Victoria’s RayGen Technologies has said an investment of $2.5 million from its Chinese joint venture partner would see the company hire an additional 200 workers.
Renew Economy reports that the renewables manufacturer would set up a new $5 million plant and would increase the company’s production of concentrated solar panel voltaic technology to a capacity of 100 megawatts annually.
RayGen’s CSPV systems focus light onto an array of PV cells, that “generate electricity at world record system efficiency”, according to its website.
CEO Robert Cart told the ABC the investment would help the company scale and to commercialise its R&D.
"From a manufacturing perspective [our Chinese partners] will manufacture a large percentage of the total product," said Cart.
"The part that we make is just the key high-tech component – the actual device that turns the sunlight to electricity, and we provide the software.
The announcement was yesterday in Beijing, with Victorian premier Daniel Andrews attending a signing ceremony for JV partner JuYe Solar and Raygen. The deal would see as much as 500 megawatts’ worth of solar projects installed in China in the next five years, according to The Guardian.
RayGen’s development of its technology was assisted by a Victorian government grant of $1 million in 2011 under its Sustainable Energy Pilot Demonstration.
Andrews meanwhile said all of his government’s ministers should travel to China – the state’s biggest trading partner – at least once a year.
"We have basically $20 billion worth of two-way trade between Victoria and China," he said.