Australian energy software company Evergen has closed a AU$15 million (US$10.4 million) series B funding round, its largest capital investment to date.
The fundraise was led by FRV-X, the innovation and venture division of renewable development group Fotowatio Renewable Ventures (FRV), and will allow Evergen to further develop its software to enhance the assets of large-scale renewable energy and battery projects.
It will also help its expansion both in Australia and overseas as it aims to become a “global clean-tech leader”.
Evergen’s software platforms are able to control, monitor and optimise the performance of residential, commercial and utility-scale solar and battery systems.
Moreover, it also allows utilities to change the way energy is delivered and traded through virtual power plants (VPPs).
Ben Hutt, CEO and managing director at Evergen, said: “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.”
Evergen controls 100MW of assets including 7,000 residential battery systems in Australia.