Melbourne based start-up RayGen claims to have developed a ‘world-first’ renewable energy facility in northwestern Victoria.
To test its efficiency, the Australian Government and the Australian Renewable Agency (ARENA) have announced funding of AUD$3 million (£1.5m) to facilitate a research study – if approved, RayGen will commence the construction of a grid-scale renewable energy plant in Carwarp, offering 17 hours of storage capacity.
The power plant uses photovoltaic technology that relies on tower-mounted heliostats and solar cells to generate power. The heat produced as a by-product is captured and stored in water.
The cost estimate of the first phase of the 4MW project stands at AUD$6 million (£2.8m).
ARENA’s CEO Darren Miller said: “RayGen’s solution could complement other more traditional forms of storage such as grid-scale batteries and pumped hydro.”