RayGen Resources wins $60 Million China contract
RayGen Resources has signed a $60 million investment and distribution deal to supply its concentrated solar PV technology into China, with a target to “secure global exports beyond $1 billion by 2020”.
The deal signed Friday with ZhuoZhou Intense Solar will deliver a $2 million equity investment in RayGen, a Melbourne-based technology firm, and will see the Chinese firm purchase Raygen’s semiconductor and computerised control components for further assembly in China with locally made parts, and exclusive distribution there.
RayGen said it would sell the components in increasing scale over the next few years, with minimum total sales of $58 million.
Raygen says its CSPV uses computer‐controlled mirrors to direct a concentrated beam of sunlight onto ultra‐efficient solar semiconductor devices, originally designed to power spacecraft. It said the technology was twice as efficienct as traditional PV, and enabled “industrial‐capacity solar energy delivered off the grid at on‐the‐grid prices” for projects such as mining.
“[This deal] is a tremendous example of Australian innovation finding a market in China which results in jobs, investment and trade for Australia,” Trade and Investment Minister Andrew Robb said in China, as he witnessed the signing in Shanghai as part of the Abbott government’s trade mission.
RayGen chief executive Bob Cart said Intense Solar saw the product last year as result of a trade mission hosted by AusTrade.
“We’re excited by what we see as a huge opportunity to marry Australian innovation and know‐how with Intense Solar’s market access and manufacturing capabilities in China.”
“The deal wouldn’t have happened without the support of AusTrade, along with the Chinese government which also provided its approval and support.”
Mr Cart said the deal showed “based on the current trajectory, we believe sales of CSPV products will pass the billion‐dollar mark by the end of the decade.”
RayGen was a finalist in the 2013 Australian Technologies Competition supported by the Department of Industry. This led to an invitation by AusTrade for RayGen to join the trade mission to China.
RayGen has received $2.75 million in federal and state Government grants since its inception in 2010.