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Infra-tech green-energy business Evergen prepares for domestic and global growth with completion of capital raise and new CEO in place

launchgroup.com.au > Blog > News > Infra-tech green-energy business Evergen prepares for domestic and global growth with completion of capital raise and new CEO in place
19 Aug

Infra-tech green-energy business Evergen prepares for domestic and global growth with completion of capital raise and new CEO in place

launch-admin Aug 19, 2019 0 69
Sydney, Australia, 23 April 2019 – Infra-tech energy business Evergen Pty Ltd (Evergen), the provider of Australia’s only CSIRO-developed, intelligent energy management system, is gearing up for growth after closing a capital raise led by majority shareholder AMP Capital, a leading global infrastructure investment manager.

Evergen launched in Australia on 25 August 2015 with seed funding from AMP Capital and technical backing of the CSIRO. Since then, it has made significant progress in optimising the energy management of a growing number of homes and businesses across Australia and New Zealand. There is now more than 5MWh of Evergen-optimised battery storage deployed, and more than 750,000 hours of successful systems operation in the field.

Michael Cummings, Chairman of Evergen and Global Co-Head of Asset Management for AMP Capital’s infrastructure equity business, said, “Evergen’s differentiated market position and opportunity to play a significant role in the clean energy revolution make it ideal for further investment. As a pioneer in infrastructure investment for more than 30 years, AMP Capital is also looking at global technology investment opportunities that align or disrupt more conventional infrastructure, particularly in the energy sector.

“Evergen is ripe for scale, with a market-leading offering that has significant potential both in Australia and globally. With expansion opportunities on the table, we wanted to deepen our investment in a business that is poised to capture significant market share within Australia, as well as take advantage of international opportunities. Evergen’s ability to understand how a customer uses energy to forecast and optimise between solar panels, battery, and the grid, and enhance battery performance and health, delivers its customers savings of more than 80% off their normal electricity bill and performs at least 20% better than comparable offerings.”

Renewable energy is a promising opportunity around the world and Australian companies are well placed to participate. According to research by the Australian National University (ANU), per capita Australia topped regions including the EU, Japan, China and the US in 2018 with its installation of renewable power. Based on this data, Australia could reach 50% renewable electricity by 2024 and 100% by 2032.

On completion of the capital raise, Evergen has appointed a new CEO to lead the next phase of growth.

Mr Cummings commented, “On behalf of the Board and the Shareholders, I am delighted to announce the appointment of Ben Hutt, an experienced startup founder and execution-focused entrepreneur, to the role of CEO and Managing Director. Ben has significant experience in setting companies up for growth, in developing collaborative partnerships and scaling internationally. Ben is a unique and experienced CEO, and we are delighted he has accepted the opportunity to grow Evergen and be a driving force in the renewable energy and infra-tech revolution.”

Mr Hutt said, “I am extremely passionate about the environment, and believe we live in an unprecedented era of global change around how we generate and consume energy. I believe that ten years from now, we could see more than 50% of the world’s energy generated through renewable sources, and this will lead to significant economic and social changes in Australia and globally. I am excited to be able to bring to Evergen everything I have learned throughout my career, in particular the skills I’ve honed supporting more than 100 of Australia’s leading entrepreneurs over the last two years. I strongly believe in business partnerships and collaboration to accelerate change – and look forward to working with like-minded businesses.”

Evergen’s outgoing CEO and Co-founder, Emlyn Keane, will remain on the Board.

Mr Cummings said, “I’d like to thank Emlyn for building Evergen, and we’re delighted he will remain on the Board to help oversee the next stage of its growth and provide continuity, particularly with key relationships. Emlyn has successfully led the team and developed important relationships with tier 1 property developers, operational partners, and hardware suppliers. We are very excited for the next chapter in Evergen’s growth, and excited to continue our momentum both locally and further afield.”

-ENDS-

About Evergen
Evergen is an infra-tech green energy business and the provider of Australia’s only CSIRO-developed, intelligent energy management system. Evergen sells and manages intelligent home energy systems comprising solar power and batteries. The ’intelligence’ technology provided by the CSIRO periodically analyses and remotely updates the system to improve over time. AMP Capital is a major investor in the company alongside CSIRO. Evergen is a multi-award winning business that has earned a CSIRO Entrepreneurship Award, awarded 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.