The Australian Government is providing up to $2.9 million of funding to support the $5.8 million project by Victorian company RayGen.
RayGen’s technology relies on low-cost mirrors to track and reflect the sun onto an ultra-efficient solar PV receiver at the top of a central tower.
The potential for RayGen’s groundbreaking technology extends well beyond Australian shores and has already attracted interest from Chinese investors.
This innovative Australian idea to produce low-cost renewable energy is well on its way to commercialisation.
Building on the success of its pilot plant in Newbridge, Victoria, this funding will allow RayGen to develop a utility-scale solar system and scale up its operations with a new manufacturing line in Blackburn, Victoria.
This is a prime example of a small Victorian business punching above its weight on the global stage. It shows the continuing value of Australian ingenuity – and that we’re on the forefront of developing solutions for transitioning to a lower-carbon future.
The project is planned for completion by December 2016.