Renewable Energy Still Top of Mind as Evergen Closes Series – A Fundraise Through Equity Crowdfund Campaign
Sydney, Australia, xx April 2020 – Australian renewable energy software platform, Evergen, has completed its Series A fundraise through equity crowdfunding platform VentureCrowd in addition to commitments from Artesian and AMP Capital. Since the Series A raise commenced in October 2019, Evergen has raised just over $6 million – an inspiring achievement particularly at a time of widespread environmental and market challenges, and in the midst of the turmoil caused by the COVID-19 pandemic.
Ben Hutt, CEO and Managing Director of Evergen, said, “This is a challenging time for Australia and the world, considering the public health crisis we are all facing. While global lockdowns have certainly meant some commercial energy consumption has been reduced, climate change will continue to be an existential threat to humans and the world we live in. This really is the decade in which action must be taken and it was evident that this year was the warmest winter on record in the northern hemisphere. Our mission to replace coal-fired power stations using clean, renewable power and intelligent technology is going to be even more important on the other side of this pandemic. We are committed to leading the charge with a number of initiatives and I am confident of a brighter future.”
With an unprecedented bushfire season and subsequent storms and flooding around the country, there has been an intense focus on climate change. Whilst it has been catastrophic, people are championing for change and this has been a catalyst for signs of action from the government, as well as the commercial sector. In light of this, Evergen, with its distribution partners and several network operators has been working on a range of network-led initiatives including deployment of standalone power systems and solar and batteries across bushfire ravaged communities to help restore power and using household batteries to offset grid stability in more central locations.
Landmark deals with 8 Star Energy to be the default provider of optimisation for Energizer home batteries in 56 countries, as well as partnering with Solar Service Group, Australia’s largest distributor of home batteries, to be the virtual power plant (VPP) operator / orchestrator for a fleet of ~10,000 batteries, have allowed Evergen to accelerate its strategy to facilitate others to sell and install hardware in both residential and commercial markets, both locally and overseas, and position Evergen to transition to become a digital utility company.
Evergen is enabling distributed energy with a new channel strategy that ensures it will be a significant force in the evolution of energy systems in Australia and around the world. By accelerating its scaling through other parties, Evergen will effectively fast-track its transition to being primarily a business that generates revenue from software.
“This is a transformation that is relevant for humanity and while these are testing times, we are ready to tackle these bold goals. There will always be challenges along the way when you want to achieve big things. We are here because of the strong interest and support from the local and international investor community.
“From an investor point of view, the multiple on which our valuation will be driven becomes a function of annual recurring revenue rather than a function of profit in a business selling and installing hardware. As our transition to these new revenue streams and business model occurs, the valuation we expect to achieve in the future will increase significantly from where we priced the last capital raise. We have adapted and updated the plan and the model to reflect the opportunities we have in front of us,” said Mr Hutt.
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. Evergen has always envisioned the business as a significant force in this transition to renewables both in Australia and internationally by being the software that connects these distributed assets for the benefit of the system and communities as a whole. Delivering software that helps make lives easier for all parties, in turn, will take batteries and battery storage to be a mass market product at scale – and strategically, this is a really important piece of the energy network of the future.
Evergen is at the forefront of the green economy with the country’s most advanced smart solar and battery systems and software. Evergen’s intelligent energy management system 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.
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