Blue-chip firm seeds 'next-generation' efficiency startup

AMP Capital has invested in Evergen, a company that helps customers choose the most efficient source between solar, battery and the grid.

Sydney-based fund manager AMP Capital has partnered with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to launch Evergen, an “intelligent” energy efficiency business.

Described by its backers as the first “next-generation” energy management system Down Under, the company combines solar production forecasts with an analysis of households’ consumption patterns to help them make the best out of power batteries and lower electricity bills.

Evergen, which launched today, says customers are expected to save up to 60 to 80 percent on their home energy costs from day one.

“The emergence of solar, battery storage and smart technology is expected to fundamentally change how power is produced around the world. With its ample solar resource and deregulated energy markets, Australia is at the forefront of pioneering new business models in cleantech,” said AMP Capital chief executive Adam Tindall.

AMP Capital, along with its former chief executive Stephen Dunne, is investing A$2.9 million ($2.2 million; €1.9 million) in the business, according to local reports. CSIRO is contributing A$800,000. The company expects to be collecting more capital through future fundraising rounds, in which AMP Capital is looking to participate again.

Evergen says its systems could also help extend battery life – a limit for current lithium ion batteries – by sparing the battery from being strained during hot weather.