Startup · $311m raised · Energy
Melbourne, VIC
Every investor coverage indicates participated in a round RayGen raised.
| Investor | Rounds | Invested |
|---|---|---|
| SLB | Series D+ · Series D+ · Series C | $62,000,000 |
| Australian Renewable Energy Agency (ARENA) | Series D+ · Grant · Series C · Grant · Grant | $60,000,000 |
| Breakthrough Victoria | Series D+ · Series D+ · Series D+ | $60,000,000 |
| ARENA | Series D+ · Grant · Grant · Grant | $30,000,000 |
| Equinor | Series C | $9,000,000 |
| AGL | Series D+ · Series C · Unnamed stage | $5,000,000 |
| Photon Energy | Series D+ · Series C · Unnamed stage · Unnamed stage · Unnamed stage | $3,000,000 |
| Equinor Ventures | Series D+ · Series C | - |
| Oxy Technology Ventures | Series D+ | - |
| Quanta Services | Series D+ | - |
| Chevron Technology Ventures | Series C · Unnamed stage | - |
| Schlumberger New Energy | Series C · Unnamed stage | - |
| On behalf of the Australian Government, the Australian Renewable Agency | Grant | - |
Companies RayGen acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Stories naming RayGen. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Breakthrough Victoria rounds up April–May 2026 portfolio news, including grants for Number 8 Bio and Xefco, Liquid Instruments' Series C, program selections, partnerships, regulatory clearances and two new Aravax directors.
Recap of Breakthrough Victoria's end-of-year gathering in Docklands, where portfolio founders shared scaling stories and the investor noted its portfolio now spans 77 commitments worth $480.7 million.
Breakthrough Victoria's CEO reviews its 2024/25 year: growing capital base, strong co-investment leverage, portfolio milestones including Amber's $10m raise, first fellows awarded, and projected economic impact ahead.
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Tracxn figures show Australian tech funding reached $1.8 billion by mid-2025, powered by large late-stage rounds at Protecht, Airwallex, Harrison AI and Advancell, while seed and early-stage raising fell away sharply.
The fund's authors recap two climate-investment events, weighing the massive global capital needs, mixed public-private funding models, and its clean-economy portfolio activity in Victoria.
Breakthrough Victoria showcases nine climate-focused portfolio companies across clean energy and agrifood, describing each technology and its contribution to the energy transition and circular economy.
Solar storage firm RayGen has wrapped up a $127 million Series D a year after it began, with SLB leading and Breakthrough Victoria, ARENA and energy companies among the backers.
Also RenewEconomy·SmartCompany·Startup Daily·@AuManufacturing·Forbes Australia
The Victorian government-backed venture fund's inaugural CEO Grant Dooley is resigning after nearly three years, with no replacement named; the fund's past backing of Neo-Bionica, Atmo Biosciences and RayGen is recalled.
Breakthrough Victoria's yearly investment review reports sixteen new portfolio companies backed in FY23/24, itemising five with amounts — Xefco, Raygen, Jupiter Ionics, Bygen, Aravax — and cumulative investment beyond $300 million.
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Roundup of the week's funding news: nine companies across Australia and New Zealand secured investment spanning clean energy, construction logistics, legal tech, coaching, research tools, creator media, medtech and marketing software.
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Solar storage company RayGen has opened its Series D with A$20m from Breakthrough Victoria plus US$20m (A$31m) from SLB, backing plans to take its concentrated solar and thermal storage technology into overseas markets.
Also Breakthrough Victoria·RenewEconomy·RenewEconomy·@AuManufacturing
RayGen has banked a $51 million Series D co-led by SLB and Breakthrough Victoria to scale its solar and thermal storage technology, alongside earlier backers AGL Energy, Equinor Ventures and ARENA.
Also SmartCompany·@AuManufacturing·RenewEconomy·Startup Daily·SmartCompany·RenewEconomy
RayGen Resources closed a $51 million round led by SLB, with Breakthrough Victoria contributing $20 million, to expand Victorian manufacturing; the piece recalls its 2021 Series C backers and an earlier ARENA grant.
Also Breakthrough Victoria·RenewEconomy·Startup Daily·RenewEconomy
Breakthrough Victoria announces putting $20 million into RayGen Resources, a Victorian solar and thermal energy storage maker, to support clean energy, local manufacturing and the company's growth alongside its existing backers.
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A rolling roundup of Australian energy-sector job moves, listing dozens of executives, directors and ministers joining or leaving utilities, regulators, developers and industry bodies between May and December 2023.
The national clean-energy funder commits $10 million to RayGen for maturing its combined sunlight-and-heat storage system toward utility scale, coinciding with the opening of the company's Carwarp plant in Victoria.
Also @AuManufacturing·Startup Daily·@AuManufacturing·RenewEconomy
Photon Energy has proposed a huge South Australian solar-plus-storage plant using RayGen's technology. The article also recalls RayGen's recent $55 million round backed by Chevron, Schlumberger, Equinor and Photon, plus AGL and ARENA support.
Also Breakthrough Victoria·RenewEconomy·Startup Daily·@AuManufacturing
RayGen's Series C reached $55 million with Equinor investing $9 million, joining Chevron, AGL, Photon Energy and Schlumberger, plus an ARENA grant, funding a Victorian storage project.
Also Breakthrough Victoria·RenewEconomy·Startup Daily·@AuManufacturing
The government agency announced a $15 million grant to RayGen for a world-first solar hydro power plant in Victoria; RayGen also completed a $27 million equity raise and holds an offtake agreement with AGL.
A ministerial letter inadvertently disclosed seven recent ARENA grants totalling $79.1 million, including funding for Genex's pumped hydro project, CuString, Raygen, the Australian Energy Council and Rio Tinto's aluminium division.
Also RenewEconomy
Melbourne solar hydro storage firm RayGen received a $3 million equity investment from existing backer Photon Energy within a recent capital raise, supporting its large solar plus storage project plans.
Australia's renewable energy agency is putting $3 million towards RayGen's feasibility study for a proposed 4 MW dispatchable solar-and-storage plant near Mildura, adding to its earlier backing of the startup's technology.
Photon Energy takes an unspecified minority equity stake in Melbourne solar-storage developer RayGen, whose recent $3 million funding supports a Victorian pilot, with a large solar-storage project planned.
Also RenewEconomy