RayGen
RayGen is an Australian clean energy technology company that builds utility-scale solar-plus-long-duration-storage systems using proprietary concentrating photovoltaic (PV Ultra) and water-based thermal storage (Thermal Hydro) technology, selling dispatchable renewable electricity and project pipelines to utilities, industrial customers, and project developers worldwide.
- Company typePrivate
- Founded2010
- HeadquartersNunawading, Australia
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What RayGen does
RayGen is an Australian clean energy technology company founded in 2010 and headquartered in Hawthorn East, Melbourne, that develops and deploys an integrated utility-scale solar-plus-long-duration-energy-storage system. The company's product combines PV Ultra, a concentrating photovoltaic technology that uses tracking mirrors to focus sunlight onto satellite-grade solar modules (claimed to be roughly 4,000 times more powerful per unit area than standard panels), with Thermal Hydro, a water-based electro-thermal storage system that stores energy as a temperature difference between two insulated water reservoirs and dispatches it through an Organic Rankine Cycle turbine at approximately 70% round-trip efficiency. The system is engineered to deliver dispatchable renewable electricity 24/7, with synchronous generation capable of providing grid inertia, frequency response, and system strength services as fossil-fuel generators retire.
RayGen serves electricity market operators, utilities, large industrial and mining customers, off-grid/remote sites, and green fuel producers seeking firm renewable power. Its flagship operational asset is the Carwarp power plant in Victoria (4MW solar / 2.8MW / 50MWh storage, 17-hour duration), contracted to AGL Energy and described as the world's largest operational next-generation long-duration energy storage project. A 170MW-per-annum solar module manufacturing line in Melbourne underpins the company's vertical integration, while projects in development include the 150MW / 720MWh Yadnarie facility in South Australia (acquired by AGL, development-approved June 2025), a 250MW project in Winterton, South Africa, and a 1MW PV Ultra demonstration in Petrolina, Brazil with AXIA Energia.
RayGen's go-to-market is enterprise-led, combining direct sales to utilities and large industrials with strategic channel partnerships: Photon Energy Group acts as project developer, EPC contractor, and equity investor (5.44% stake); SLB provides international sales and engineering support under a Strategic Deployment Agreement; and AGL Energy serves as anchor utility offtaker. Revenue mechanics are a mix of project development and equipment sales (one-time license/installation), electricity generation and offtake sales (recurring), and technology licensing to global project developers. The company has raised approximately A$182 million in equity (A$55M Series C in 2021 plus A$127M Series D in 2025) alongside more than A$30 million in non-dilutive grants from the Australian Renewable Energy Agency, and is backed by strategic investors including SLB, Equinor Ventures, AGL Energy, Chevron Technology Ventures, Photon Energy Group, Breakthrough Victoria, Quanta Services, and Oxy Technology Ventures.
RayGen firmographics
Firmographics- Name
- RayGen
- Legal name
- RayGen Resources Pty Ltd
- Website
- https://raygen.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- RayGen is an Australian clean energy technology company that builds utility-scale solar-plus-long-duration-storage systems using proprietary concentrating photovoltaic (PV Ultra) and water-based thermal storage (Thermal Hydro) technology, selling dispatchable renewable electricity and project pipelines to utilities, industrial customers, and project developers worldwide.
- Ownership category
- akta.pro rank
RayGen industry classification
Industry- Product category
- Concentrated Solar Power and Long Duration Energy Storage
- NAICS
- Solar Electric Power Generation (221114), Turbine and Turbine Generator Set Units Manufacturing (333611)
- SIC
- Cogeneration Services & Small Power Producers (4991), Motors & Generators (3621)
- akta.pro primary industry
- Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA)
- akta.pro secondary industries
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ)
Keywords
Where RayGen is headquartered
LocationHeadquarters
- HQ city
- Nunawading
- HQ country
- Australia
- HQ region
- Oceania
Offices4 records
Markets served
RayGen business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Infrastructure, Supply Chain, Operations, Personnel, Marketing or Sales
Revenue model
- Project Development and Sales: RayGen develops utility-scale solar-plus-storage projects and sells technology/equipment to project developers and utilities. Revenue comes from licensing technology, selling PV Ultra modules, heliostats, and complete system packages to partners like Photon Energy and AGL.
- Electricity Generation and Sales: RayGen operates its own power plants (Carwarp) and sells electricity under offtake agreements with utilities like AGL Energy. Provides dispatchable renewable electricity day and night.
