Raygen Resources, a Melbourne-based concentrated solar PV developer, has signed a $60 million investment and distribution agreement with the Chinese company ZhouZhou Intense Solar. RayGen Resources will manufacture components of its concentrated solar PV system in Australia. These will be assembled and distributed in China by Intense Solar.
Intense Solar has injected $2 million into Raygen and has guaranteed to purchase at least $58 million worth of components.
Raygen uses computer-controlled mirrors to direct beams of sunlight, concentrated 750 times, onto ultra-efficient triple junction GalnP/GaAs/Ge solar cells mounted on towers. Each tower-mounted square metre array has the capacity to generate 200 kilowatts of electricity.
The company says that it’s technology is twice as efficient as traditional solar panels and is ideal for producing clean power in remote, sunny areas where it is cheaper than using fossil fuels.
Raygen is currently also working on a patented energy storage technology.