Evergen closes $15m capital raise led by FRV-X

The Evergen intelligent app
The Evergen intelligent app

Energy software company Evergen confirmed its biggest financial investment to date after closing a $15 million Series-B fundraise led by FRV-X, the innovation and venturing division of global renewable energy business Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy.

The major investment demonstrates FRV-X’s confidence in Evergen as a smart energy software business that is revolutionising energy usage for asset owners, consumers and businesses, energy retailers, and distribution businesses in Australia and internationally.

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The FRV-X backing also demonstrates the new international readiness to invest in Australia’s renewable energy sector following clear policy signals set by the federal government.

“Australia is in a prime position to capitalise on renewable energy opportunities and the world has been watching and waiting for us to set a clear longer-term agenda for our energy future,” Evergen CEO Ben Hutt said.

While FRV has been a long-term and committed investor in Australia since 2012, there has been hesitance from many other large-scale international investors to invest strongly and with confidence in the Australian market due to the confusion and disputes over renewable energy policy direction.

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The new government’s renewable energy focus is proving to be a green light for investors who are ready to back clean-tech companies like Evergen, and the current instability in electricity markets in Australia is evidence that the transition to renewables is accelerating faster than ever before.

“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,” Hutt said.