VIC, NSW state govts boost renewable energy tech innovation

renewable energy

The Victorian and New South Wales state governments have announced separate plans to support the transition to clean energy, with sizeable investments made into renewable energy projects.

Victoria’s Minister for Economic Growth, Tim Pallas, announced it would inject $20 million into RayGen Resources’ innovative solar and thermal water-based energy storage solution.

RayGen has developed solar modules able to generate 2,000 times more power than traditional solar panels, with their modules also to be manufactured in Australia at a facility currently being developed in eastern Melbourne.

“We’re supporting good ideas like RayGen’s energy storage solution – keeping our best and brightest minds and ideas on home soil and creating good jobs for Victorians,” Pallas said.

The funds, invested via the government’s Breakthrough Victoria initative, will see RayGen also create further engineering and manufacturing jobs in Victoria.

“We are investing in RayGen Resources because they focus on what Victoria needs – sustainability, scale and local manufacturing. Their innovative energy storage technology will help us better transition to renewable energy,” Breakthrough Victoria CEO, Grant Dooley, said.

“We’re delightedto be working with Breakthrough Victoria. We’re a Victorian-born company with global ambitions for dispatchable renewable energy generation and advanced manufacturing,” RayGen Resources CEO, Richard Payne, said.

The NSW Government has also inked a deal with the Federal Government to deliver more renewable energy to NSW households and businesses. This comes as the largest ever tender for renewable energy in Australia was also announced, off the back of NSW’s Roadmap pilot tender last year.

The tender for the national Capacity Investment Scheme (CIS) seeks six gigawatts (GW) of new variable renewable energy projects to shake up the National Electricity Market (NEM).

“NSW is leading the nation when it comes to delivering the energy transition. We’re already about half-way to meeting our generation target, and a quarter of the way to meeting our storage target,” NSW Minister for Climate Change and Energy, Penny Sharpe, said.

“This is a significant win for NSW electricity consumers, with the Commonwealth supporting our biggest round of generation projects yet to deliver low-cost, reliable energy to homes and businesses.

“I look forward to working with the Australian Government over the next few months to finalise the ongoing implementation of the CIS in NSW.”