors.
Melbourne-based RayGen has been chipping away at the Australian renewables market for some years now and in March 2020 secured ARENA funding to pilot its “solar hydro” storage technology, which captures sunlight with mirrors and stores energy in water.