Amsterdam-based Photon Energy NV (WSE:PEN) has bought a minority stake in Australia’s RayGen Resources Pty Ltd with which it will develop a 100-MWp/1,000-MWh solar-plus-storage project.
Photon Energy said earlier this week it has entered a strategic partnership with the Australian technology company, seeking to jointly pursue renewable energy projects deploying RayGen’s solar and energy storage technology. Apart from taking an unspecified equity stake in RayGen, Photon Energy will also be an equity investor in some of the schemes and also act as a project developer and engineering, procurement and construction (EPC) contractor.
RayGen’s PV Ultra solar technology is based on producing power by capturing sunlight from a field of mirrors and focusing it to a tower-mounted receiver that converts the energy into electricity. The heat extracted from the process is stored in water.
The Aussie firm recently secured AUD 3 million (USD 1.9m/EUR 1.7m) in government funding for a pilot plant in Victoria that will use its technology to provide 4 MW of solar power and 3MW/50MWh of storage.
“Our investment in RayGen is our first step into the upstream segment of the solar industry and it comes at a crucial time,” said Photon Energy's CEO Georg Hotar. He added that the collaboration will enable participation in projects, both on-grid and at remote off-grid locations.
