· Photon Energy has taken a minority equity stake in RayGen Resources.
· The companies have also entered a strategic partnership with the objective of developing global renewable energy projects suitable for the roll-out of RayGen’s unique technology.
· Photon Energy will act as a project develper, EPC contractor and project equity investor.
· RayGen’s cutting-edge solution integrates its proprietary PV Ultra solar technology and a tailored electro-thermal storage cycle (Thermal Hydro), delivering high-performance low-cost energy storage.
Amsterdam – 7 April 2020 – Photon Energy N.V. (WSE: PEN, the ‘Group’) announced today that it has entered a strategic partnership with the Australian technology company RayGen Resources Pty Ltd. (‘RayGen’) in order to develop global renewable energy projects suitable for the roll-out of RayGen’s unique solar power and electricity storage technology.
Photon Energy will act as a project developer and EPC contractor and – where suitable – as an equity investor in the projects, which will be supplied by RayGen. The partnership includes the development of a 100 MWp/1000 MWh solar-plus-storage project. As part of this strategic partnership, Photon Energy has also made a minority equity investment in RayGen.
Photon Energy’s CEO Georg Hotar said: “Our investment in RayGen is our first step into the upstream segment of the solar industry and it comes at a crucial time. The elimination of solar energy’s intermittency and ensuring its 24-hour availability at grid-competitive cost is the holy grail and RayGen has found it. Our partnership with RayGen will enable us to address a vast new universe of opportunities both on-grid as well as in off-grid remote locations including islands. We are thrilled to be working with RayGen’s team on pushing the boundaries of the solar energy industry in the coming years.”
“With this investment and partnership with RayGen we are tackling head-on the problem of intermittency of solar energy. The RayGen PV Ultra module is the most efficient way to convert solar energy into electricity to date. Combining high efficiency concentrated PV generation with thermal absorption and storage, it achieves the highest energy density of any solar technology available today. The RayGen technology is a massive step forward providing cost effective base load, inertia and on-demand power as an integral part of our future energy supply. Photon Energy is very excited to be working with the RayGen team on both optimizing EPC outcomes and on developing utility-scale projects globally,” added Michael Gartner, Managing Director of Photon Energy Australia.
