Research and Development Tax Incentive Program case study: RayGen Resources Pty Ltd
RayGen Resources Pty Ltd is developing more efficient solar power technologies. It uses satellite grade solar cells that can produce heat and power at a large scale. They can also be made more cheaply.
RayGen saw the need and found a way to create a more efficient and commercially viable solar energy solution. The company has developed new grid scale solar power technology.
Their solution has a clear path to lower capital cost. It is two times more efficient than typical solar panels.
It has operated at appropriate performance levelsduring pilot scale field trials testing reliability and performance.
RayGen is also developing the manufacturing systems for this technology. This will enable the key core components of the system (30% of the product) to be economically produced in Australia. This facilitates low cost deployment and export. The balance of the system is sourced appropriately.
For an international project, it will also source and assemble the larger balance of system components ’in-country’. This has made the technology more attractive. This lowers the level of import required and ease to transport the smaller core components. This is useful for countries that have stricter rules about the level of imports.
RayGen will train supply chain partners to produce the larger (low tech) balance of system components within export coutries.
RayGen owns the intellectual property. This enables the company to manage and contract out portions of the system to partners.
The key customers for this technology are power companies or industries. They need industrial or grid scale power.
RayGen also have a way to capture and utilise the heat by-product. This enables organisations to save on their electricity and gas bills.
RayGen have used several Australian suppliers to make key components. For example:
- Ceramet - a metal pressing and precision parts manufacturer in Ballarat
- Harrop Engineering – traditionally involved in car manufacturing
RayGen can use these businesses to produce new components and new products when car manufacturing shuts down. Other local suppliers have ‘skilled up’ so they can produce components for RayGen. This includes:
- Furphy in Shepparton
- Able industries in Melbourne
Help from the Research and Development Tax Incentive Program
The Research and Development Tax Incentive (RDTI) program helped fund RayGen's research. This allowed them to achieve more and become more attractive to investors.
The RDTI has also enabled RayGen to develop relationships with international players. This resulted in them enhansing the technologies for international use. They were also able to discuss export opportunities.
The RDTI has assisted RayGen in purchasing machinery for the manufacturing process. It also assisted them in changing the machines to be able to produce their technology efficiently and in a high quality.
The program has also facilitated the expansion of the RayGen team from three to 25 employees.
“[The RDTI] allows us to include more people, to go faster, it allows us to go further than we otherwise would have. It's very valuable, it is a great scheme and it has worked well for us.” Dr John Lasich, RayGen Resources Pty Ltd.
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