Photon Energy Obtains Development Approval for Its Yadnarie Project and Sells the Project to AGL

Amsterdam/Sydney – 9 July 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the "Group" or the "Company") today announced that its Australian subsidiary Photon Energy AUS SPV4 Pty Ltd has obtained development approval from the South Australian Department for Energy and Mining for its Yadnarie solar and long-duration energy storage project. This milestone paves the way for the project's construction and operation. Photon Energy has come to an agreement with AGL, the largest energy generator in Australia, for the sale and transfer of the project.

The facility will deploy RayGen Resources’ (“RayGen”) world-first solar-plus-storage technology. PV Ultra will concentrate sunlight onto Australian-made, highly efficient solar modules, and heat will be captured and stored in water reservoirs for on-demand electricity despatch via Organic Rankine Cycle (ORC) turbines.

Located in Cleve on South Australia’s Eyre Peninsula, the facility will combine 150 MW of concentrated solar generation and 90 MW of thermal generation, integrated with at least 720 MWh of long-duration electro-thermal energy storage. 

The sale of the project to AGL aligns with Photon Energy’s strategic focus on developing and monetising renewable assets.

"Obtaining development approval for our Yadnarie project validates Photon Energy’s ability to originate and develop large-scale, innovative energy infrastructure. The Yadnarie project showcases the future of hybridised solar and storage, and we are proud to have worked with RayGen to bring it to this point. The sale to AGL marks a significant milestone for the bankability of RayGen’s technology, is in line with our portfolio management priorities and allows us to focus on new growth opportunities," said Georg Hotar, CEO of Photon Energy Group. 

RayGen’s technology has prompted interest from utilities and developers worldwide. It addresses the growing need for long-duration energy storage to balance intermittent wind and solar power in global energy systems as fossil fuel generators are decommissioned.  

Since 2020, Photon Energy has made three investments in RayGen, resulting in a 5.47% stake in the Melbourne-based technology company.

In addition to the Yadnarie project, Photon Energy is working on a 250 MW concentrated solar PV power plant in Winterton, South Africa, featuring 150 MW (1.8 GWh / 12 hours) of thermal-hydro storage. The Winterton project is expected to be fully permitted by mid-2026.

About Photon Energy Group 

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 135 MWp. It is currently developing projects with a combined capacity of 870 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.