Evergen eyes international market after sealing $15 million FRV-X deal
Australian solar and battery optimization technology provider Evergen will seek to accelerate its expansion in both the domestic and international markets after closing a $15 million fundraising round led by FRV-X, a division of Saudi-owned energy developer Fotowatio Renewable Ventures.
Sydney-based energy software company Evergen has announced its biggest financial investment to date after closing a $15 million Series-B fundraise led by FRV-X, a division of global energy business Fotowatio Renewable Ventures (FRV).
The investment will allow Evergen to further develop the company’s software platform that enables digital optimisation of the energy supply chain. The technology is used by retailers, network operators, asset owners and operators as well as consumers to optimise the function of their renewables assets, including residential, commercial and utility-scale solar and battery systems.
Evergen’s technology, developed by the CSIRO and backed by AMP Capital, also allows batteries, generators and loads to be orchestrated in fleets enabling energy generators, retailers and distributors to use these systems as Virtual Power Plants (VPPs).
Currently, Evergen controls more than 100 MW of renewables assets on its platform, including 7,000 residential home batteries.
Evergen chair and global co-head of infrastructure at AMP Capital, Michael Cummings, said the FRV-X investment is a significant boost for Evergen and will help it build the capability to service more large-scale renewable energy and battery projects in both Australia and overseas.
“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,” he said.
The $15 million investment in Evergen buys FRV, which entered the Australian market in 2010, a significant minority stake in the business.
“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,” FRV-X managing director Felipe Hernandez said.
A part of UAE-based Abdul Latif Jameel Energy, FRV and its affiliated companies have installed 2 GW of renewable energy generation globally. There is another 560 MW under construction and FRV is planning to double its installed capacity to 4GW in 2024.
In Australia, FRV has developed nine solar farms that are currently producing a combined total of 781 MW of electricity sold into the National Electricity Market (NEM). It also has a pipeline comprising ~7 GW of solar projects and ~1.3 GWh of battery storage.
Evergen chief executive officer and managing director Ben Hutt said FRV-X’s financial backing highlighted a 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,” he 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.
“The world is looking to us to lead the way on a clean energy future.”