FRV-X, the innovation and venturing division of global renewable energy business Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has today announced a major investment in leading Australian energy software company Evergen. The investment represents Evergen’s largest investment to date after the firm closed a USD $10.5 million (15 million Australian dollars) series B fundraise.
The backing demonstrates FRV-X’s confidence in Evergen as a smart energy software business that is revolutionizing energy usage for asset owners, consumers & businesses, energy retailers, and distribution businesses in Australia, the Middle East region and globally.
Fady Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said: “Our investment in Evergen represents our deep commitment to supporting innovative concepts that are driving the global energy transition towards a more sustainable model. We look forward to combining our skills and expertise to deliver on Australia, the Middle East, and the rest of the world’s renewable energy targets, which are crucial for climate resilience and continued societal and economic development.”
The investment underscores FRV and Evergen’s common goal to shift the international energy system to a more sustainable model. Evergen’s vision is to “connect all the things (IOT connected energy related devices)” and optimize the entire energy supply chain to support and accelerate the transition away from fossil fuels and create a more equitable energy environment for people worldwide.
Felipe Hernandez, Managing Director of Engineering and FRV-X, FRV’s innovation and venturing team, said: “We are delighted to have engaged with the Evergen team over the last six months. 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. Our values and purpose are aligned with Evergen´s team, and we are excited to partner and scale together as the transition to renewables accelerates around the world.
The landmark FRV-X deal reflects the strong value of Evergen’s software platforms which control, monitor, and optimize the energy performance of residential, commercial and utility-scale solar & battery systems.
Evergen’s software also enables utilities (energy generators, retailers and distributors in particular) to revolutionize the way energy is delivered and traded by orchestrating fleets of batteries, generators and loads, as Virtual Power Plants (VPPs).
Ben Hutt, CEO and Managing Director of Evergen said: “The world is looking to us to lead the way on a clean energy future. This significant investment from FRV-X will give Evergen the opportunity to grow in Australia and deploy our software solutions to key international markets.”
The $10.5 million investment will allow Evergen to further develop its software to support the smarter utilization of more large-scale renewable energy and battery projects and partnerships in Australia and overseas. FRV has a fast growing and significant portfolio of generation assets globally, and FRV-X is developing innovative business models that Evergen can enable.
The capital investment is Evergen’s largest to date and represents a significant boost for the Australian company and its ambition to be a global clean-tech leader.
Globally, FRV and its affiliated companies have installed 2GW of renewable energy generation with another 560MW under construction and planning to double the installed capacity to 4GW in 2024.