Client RayGen launches new technology into the race for zero-carbon
Written by Adam Rich – Partner.
One of Wisewould Mahony’s major Commercial clients has recently launched new technology that promises to be a major step towards a zero-carbon energy grid.
RayGen approached Wisewould Mahony in 2010 to help them create a start-up to focus on the development and roll-out of hi-tech solar. From there RayGen has gone from strength to strength and is now backed by major players including AGL, Norway’s Equinor, US oil giant Chevron, Schlumberger (now known as SLB) and the European-based renewable energy developer Photon Energy. They have recently been granted a further $10 million in funds from the Australian Renewable Energy Agency (ARENA).
Wisewould Mahony partner Adam Rich recently attended the opening of RayGen’s first solar and storage power plant in Carwarp, Victoria. “Four years ago, we entered the storage market with an idea, an Excel model, and a cold call to AGL,” said RayGen CEO Richard Payne. “Today, we’re opening the world’s largest next-generation long duration energy storage project, backed by some of the biggest names in energy. RayGen’s new approach offers the lowest cost pathway to a zero-carbon grid.”
The RayGen technology is in two parts. For the solar component, it uses tracking mirrors to focus on to a central receiver of PV modules, but these are almost 2,000 times more powerful than traditional solar panels, and operate with almost 1,000 times solar concentration, and using cells with almost two times efficiency.
The $10 million in new ARENA funding will be used to help accelerate that pipeline, help push the technology down the cost curve, and lay the groundwork for the Yadnarie solar farm project in South Australia, which could combine 200MW of solar with 115 MW and 1.2 GWh of thermal storage.
RayGen says that its technology can compete with pumped hydro and describes itself as a “next-generation” long duration energy storage (LDES) technology that also include flow batteries, compressed or liquid air energy storage and other non-lithium battery chemistries.
Wisewould Mahony has provided RayGen with initial startup, capital raisings, general commercial, employment, technology integration and deployment agreements and IP advice and congratulates their team on this Australian grown success story.
You can read more about RayGen’s exciting world first projects here.
