Norwagian oil major invests in Australian renewable energy business


Norway/Australia RayGen Resources, an Australian renewable energy technology business, has closed its Series C capital raise with Equinor Ventures.

Equinor will invest AUD $9 million in RayGen, pending to approval by the Australian Foreign Investment Review Board. Equinor Ventures’ investment adds to the $27 million in private funding already disclosed for RayGen from AGL Energy, Photon Energy, Schlumberger New Energy, Chevron Technology Ventures, and others. RayGen’s Series C investment round now totals $55 million, thanks to $15 million in grant money from the Australian Renewable Energy Agency (ARENA).

RayGen’s Series C investment round will be utilized to complete a 50MWh flagship project, as well as a 100MW manufacturing line for PV Ultra modules and a pipeline of one or more 1,000+MWh projects. RayGen’s 50MWh project in Carwarp, Victoria, is well under way, with commissioning anticipated for 2022. This project will be the first commercial solar + storage integration to provide dispatchable solar power into the grid, paving the door for future project developments with RayGen’s strategic partners.

Equinor Ventures’ strategic investment includes substantial collaboration to accelerate the adoption of RayGen’s technology. Equinor Ventures is Equinor’s corporate venture capital arm, which invests in ambitious growing enterprises that are driving transformation in the energy market.