Evergen to invest more in solar and battery controls after fund raising led by FRV

New South Wales-based energy software company Evergen says the change of federal government in Australia has served as a “green light for investors,” after closing a $A15 million fundraising round led by FRV-X, a division of global renewables developer Fotowatio Renewable Ventures.

The $15 million investment, which Evergen says is its biggest to date, will be used to further develop the company’s software platforms which control, monitor, and optimise the energy performance of residential, commercial and utility-scale solar and battery systems.

Evergen CEO and managing director Ben Hutt said on Wednesday that the landmark investment by FRV-X – part of global solar giant Abdul Latif Jameel Energy – reflected both the strong value of the company’s software, and renewed international interest in Australia’s renewables sector.

“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,” Hutt said.

“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.”

Hutt says the investment from FRV-X will give Evergen the opportunity to grow in Australia – where it controls well over 100MW of assets including 7,000 residential home batteries – and to expand to key international markets.

FRV-X takes a stake in Evergen alongside clean energy investment firm Providence Asset Group, which made a $3 million investment in late 2020, and other leading shareholders AMP Capital and Artesian.

Evergen chair and global co-head of infrastructure at AMP Capital, Michael Cummings, said FRV-X would bring significant experience in energy markets and businesses worldwide to support Evergen on their next leg of growth.

Felipe Hernandez, managing director of engineering and FRV-X described Evergen as exceptional operators whose software provides significant opportunities to enhance the way solar and batteries perform at scale.

Globally, FRV has had a hand in the installation of 2GW of renewable energy generation with another 560MW under construction. In Australia, FRV has developed nine solar farms with a combined capacity of 781MW and has further projects underway in the Northern Territory.