Evergen closes landmark A$15 million capital raise led by global renewable energy business FRV-X
Energy software company Evergen today confirmed its biggest financial investment to date after closing a A$15 million Series-B fundraise led by FRV-X, the innovation and venturing division of global renewable energy business Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy.
The major investment demonstrates FRV-X’s confidence in Evergen as a smart energy software business that is revolutionising energy usage for asset owners, consumers & businesses, energy retailers, and distribution businesses in Australia and internationally.
The FRV-X backing also demonstrates the new international readiness to invest in Australia’s renewable energy sector following clear policy signals set by the Federal Government.
“Australia is in a prime position to capitalise on renewable energy opportunities and the world has been watching and waiting for us to set a clear longer-term agenda for our energy future,” said Ben Hutt, CEO and Managing Director of Evergen.
“Whilst FRV has been a long term and committed investor in Australia since 2012, there has been hesitance from many other large scale international investors to invest strongly and with confidence in the Australian market due to the confusion and disputes over renewable energy policy direction.
“The new Government’s renewable energy focus is proving to be a green light for investors who are ready to back clean-tech companies like Evergen, and the current instability in electricity markets in Australia is evidence that the transition to renewables is accelerating faster than ever before.”
“The world is looking to us to lead the way on a clean energy future. This significant investment from FRV-X will give Evergen the opportunity to grow in Australia and deploy our software solutions to key international markets.”
The landmark FRV-X deal reflects the strong value of Evergen’s software platforms which control, monitor, and optimise the energy performance of residential, commercial and utility-scale solar & battery systems.
Evergen’s software also enables utilities (energy generators, retailers and distributors in particular) to revolutionise the way energy is delivered and traded by orchestrating fleets of batteries, generators and loads, as Virtual Power Plants (VPPs). Evergen’s vision is to “connect all the things (IOT connected energy related devices)” and optimise the entire energy supply chain to support and accelerate the transition away from fossil fuels and create a more equitable energy environment for people worldwide. In Australia, Evergen controls well over 100 MW of assets including 7,000 residential home batteries.
The $15 million investment will allow Evergen to further develop its software to support the smarter utilisation of more large-scale renewable energy and battery projects and partnerships in Australia and overseas. FRV has a fast growing and significant portfolio of generation assets globally, and FRV-X is developing innovative business models that Evergen can enable.
The capital investment is Evergen’s largest to date and represents a significant boost for the Australian company and its ambition to be a global clean-tech leader.
“We are excited to be joined by FRV-X as a major shareholder in Evergen. They bring significant experience in energy markets and businesses worldwide, and are the perfect partner to support Evergen on their next leg of growth in Australia and in key overseas jurisdictions,” said Evergen Chair and Global Co-Head of Infrastructure at AMP Capital, Michael Cummings.
FRV and Evergen share a common goal to decarbonise the international energy system and to build a more sustainable energy future for everyone, worldwide.
Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said: “Our investment in Evergen represents our deep commitment to supporting innovative concepts that are driving the global energy transition towards a more sustainable model. We look forward to combining our skills and expertise to deliver on Australia, the Middle East, and the rest of the world’s renewable energy targets, which are crucial for climate resilience and continued societal and economic development”
Felipe Hernandez, Managing Director of Engineering and FRV-X, FRV’s innovation and venturing team, said: “We are delighted to have engaged with the Evergen team over the last six months. They are exceptional operators and have built software products that provide significant opportunities to enhance the way renewable generation and storage assets perform at scale in a variety of contexts internationally. We are values and purpose aligned with Evergen´s team, and excited to partner and scale together as the transition to renewables accelerates around the world.”
Globally, FRV and its affiliated companies have installed 2GW of renewable energy generation with another 560 MW under construction. FRV has successfully developed nine solar farms in Australia that are currently producing a combined total of [781 MW] of electricity sold into the National Electricity Market (NEM) and is currently developing additional projects in the Northern Territory.
Evergen is a market leading renewable energy software business that optimises the performance of residential, commercial, and utility-scale battery systems. Batteries are then orchestrated in fleets enabling network operators, retailers and others to use these systems as Virtual Power Plants (VPPs). This generates significant value for consumers, network operators, and the energy system as a whole. Evergen is a multi-award-winning business that has earned the 2018 Optus My Business Awards Energy Business of the Year and debuted on the Financial Review Fast Starters 2018 list, and now ranking in the top 30 in 2020.
For more information, please visit https://www.evergen.com.au/
FRV, part of Abdul Latif Jameel Energy, is a leading global renewable energy development company. In line with our ambition to continue leading the global transition to a more sustainable energy future, FRV has evolved from being just a developer to becoming an independent power producer. We aim to be the world’s leading green energy and infrastructure platform. To achieve this strategic vision, we have accelerated our growth through the return on our activities, shareholder contributions and asset rotation through the sale of minority stakes. As a result, the company expects to invest more than US$ 1.5 billion with the goal of doubling total installed capacity from 2 GW in 2021 to 4 GW in 2024.
For more information, please visit: frv.com
About Abdul Latif Jameel Energy
Abdul Latif Jameel Energy was established in 2012, and is now a leading independent power producer, and a premier service provider in the renewable energy sector, with interests in 16 countries around the world with capabilities in renewable energy, including solar PV, wind, waste-to-energy and environmental solutions, including desalination, water and wastewater treatment.
For more information, please visit: alj.com/energy
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