Evergen announces process to secure a new majority shareholder | RenewEconomy

Evergen announces process to secure a new majority shareholder

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Evergen, the provider of Australia’s only CSIRO developed intelligent energy management system, has announced that it has commenced a process to secure a new majority shareholder to drive the continued success and expansion of the business in the rapidly evolving energy sector.

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PRESS RELEASE

Evergen Pty Ltd (“Evergen”), the provider of Australia’s only CSIRO developed intelligent energy management system, has announced that it has commenced a process to secure a new majority shareholder to drive the continued success and expansion of the business in the rapidly evolving energy sector.

Evergen is a new breed of energy services company that sells and manages intelligent energy management systems comprising solar power, batteries and intelligent energy management software, interconnected with the electricity grid. Evergen customers saved an average of 80% off their electricity costs last year.Incorporated in 2015, the establishment of Evergen arose from a collaboration between CSIRO and AMP Capital, with the vision of lowering the cost of energy to all Australians, using clean, renewable power and intelligent technology developed and tested over several years by CSIRO.

Since this time, the value of distributed energy resources (“DER”) and demand response has emerged as the dominant market theme in domestic and global energy markets. As its installed base continues to expand, Evergen’s business model will evolve to derive revenue from aggregated DERs via virtual power plants, microgrids and peer to peer trading.

In the short time since its inception, Evergen has established a secure position in the expanding residential and commercial energy management market and is continually improving and adapting its system through ongoing research and development to capture the future value to be created at the edge of a transforming electricity grid.

Evergen’s key achievements include:

  • Over 4MWh of battery storage successfully installed;
  • More than 2.2MWh of additional battery storage pre-ordered as at 31 July 2018;
  • 750,000 hours of successful system operation in the field;
  • Evergen has generated more than 7,000 leads over the last quarter;
  • In Q1 2018, 100% of customers have achieved electricity cost savings of at least 55%, and 42% of customers have achieved electricity costs savings of more than 100%;
  • Evergen’s intelligent energy management system shown to create at least 20% more electricity cost savings than the industry standard load-following battery operation;
  • Selected as one of a small group of participating installers in the ACT’s “Next Generation Energy Storage” program subsidising installation of batteries in over 5,000 ACT homes and businesses, one of the largest rollouts of batteries in the world;
  • According to the Australian Energy Regulator published record of installed solar with storage systems, Evergen’s prominent sales performance under the NextGen program achieved a 26% market share for the ACT in 2017
  • Developed a successful suite of intelligent control algorithms for demand side management of energy intensive household appliances (e.g. pool pumps, air conditioners);
  • Secured a landmark agreement with Tesla to distribute the Tesla Powerwall 2 battery and apply the Evergen intelligent management platform to optimise the operation of the battery, making Evergen one of the only system providers globally to be given such operational control by Tesla;
  • Key partner in Mirvac’s “House with No Bills” prototype energy efficient home, which has been designed to deliver a home for a four-person family with no energy bills;
  • Successfully controlled an installed fleet of batteries to export energy to the grid in a trial undertaken with Evoenergy in the Australian Capital Territory (“ACT”);
  • Growing exposure in the commercial and industrial customer segment, having installed Evergen systems in four Travelodge Hotels and in Brisbane’s new Ascot Green apartments precinct;
  • Demonstrated international scalability through a successful trial of the system in the New Zealand market.

Having successfully established its intelligent energy management platform, Evergen is well positioned to grow its market presence and diversify its revenue sources as the energy market continues to evolve towards a consumer-driven DER market, creating significant opportunities.

With the foundation of the business now established through the successful execution of its initial business plan by Evergen’s experienced management team, the shareholders of Evergen have commenced a process to secure a new majority shareholder who will work with them to formulate, implement and manage the continued growth and expansion of the business in the rapidly evolving energy market, both domestically and globally.

Evergen has appointed PricewaterhouseCoopers (“PwC”) as financial adviser in relation to the transaction.

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