Australia: Sydney’s Evergen raises $2.82m to market intelligent home energy solution

Visual of Evergen homepage. August 2016

Sydney-based renewable energy startup Evergen has raised A$3.7 million ($2.82 million) as it aims to take “Australia’s first intelligent home energy system” to the market.

It closed A$2.9 million ($2.21 million) in investment from AMP Capital and former chief executive of AMP, Stephen Dunne, who serves as chairman of Evergen’s board. The round also saw participation from the Commonwealth Scientific and Industrial Research Organisation (CSIRO) with an $800,000 ($601,000) investment.

Evergen is a renewable energy tech company selling an intelligently-managed solar and battery system for households. The product was engineered at CSIRO and pairs solar and battery systems with intelligent software. The data from this configuration is presented to consumers on a smartphone app.

This smart technology can learn the consumption habits of a household, that when combined with weather forecasts enables the system to make cheap energy decisions.

CSIRO developed Evergen’s core energy management intelligence and provided research advice to help Evergen put the product on the market. Currently, the technology is limited to a number of beta versions, available to customers as part of an early release program A second-stage release program is scheduled for January 2017.

The newly acquired funds will be used to commercialise their product across Australia, in a market predicted to eventually reach a capitalisation of up to $20 billion, according to CEO Glenn Platt. They will also be used to work on product innovation in anticipation of its 2017 second-stage release.

While a multitude of intelligent household power saving systems are already present in the market, Platt says Evergen remains the only company to combine weather forecasts with household energy consumption data.

Evergreen says that it has been conducting pilots with households across Australia during the past year. Results reportedly indicate that the effective energy savings have ranged up to 80 per cent.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.