Evergen to further develop software after shutting AU$ 15m financing round

Jun 23, 2022 03:29 PM ET
  • Australian energy software firm Evergen has shut a AU$ 15 million (US$ 10.4 million) series B funding round, its biggest capital expense to date.
Evergen to further develop software after shutting AU$ 15m financing round
Image: Fotowatio Renewable Ventures

The fundraise was led by FRV-X, the technology and also endeavor department of renewable development team Fotowatio Renewable Ventures (FRV), and also will enable Evergen to further develop its software to enhance the assets of large-scale renewable resource and battery projects.

It will certainly additionally assist its development both in Australia as well as overseas as it intends to end up being a "worldwide clean-tech leader".

Evergen's software platforms have the ability to regulate, monitor and also optimize the efficiency of domestic, business and also utility-scale solar as well as battery systems.

Furthermore, it likewise permits utilities to transform the method energy is supplied as well as traded through virtual power plants (VPPs).

Ben Hutt, CEO and handling supervisor at Evergen, stated: "The new federal government's renewable resource focus is proving to be a green light for investors that are ready to back clean-tech firms like Evergen, and also the present instability in electricity markets in Australia is evidence that the change to renewables is increasing much faster than ever before."

Evergen controls 100MW of properties consisting of 7,000 residential battery systems in Australia.

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