© RayGen 2018

Introducing PV UltraGeneral Audience,

August 2018The next generation solar technology for electricity, heat and desalination

RayGen’s PV Ultra platform expands the solar market beyond daylight solar power

SOURCE: RayGen; 2

Australian businesses are facing high and volatile costs for electricity and natural gas

SOURCE: Energy Action Price Index; Australian Energy Regulator 3

Daily Telegraph, 2 Mar 2017

Canavan: How can we solve our gas bill crisis?

The Australian, 29 Dec 2017

Cut energy bills or lose more jobs: ACCC Chief

Gizmodo Aus, 20 Sep 2017

Rising gas prices are hitting Australian manufacturers, hard

The Age, 25 Sep 2017

Gas shortage crippling industry, warns manufacturers

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Gas Wholesale Market Prices,A$/GJ average by quarter

SA QLD NSW VIC Trendline Victoria ($/GJ)

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Electricity Industrial Wholesale Prices,A$/MWh average by quarter

SA QLD VIC NSW Poly. (Average)

The co-generation market opportunity across regional Australia is significant

SOURCE: Meat and Livestock Association; RayGen 4

NOTE: Other industries (mining, petrochem) and/or more urbanised locations are future possibilities

Confectionary• 6+ sites• 1.0 million GJ• 50 GWh p.a.

Textiles and leather• 3+ sites• 100 thousand GJ• 5 GWh p.a.

Dairy• 60+ sites• 3.6 million GJ• 200 GWh p.a.

Food Processing• 40+ sites• 4 million GJ• 220 GWh p.a.

Hydroponics• 6+ sites• 400 thousand GJ• 20 GWh p.a.

Meat Works• 70+ sites• 4.0 million GJ• 220 GWh p.a.

Beverage• 50+ sites• 800 thousand GJ• 40 GWh p.a.

Pulp and paper• 10+ sites• 1.5 million GJ• 80 GWh p.a.

240+ sites suitable for PV Ultra co-generation in Australian regional food & fibre manufacturing

RayGen’s low cost co-generation offer is enabled by PV Ultra’s world-first innovative solar architecture

SOURCE: RayGen;

4+kWth

Heat

Atop the 3MW tower are 400 (4m2) PV Ultra modules, Made in Australia

10cm

Ultra light footprint

Dual land use –grazing encouraged

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Most CSP:Sunlight → Heat → Electricity

PV Ultra:Sunlight → Electricity AND Heat

PV Ultra is World-First Tower-Mounted Concentrated Photovoltaic system

3MW of PV Ultra have been successfully deployed, with recurring energy sales to a Victorian agribusiness

SOURCE: RayGen; 6

3MWcogen (1MWAC and 2MWthermal) Cumulative Deployments;

Pilot and Full-Scale Commercial Projects Supplying Power to Customers

RayGen 2.2MWcogen Operating System (0.75kWAC and 1.5MWthermal) supplyingpower to Scato Plus, mushroom producers. Each tower is 25m high.1477 Yorkshire Rd, Newbridge, Victoria

PV Ultra

PV Ultra’s ‘Pole-in-paddock’ design uses less land less intensively without heat island concerns

SOURCE: Customer Case Study; Image Search; RayGen

1 Evacuated Tube Collectors, outlet temperature of 60-70°C

3MWfrom 2 Ha

3MW of PV Ultrafrom 2 Ha(1MWAC and 2MWth)

1MWAC of solar PV from 2.5 Ha

Land Requirement

Key Findings by a PV Ultra Customer

3MWfrom 8.5 Ha

2MWth of solar thermal1 from 6 Ha

Land Intensity

No heat island; dual-use grazing encouraged

Imported Solar

Products

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The nimble PV Ultra platform can be deployed at high performance with simple infrastructure

SOURCE: NREL SolarPACES database, accessed December 2016; Online Google Image Search 8

Efficiency,% Light -> AC Electricity Solar efficiency

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Tower Height, m Comparison of Solar Power Towers, estimated height vs efficiency

PV Ultra

Ivanpah

Ashalim Power Station Atacama-1

Crescent Dunes

Solar One

Gemasolar

Typical CSP requires infrastructure of a skyscraper

Infrastructure of mobile phone tower

The PV Ultra module is easy to upgrade, enabling a long-life and versatile asset

SOURCE: Trina Solar; RayGen 9

PV Ultra modules are just 0.1% of solar area (99.9% standard mirrors), enabling the PV Ultra system to be:

• Very easy to upgrade (avoiding technology lock).

