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.