Renewable energy systems and software provider Evergen is looking to boost its growth in Australia and put its feelers out in the global market. The company is finalising its $7million capital raise by opening up to private and wholesale investors on VentureCrowd, an equity funding platform.
The Series A raise has been led by AMP Capital and Artesian’s Clean Energy Seed Fund, inclusive of capital from the Clean Energy Finance Corporation (CEFC). With the funds raised, Evergen hopes to lower the cost of energy for all Australians, utilising renewable energy and its own intelligent energy management software (developed in partnership with the CSIRO), by increasing the performance of single solar + energy storage systems and enabling the operation of virtual power plants (VPPs) and microgrids.
“This part of our raise,” said Ben Hutt, Evergen CEO and Managing Director, “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.”
Moreover, Evergen is looking to expand overseas after successfully trailing the Evergen system in New Zealand and signing its 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,” said Hutt.
AMP Capital jumped aboard in order to be part of the future of energy and Michael Cummings, Chairman of Evergen and Global Co-Head of Asset Management for AMP Capital’s infrastructure equity business, noted the ideal timing for investors to similarly jump aboard as the company is poised for considerable growth and overseas expansion.
VentureCrowd is an online platform for equity crowdfunding and Steven Maarbani, Founder and Executive Director of VentureCrowd, spoke of the growing number of investors joining VentureCrowd not only to invest in companies with strong growth potential but also “make a difference to the planet.”
“This is an opportunity to invest in an Australian-grown renewable energy company through equity crowdfunding…” said Maarbani, “Evergen’s solar and battery system with CSIRO-developed technology is cutting-edge and shaping the future of energy.”
Evergen’s technology, developed by the CSIRO, tracks the consumption patterns of a single solar and energy storage system in tandem with weather forecasts to best tailor when the system should utilise its solar generation, when to store it, when to utilise the battery or the grid, effectively ensuring your system is working in the most cost-effective fashion.
The equity crowdfunding campaign on VentureCrowd closes on Friday, 20 December. To learn more and register to invest, see here.
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