RayGen secures $51 million for renewable energy expansion in Victoria

raygen Renewable energy

RayGen CEO Richard Payne. Source: RayGen

Renewable energy startup RayGen Resources has announced $51 million in Series D, led by SLB and Breakthrough Victoria. This investment is part of the state’s initiative to transition towards more renewable energy sources, aiming to reduce reliance on fossil fuels.

The funding is expected to bolster RayGen’s manufacturing and engineering capabilities in Victoria and assist its expansion efforts both domestically and internationally.

Breakthrough Victoria and SLB join a list of RayGen’s existing strategic investors such as Equinor Ventures, AGL Energy, Photon Energy Group, Chevron Technology Ventures, and the Australian Renewable Energy Agency (ARENA), who have supported the company’s growth in previous funding rounds.

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