RayGen Resources, a renewable energy firm, has announced a $51 million Series D funding round headed by SLB and Breakthrough Victoria. The state is making this investment as part of its effort to move away from fossil fuels and toward more renewable energy sources.

The money is anticipated to support RayGen’s attempts to expand both domestically and abroad and to strengthen its technical and production skills in Victoria.

Breakthrough Victoria and SLB have joined the ranks of RayGen’s current strategic investors, which include the Australian Renewable Energy Agency (ARENA), Equinor Ventures, AGL Energy, Photon Energy Group, and Chevron Technology Ventures. These investors have previously helped the company develop through investment rounds.

The green energy startup is well-known for creating thermal storage and solar photovoltaic technologies. In comparison to many other storage technologies now on the market, the company claims that its technique achieves a 70% round-trip efficiency.

Concentrated photovoltaic solar modules and a thermal water-based storage system are used in RayGen’s system to provide high-efficiency, inexpensive energy storage that may be used when other renewable energy sources aren’t accessible.

Operating out of Carwarp, Victoria, the company’s flagship project is the largest thermal-hydro long-duration storage facility in the world. RayGen claims that it has the capacity to provide the grid in northwest Victoria with electricity for 17 hours.

To aid in its global expansion, RayGen has also inked a Strategic Deployment Agreement (SDA) with SLB in addition to the finance.

“RayGen is thrilled by SLB’s extensive and deep support of our vision to accelerate the energy transition with our innovative solar and storage technology,” RayGen CEO, Richard Payne, said.

“As a world leader in technology innovation and engineering, SLB will play an integral role in accelerating RayGen’s global impact.”

With the backing of Breakthrough Victoria, RayGen hopes to grow and manufacture in Victoria in addition to bringing its technology to new markets. The aim of Breakthrough Victoria, which is to commercialize indigenous ideas, is in line with this funding.

Additionally, RayGen is expanding its production capacity at this time, as seen by plans to commission a new 170MW annual facility in Hawthorn East. It is anticipated that this facility will boost the region’s manufacturing industry and add jobs.

Victorian Minister for Economic Growth Tim Pallas stated, “We’re supporting good ideas like RayGen’s energy storage solution – keeping our best and brightest minds and ideas on home soil and creating good jobs for Victorians.”