EQS-News: Photon Energy Announces Third Investment in RayGen to Accelerate Global Technology Deployment

Photon Energy Announces Third Investment in RayGen to Accelerate Global Technology Deployment
 

• Photon Energy joins existing and new investors in RayGen’s Series D investment round, one of the largest clean technology capital raises in Australian history.
• In April 2020, Photon Energy entered a strategic partnership with – and announced its initial investment in – RayGen, followed by an additional investment in 2021.
• After this third investment of A$2 million, Photon Energy now holds a 5.47% stake in RayGen on a fully diluted basis.

Amsterdam – 14 April 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (“Photon Energy Group” or the “Company”) today announced that it has participated in RayGen Resources’ Series D investment round alongside existing and new backers. A total of A$127 million in funding was committed to the clean technology company by all backers.

“We are proud of our engagement with RayGen and are determined to support the global deployment of the company’s technology through our project development activities in Australia, South Africa and beyond,” said Georg Hotar, CEO of Photon Energy Group.

Technology giant SLB led the round with a A$31 million follow-on investment and execution of a Strategic Deployment Agreement (SDA) with RayGen, which accelerates the technology’s path to the global energy market.

Photon Energy, Equinor Ventures and AGL Energy, alongside other existing shareholders, have also followed up their previous investments. The Australian Renewable Energy Agency (ARENA) continued its support with an additional A$17 million boost to the A$10 million funding agreement announced last year.

New investors in Series D include infrastructure project delivery leader Quanta Services, global energy company Oxy and Breakthrough Victoria, a private investment company for Victoria, providing patient capital and impact investment to the State’s economy.

Photon Energy entered into a strategic partnership and made a minority equity investment of A$2 million in RayGen in 2020. The following year, the company strengthened its commitment by making one additional follow-on investment of A$3 million. After this latest, third investment of A$2 million, Photon Energy now holds a 5.47% stake in RayGen on a fully diluted basis.

As part of its 1 GWp global project pipeline, Photon Energy is advancing two utility-scale projects that leverage RayGen technology.

In Australia, the company is developing a 150 MW concentrated solar PV plant in Yadnarie, South Australia, complemented by 90 MW and at least 720MWh / 8 hours of thermal hydro storage. A comprehensive development application for the project was submitted in late 2024.

In South Africa, Photon Energy is working on a 250 MW concentrated solar PV plant in Winterton, KwaZulu-Natal, featuring 150 MW (1.8 GWh / 12 hours) of thermal hydro storage.

Photon Energy has secured over 1,200 hectares of land for the project site in KwaZulu-Natal, a key milestone in the development process. In addition, South African electricity utility Eskom has issued the Cost Estimate Letter (CEL), setting out the technical and financial conditions for the project's grid connection. Environmental Impact Assessments (EIAs) are currently underway, with all baseline studies initiated and public participation activities scheduled in accordance with local regulatory frameworks.

Photon Energy has also applied for the Winterton project to be recognised as a Strategic Integrated Project (SIP) under South Africa’s Strategic Infrastructure Investment Plan, a designation that would streamline regulatory processes and affirm the project’s alignment with the country's infrastructure and energy transition goals.

About Photon Energy Group – photonenergy.com

Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 180 MWp and owns power plants with a combined capacity of 130 MWp. It is currently developing projects with a combined capacity of 1 GWp in Australia, Hungary, Poland, Romania and South Africa and provides operations and maintenance services for over 1.1 GWp worldwide. The New Energy business has electricity trading licenses in Poland, Hungary, the Czech Republic, Slovakia, and Serbia. The Company is one of the largest providers of DSR services to the Polish TSO with a contracted capacity of approx. 320 MW for 2025, and through its Virtual Power Plant (VPP) aggregates energy generators and consumers with a total capacity of over 480 MW. The Group’s other major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Remediation delivers comprehensive environmental remediation solutions, including patented in-situ technology that has been proven to effectively remove PFAS from groundwater and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges, as well as XETRA, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe.

Media Contact
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Contact
Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail:  joanna.rzesiewska@photonenergy.com