Evergen, a New South Wales-based energy software company, said Australia’s change of federal government had served as a “green light for investors” after it closed a $A15 million fundraising round. led by FRV-X, a division of global renewable energy developer Fotowatio Renewable Enterprises.
The $15 million investment, which Evergen says is the largest to date, will be used to further develop the company’s software platforms that control, monitor and optimize the energy performance of solar systems and residential, commercial and large-scale batteries.
Evergen CEO and Managing Director Ben Hutt said on Wednesday that the landmark investment from FRV-X — part of global solar power giant Abdul Latif Jameel Energy — reflected both the software’s strong value of the company and renewed international interest in Australia’s renewable energy sector.
“Australia is in a unique position to take advantage of renewable energy opportunities and the world is watching and expecting us to set out a clear longer-term agenda for our energy future,” Hutt said.
“While FRV has been a long-term and committed investor in Australia since 2012, many other large-scale international investors have been reluctant to invest strongly and confidently in the Australian market due to confusion and disputes over the direction of renewable energy policy.
“The new government’s focus on renewables is proving to be a green light for investors who are willing to back cleantech companies like Evergen, and the current instability in Australia’s electricity markets is proof that the transition to renewable energy is accelerating more than ever.”
Hutt says FRV-X’s investment will give Evergen the opportunity to expand into Australia – where it controls well over 100MW of assets, including 7,000 residential home batteries – and expand into key international markets. .
FRV-X is taking a stake in Evergen alongside clean energy investment firm Providence Asset Group, which made a $3 million investment in late 2020, and other high-profile shareholders AMP Capital and Artesian.
Michael Cummings, Chairman of Evergen and Global Co-Head of Infrastructure at AMP Capital, said FRV-X will bring significant experience in energy markets and businesses around the world to support Evergen in its next stage of growth.
Felipe Hernandez, General Manager of Engineering and FRV-X, described Evergen as exceptional operators whose software offers significant opportunities to improve solar and battery performance at scale.
Globally, FRV has participated in the installation of 2 GW of renewable energy generation with an additional 560 MW under construction. In Australia, FRV has developed nine solar parks with a combined capacity of 781 MW and has other projects underway in the Northern Territory.