FRV-X invests $10.5 million in Australian energy software company Evergen

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FRV-X, the innovation and adventure division of global renewable energy company Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has invested $10.5 million in Australia’s leading software company Evergen energetics.

The investment will enable Evergen to further develop its software to support the smarter use of larger scale renewable energy and battery projects and partnerships in Australia and overseas.

FRV has a large and rapidly growing portfolio of production assets globally, and FRV-X is developing innovative business models that Evergen can enable.

Biggest to date

The capital investment is Evergen’s largest to date and represents a significant boost to the Australian company and its ambition to be a global cleantech leader.

Support demonstrates FRV-X’s confidence in Evergen as a smart energy software company that is revolutionizing the use of energy for asset owners, consumers and businesses, energy retailers and businesses distribution in Australia, the Middle East region and worldwide.

Fady Jameel, Vice President and Vice President of Abdul Latif Jameel, said, “Our investment in Evergen represents our deep commitment to supporting innovative concepts that drive the global energy transition towards a more sustainable model. We look forward to combining our skills and expertise to achieve the renewable energy goals of Australia, the Middle East and the rest of the world, which are crucial for climate resilience and further societal and economic development. .

Sustainable model

The investment underscores the common goal of FRV and Evergen to move the international energy system towards a more sustainable model. Evergen’s vision is to “connect all things (IoT-connected energy-related devices)” and optimize the entire energy supply chain to support and accelerate the transition away from fossil fuels and create a fairer energy environment for people around the world.

Felipe Hernandez, General Manager of Engineering and FRV-X, FRV’s innovation and adventure team, said, “We are thrilled to have partnered with the Evergen team over the past six last months. They are exceptional operators who have designed software products that offer significant opportunities to improve the performance of large-scale renewable energy generation and storage assets in various contexts around the world. Our values ​​and purpose are aligned with those of the Evergen team, and we are excited to partner and grow together as the transition to renewable energy accelerates around the world.

The historic FRV-X agreement reflects the strong value of Evergen’s software platforms that control, monitor and optimize the energy performance of residential, commercial and utility-scale solar and battery systems.

Virtual Power Plants

Evergen’s software also enables utilities (power generators, retailers and distributors in particular) to revolutionize the way power is delivered and traded by orchestrating fleets of batteries, generators and loads, such as power plants Virtual Power (VPP).

Ben Hutt, CEO and Managing Director of Evergen, said, “The world is counting on us to lead the way to a clean energy future. This significant investment from FRV-X will give Evergen the opportunity to expand into Australia and deploy our software solutions in key international markets.

Globally, FRV and its affiliates have installed 2 GW of renewable power generation with an additional 560 MW under construction and plan to double installed capacity to 4 GW in 2024.– TradeArabia Press Service

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