- Technology Licensing: Licensing of proprietary PV Ultra and Thermal Hydro technologies to project developers globally. Photon Energy acts as EPC contractor deploying RayGen technology in projects.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
RayGen product offering
Product offeringCore offering
RayGen designs, manufactures, and deploys an integrated solar-and-storage system that combines PV Ultra concentrating photovoltaic modules with Thermal Hydro electro-thermal water-pit storage and Organic Rankine Cycle turbines to deliver dispatchable renewable electricity. The company sells complete utility-scale solar-plus-storage plants, sells/licenses its PV Ultra solar modules and storage technology to project developers and utilities, and operates its own power plants under offtake agreements with energy companies such as AGL Energy.
Product overview
RayGen offers an integrated solar-and-storage solution consisting of two core technology products: PV Ultra (concentrating photovoltaic solar co-generation) and Thermal Hydro (electro-thermal energy storage). PV Ultra focuses sunlight onto high-efficiency solar modules that generate both electricity and heat simultaneously. Thermal Hydro stores this energy as a temperature difference between two water reservoirs, dispatching power via Organic Rankine Cycle turbines when needed. The company operates utility-scale projects including the Carwarp Power Plant (4MW/50MWh) and Newbridge facility, with projects in development including Yadnarie (150MW/720MWh) and international deployments in Brazil and South Africa. RayGen manufactures its proprietary solar modules at a 170MW per annum facility in Melbourne.
Differentiator
Problem solved
Functional benefit
Products and services
- PV Ultra RayGen's proprietary concentrating photovoltaic co-generation technology. Tracking mirrors concentrate sunlight onto tower-mounted PV modules said to be 4,000 times more powerful than standard solar panels, co-generating electricity and hot water at 90°C. Modules are sold/licensed to project developers and integrated into RayGen's own solar-plus-storage plants.
- Thermal Hydro RayGen's proprietary electro-thermal energy storage solution. Stores energy as a temperature difference between two insulated water pits (hot and cold water at ~90°C delta) and dispatches electricity via an Organic Rankine Cycle turbine with approximately 70% round-trip efficiency. Designed for long duration storage (>10 hours) without lithium, cobalt, nickel, or polysilicon.
- RayGen Solar Power Plant (Integrated System) Complete utility-scale solar-plus-storage plant combining PV Ultra solar co-generation with Thermal Hydro storage and ORC dispatch. Delivers dispatchable renewable electricity day and night, with grid-stability services (synchronous inertia, frequency response, system strength). Scalable in 1MW modules and sold/licensed to utilities, project developers, and industrial customers.
- RayGen Power Plant Carwarp Flagship 4MW solar / 2.8MW-50MWh (17-hour) storage demonstration plant in Carwarp, Victoria, contracted to AGL Energy under an offtake agreement. Supplies approximately 1,000 homes and avoids 10,000 tonnes of CO2 emissions per year.
- RayGen Power Plant Newbridge RayGen's first deployed solar plant at Newbridge, Victoria, providing 750kW of solar power to a local agribusiness under a power purchase agreement. Operational since 2015, it serves as a long-term reference site demonstrating durability of PV Ultra modules.
- Yadnarie Renewable Energy Facility Large-scale 150MW solar / 90MW-720MWh (8+ hours) storage project on the Eyre Peninsula in South Australia. Developed with Photon Energy Group and acquired by AGL Energy, with development approval granted in June 2025. Expected to save approximately 750,000 tonnes of CO2 per annum once operational.
- RayGen Solar Module Manufacturing Facility Australia's largest renewable energy manufacturing facility, located in Hawthorn East, Melbourne, producing RayGen's proprietary satellite-grade PV Ultra solar modules at 170MW per annum capacity. Employs 30 staff at full production and supplies RayGen's projects globally.
Quantifiable outcome
- 70% round-trip efficiency for energy storage
- +4 more outcomes
Companies that use RayGen
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
RayGen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
RayGen partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered major, core and supporting.
- AXIA EnergiamajorAXIA Energia (formerly Eletrobras) hosts RayGen's 1MW PV Ultra system at Petrolina, Brazil to demonstrate innovative technologies under local conditions prior to potential deployment at scale. Partnership explores applications including powering AI factories.
- Photon Energy GroupcoreStrategic partnership with Photon Energy as project developer, EPC contractor, and equity investor. Partnership developing global renewable energy projects using RayGen technology including Yadnarie (South Australia) and Winterton (South Africa). Photon Energy holds 5.44% equity stake in RayGen.
- GHDsupportingEngineering firm GHD partnered with RayGen and AGL to conduct commercial and technical feasibility assessments for Carwarp project.
