Evergen announces process to secure a new majority shareholder

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:

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.