# RayGen Resources

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/raygen-resources-pty

- Industry: Renewable Energy
- Headquarters: Australia
- Website: www.raygen.com
- Total disclosed funding: $131M
- Latest round: Series D (Apr 9, 2025)
- Investors on record: 13

## About

Based in Victoria, Australia, and founded by John Lasich (Executive Director) in 2010, RayGen Resources Pty Ltd operates as a renewable energy company specializing in solar power and energy storage technology. In April 2024, the firm raised USD 50 million in series D funding led by investor Schlumberger Technology Corporation, with participation from investor Breakthrough Victoria. The firm, as of April 2024, has a manufacturing plant in Hawthorn East and a solar power plant in Carwarp and is led by its CEO, Richard Payne.

The company, through its solar and energy storage solutions, accelerates the transition to renewable energy. Combining advanced solar technology with thermal storage, RayGen offers proven, reliable, and flexible energy solutions that also address the challenges of climate change. Their innovations span solar and storage hardware, operating software, manufacturing, and process optimization. Additionally, the company uses giant mirrors and water reservoirs to make solar power available after dark. RayGen's flagship project, the Carwarp power plant, is the world's largest next-generation, long-duration energy storage project, with a capacity of 50 MWh and a duration of 17 hours.

The company plans to utilize the April 2024 funding to expand its local manufacturing base and services.

## Funding rounds

- Series D, Apr 9, 2025, $77M — Oxy Capital, Australian Renewable Energy Agency, AGL Energy, Schlumberger Technology, Quanta Services, Inc., Breakthrough Victoria, Photon Energy Group, Equinor Ventures
- Series D, Feb 8, 2024, $33M — Schlumberger Technology, Breakthrough Victoria
- Series C, Apr 16, 2021, $21M — Chevron Technology Ventures, AGL Energy, Schlumberger Technology, Photon Energy Group, Morris Group, Givia Pty Ltd, Lho La Pty Ltd, Zhuozhou Intense Solar Co. Ltd

## Investors

- Chevron Technology Ventures (https://capitalatlas.ai/funds/chevron-technology-ventures) — Series C
- AGL Energy — Series C, Series D
- Schlumberger Technology (https://capitalatlas.ai/funds/schlumberger-technology) — Series C, Series D
- Photon Energy Group — Series C, Series D
- Morris Group — Series C
- Givia Pty Ltd — Series C
- Lho La Pty Ltd — Series C
- Zhuozhou Intense Solar Co. Ltd — Series C
- Breakthrough Victoria — Series D
- Oxy Capital (https://capitalatlas.ai/funds/oxy-capital) — Series D
- Australian Renewable Energy Agency — Series D
- Quanta Services, Inc. — Series D
- Equinor Ventures — Series D