Scale indicators15 records
Recent moves4 records
Expansion highlights7 records
RayGen competitors and assessment
Company assessmentDirect peers
- Highview Power: UK-based liquid air energy storage (LAES) developer with commercial projects in the UK and US. Directly comparable to RayGen as a long-duration, non-lithium storage technology provider targeting utility-scale grid applications.
- Antora Energy: California-based developer of thermal energy storage that converts electricity into heat stored in carbon blocks and dispatches via thermophotovoltaic cells. Directly comparable to RayGen as a long-duration thermal storage player targeting industrial decarbonization and 24/7 clean power for utilities and data centers.
- Form Energy: U.S.-based developer of iron-air battery systems for 100+ hour duration grid storage. Competes with RayGen in the long-duration utility storage category, targeting similar utility and large industrial customers seeking multi-day discharge at lower cost than lithium-ion.
- BrightSource Energy: U.S.-based concentrated solar power (CSP) developer with utility-scale solar-thermal projects. Closely comparable to RayGen's PV Ultra concentrating photovoltaic technology, sharing the heliostat/receiver architecture and utility-scale solar generation profile.
- Energy Vault: NYSE-listed (NRGV) gravity- and mechanical-based long-duration energy storage company. Public-market comparable to RayGen for utility-scale LDES revenue, with overlapping customer base (utilities, industrials) and similar scale-up trajectory from pilot to commercial projects.
- Hydrostor: Canada-based compressed air energy storage (CAES) developer with utility-scale projects in development globally. Competes with RayGen in the long-duration utility storage market, targeting similar 8–24 hour duration applications and large utility offtakers.
- GlassPoint Solar: U.S.-based concentrated solar thermal company specializing in solar steam for industrial applications (notably oil & gas). Comparable to RayGen in concentrating solar technology architecture and in targeting industrial customers needing process heat and steam.
Emerging players
- Brenmiller Energy: Israel-based thermal energy storage company using crushed rock/briquette storage for industrial and utility customers. Emerging competitor in the thermal-LDES space with similar non-lithium, long-duration storage value proposition.
Regional players
- 1414 Degrees: Australia-based molten-salt thermal energy storage developer. Regional comparable to RayGen operating in the same Australian market and competing for similar utility and industrial long-duration storage customers.
Broad incumbents
- Equinor (New Energy Solutions): Norwegian energy major and RayGen strategic investor (Series C, Board seat) with broader renewables and energy-transition portfolio including offshore wind, hydrogen, and LDES investments. Relevant as both investor/partner and as a broad-incumbent LDES market participant.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
RayGen social profiles
Digital presenceRayGen financial estimates
Financial estimateRevenue estimate
Valuation estimate
RayGen leadership team
Management profileNumber of profiles
Profiles12 records
RayGen funding detail
Funding detailFunding overview
Funding rounds9 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RayGen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RayGen
What does RayGen do?
RayGen designs, manufactures, and deploys an integrated solar-and-storage system that combines PV Ultra concentrating photovoltaic modules with Thermal Hydro electro-thermal water-pit storage and Organic Rankine Cycle turbines to deliver dispatchable renewable electricity. The company sells complete utility-scale solar-plus-storage plants, sells/licenses its PV Ultra solar modules and storage technology to project developers and utilities, and operates its own power plants under offtake agreements with energy companies such as AGL Energy.
Is RayGen a public or private company?
RayGen is a private company. It is classified as venture growth investor backed and is currently operating.
When was RayGen founded?
RayGen was founded in 2010. It employs 51 to 100 people.
Where is RayGen based?
RayGen is headquartered in Nunawading, Australia, in the Oceania region.
How does RayGen make money?
Three revenue lines are on record. Project Development and Sales are the primary driver. The others are electricity Generation and Sales and technology Licensing.
Who are RayGen's main competitors?
Direct peers on record are Highview Power, Antora Energy, Form Energy, BrightSource Energy, Energy Vault, Hydrostor and GlassPoint Solar. Brenmiller Energy is listed as an emerging player. 1414 Degrees is listed as a regional player. Equinor (New Energy Solutions) is listed as a broad incumbent.
Does RayGen have an API?
No public API is recorded for RayGen.
What industry is RayGen in?
RayGen's product category is Concentrated Solar Power and Long Duration Energy Storage. Its primary akta.pro industry code is EUAMAHAA, Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film), with a secondary code of EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System). Its NAICS code is 221114 and its SIC code is 4991.