• Very easy to reconfigure to different commodity mix (resilient asset value in event of market shock).

• 100% built for the circular economy (designed to be refurbished and/or easily recycled).

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Typical flat panel PV warranty

PV Ultra with regular upgrades

PV Ultra with refurbishment in 20 years

Asset Life (years)

Nameplate

PV Ultra has class-leading asset utilisation and material efficiency

SOURCE: ‘The Greenhouse gases, Regulated Emissions, and Energy use in Transportation Model’, Argonne National Laboratory 2016; ‘Quadrennial Energy Technology Review’, US DoE 2015; TRINA Solar; RayGen 10

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Steel/FerrousConcreteAluminium and CopperGlassPlasticsPhotovoltaic Cells

Dispatchable Heat energy

IntermittentElectricity

Losses

IntermittentElectricity

PV Ultra

Solar PV

Solar Efficiency Material Utilisation, Tonnes/MW

PV Ultra’s lowest cost solar energy capacity is enabled by:

• Highest material utilisationwith (120T/MW)

• Highest commercial system sunlight to AC electricity efficiency (over 25%), and

• Highest commercial system sunlight to energy efficiency (over 75%)

Electricity AND heat

Electricity only

Typical PV

Losses

There are four main ways that PV Ultra heat can be integrated into an industrial site

SOURCE: RayGen; 11

Hot Water Generator

Direct into process application

Pre-Heat for Steam Boiler

Raygen’s local, experienced engineering team will work with you to optimise site integration (typically a straightforward cut-in with a counter-flow heat exchanger)

How PV Ultra heat can be integrated in to site processes:

Absorption Chillerfor Coolth**Not available at all sites

RayGen Resources Pty Ltd is an Australian manufacturer with world leading capability in solar co-generation

SOURCE: RayGen; 12

Eight years after its inception in 2010, RayGen Resources Pty Ltd comprises

• a team of 30 employees across engineering, manufacturing and sales

• three operating facilities deployed both nationally and internationally

• production capacity for 75MW p.a., with PV Ultra modules manufactured in Melbourne, Victoria.

• A World Record for Solar System Efficiency with UNSW.

RayGen has received ongoing investment and support from many private and public investors, including A$4.8m from the Australian Renewable Energy Agency (ARENA) and A$2m from the New Energy Jobs Fund in 2017.

RayGen has demonstrated the technology with four deployed PV Ultra towers in Australia and China

SOURCE: RayGen; 13

750kW Commercial Demonstration,Newbridge, Australia 2015• an R1-0.2MWe power tower,• 64 self-powered, self-aligning heliostats,• wireless mesh network for heliostat control,• central inverter, with AC output feeding the

manufacturing site network to displace mains grid metered consumption, and

• control system and data acquisition.

1.5kW Newbridge Expansion, Newbridge, Australia 2018• two R1-0.2MWe power towers,• 128 self-powered, self-aligning heliostats,• wireless mesh network for heliostat control,• central inverter, with AC output feeding the

manufacturing site network to displace mains grid metered consumption, and

• control system and data acquisition.

750kW Commercial Demonstration,Zhuozhou, China 2015• an R1-0.2MWe power tower,• 64 self-powered, self-aligning heliostats,• wireless mesh network for heliostat control,• central inverter, with AC output feeding the

manufacturing site network to displace mains grid metered consumption, and

• control system and data acquisition.