(Smart Energy Council)
26 November 2019, MELBOURNE: Renewable energy systems and software provider Evergen is at the forefront of the green economy with the country’s most advanced smart solar and battery systems and software. Evergen aims to lower the cost of energy for all Australians using clean, renewable power and intelligent energy management software developed in partnership with the CSIRO. The business is finalising its $7 million capital raise by opening up the offer to private and wholesale investors through the accessible equity funding platform VentureCrowd.
The growth or Series A raise has been led by AMP Capital and Artesian’s Clean Energy Seed Fund – which includes capital from the Clean Energy Finance Corporation (CEFC) as well as other leading environmental and venture investors – and will fund Evergen’s global expansion plans, accelerate the growth of its customer base and drive further development of the residential and commercial energy management businesses. As international energy markets evolve, battery storage technologies and the software that enables and controls them will become integral in the energy landscape of the future.
Ben Hutt, Evergen CEO and Managing Director, said, “As a dynamic, high growth business, Evergen has the capability to extend its unique market-leading offering in Australia and globally. We have successfully trialled the Evergen system in the New Zealand market and more recently, signed our first international software distribution deal with South African battery storage distributor Midnight Sun Energy Storage Systems. We are working on some exciting deals that should take Evergen software to many international markets over the next 6-12 months. This part of our raise is about democratising opportunity to invest in the future of our planet and giving power to the people so together, we can create a cleaner energy future and legacy for subsequent generations.”
Michael Cummings, Chairman of Evergen and Global Co-Head of Asset Management for AMP Capital’s infrastructure equity business, said, “To be part of shaping the future of energy is the underlying reason for our investment in Evergen and partnership with CSIRO. Evergen has already initiated its strategy for global expansion. The company is poised for considerable growth and the timing is ideal for investors looking to invest in the new energy future.”
Steven Maarbani, Founder and Executive Director of VentureCrowd, said, “This is an opportunity to invest in an Australian-grown renewable energy company through equity crowdfunding and become an investor in the Evergen Series A growth funding round on the same key terms as lead investors. Evergen’s solar and battery system with CSIRO-developed technology is cutting-edge and shaping the future of energy. We are seeing a growing number of investors joining VentureCrowd to invest in the businesses that not only offer strong growth potential but also make a difference to the planet.”
Evergen’s intelligent energy management system, developed in partnership with the CSIRO, increases the performance of single dwelling solar and battery systems and enables operation of virtual power plants (VPP) and microgrids, where fleets of systems are orchestrated and optimised together with the energy networks. Its technology delivers significant savings to customers (on average up to 80 per cent of electricity costs) and it is contracted in several network operator initiatives to test the impact that batteries at both a residential and commercial scale can have on distributed energy networks through VPPs, Microgrids, Demand Response and other initiatives.
The equity crowdfunding campaign through VentureCrowd launches on Monday, 25 November and closes on Friday, 20 December. Investors can access details of the deal and register to invest at www.venturecrowd.com.au/invest.
Evergen offers homeowners and businesses the ability to seek protection from the rising prices of energy, a sense of control, and a simple, sustainable solution they can trust. A partnership between the CSIRO and AMP Capital, Evergen was founded with the vision of lowering the cost of energy for all Australians, using clean, renewable power and intelligent technology.
Evergen is a multi-award-winning business that has earned the 2018 Optus My Business Awards Energy Business of the Year and debuted on the Financial Review Fast Starters 2018 list. For more information, visit www.evergen.com.au.
VentureCrowd is an equity crowdfunding platform offering investors access to curated investment opportunities in alternative assets. VentureCrowd gives investors convenient access to venture capital and real estate development opportunities on the same economic terms as professional lead investors. The platform has been successfully raising capital for over three years from investors with over $20 million raised across more than 40 successful deals, and is backed by Artesian Venture Partners, one of Australia’s largest venture capital firms. For more information, visit www.venturecrowd.com.au.