Chevron introduced at the moment that Chevron Expertise Ventures has participated in a capital elevating spherical for Melbourne-based photo voltaic know-how developer RayGen Sources.
The funding, introduced at the moment by RayGen, comes from Chevron’s US$300m Future Vitality Fund and can allow RayGen to proceed creating its modern know-how, stated the US large in an announcement. The funding aligns with Chevron’s world concentrate on start-ups with decrease carbon applied sciences, added the corporate.
“This funding is a primary in Australia for Chevron Expertise Ventures, showcasing RayGen’s merging of solar energy era with long-duration power storage and underscoring our strategy to partnering with modern builders on a decrease carbon future,” stated Mark Hatfield, managing director of Chevron Australia.
RayGen is an Australian deep-technology originator and developer of modern solar-plus-storage initiatives. Right this moment it introduced that it has efficiently secured main funding as a part of a Collection C Capital Elevate. The A$27 million (US$20.9 million) non-public funding contains strategic investments by AGL Vitality, Photon Vitality, Schlumberger, and Chevron, alongside new and current traders. The non-public funding has been supported with A$15 million of non-dilutive, recoupable grant funding by the Australian Renewable Vitality Company (ARENA).