Startup · $203m raised · Energy
Builds large-scale solar and thermal storage infrastructure
Melbourne, VIC
Every investor coverage indicates participated in a round RayGen raised.
| Investor | Rounds | Invested |
|---|---|---|
| SLB | Series D+ · Series D+ | $62,000,000 |
| Quanta Services | Series D+ | - |
| Photon Energy Group | Series D+ | - |
| Photon Energy | Series D+ | - |
| Oxy Technology Ventures | Series D+ | - |
| Equinor Ventures | Series D+ | - |
| Breakthrough Victoria | Series D+ · Series D+ | $40,000,000 |
| Australian Renewable Energy Agency | Series D+ · Grant · Grant | $42,000,000 |
| ARENA | Series D+ · Grant · Grant | $27,000,000 |
| AGL energy | Series D+ | - |
Companies RayGen acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Stories naming RayGen. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Breakthrough Victoria rounds up April–May 2026 portfolio news, including grants for Number 8 Bio and Xefco, Liquid Instruments' Series C, program selections, partnerships, regulatory clearances and two new Aravax directors.
Recap of Breakthrough Victoria's end-of-year gathering in Docklands, where portfolio founders shared scaling stories and the investor noted its portfolio now spans 77 commitments worth $480.7 million.
Breakthrough Victoria's CEO reviews its 2024/25 year: growing capital base, strong co-investment leverage, portfolio milestones including Amber's $10m raise, first fellows awarded, and projected economic impact ahead.
Tracxn figures show Australian tech funding reached $1.8 billion by mid-2025, powered by large late-stage rounds at Protecht, Airwallex, Harrison AI and Advancell, while seed and early-stage raising fell away sharply.
The fund's authors recap two climate-investment events, weighing the massive global capital needs, mixed public-private funding models, and its clean-economy portfolio activity in Victoria.
Breakthrough Victoria showcases nine climate-focused portfolio companies across clean energy and agrifood, describing each technology and its contribution to the energy transition and circular economy.
Solar storage firm RayGen has wrapped up a $127 million Series D a year after it began, with SLB leading and Breakthrough Victoria, ARENA and energy companies among the backers.
Also RenewEconomy·SmartCompany·Startup Daily·Forbes Australia
The Victorian government-backed venture fund's inaugural CEO Grant Dooley is resigning after nearly three years, with no replacement named; the fund's past backing of Neo-Bionica, Atmo Biosciences and RayGen is recalled.
Breakthrough Victoria's yearly investment review reports sixteen new portfolio companies backed in FY23/24, itemising five with amounts — Xefco, Raygen, Jupiter Ionics, Bygen, Aravax — and cumulative investment beyond $300 million.
Also SmartCompany
Victorian government-backed investor Breakthrough Victoria has put $15 million into Liquid Instruments, a maker of reconfigurable instruments expanding to Melbourne; earlier raises by Acorn Capital and Anzu Partners are also recalled.
Also SmartCompany
RayGen has banked a $51 million Series D round backed by SLB and Breakthrough Victoria, and signed an expansion pact with SLB; ARENA previously granted it $10 million and $15 million.
A rolling roundup of Australian energy-sector job moves, listing dozens of executives, directors and ministers joining or leaving utilities, regulators, developers and industry bodies between May and December 2023.