AMP, CSIRO launch smart solar-plus-storage startup in Australia

Australian investment manager AMP Capital and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) have worked together to kick-start a new Aussie solar-based home energy systems business.

The startup, called Evergen, was launched today and is now offering a limited number of systems as part of an early release programme, the companies announced in separate statements.

According to local media, AMP Capital, which is a unit of Australian retail and corporate pension provider AMP Ltd (ASX:AMP), has invested some AUD 2.9 million (USD 2.2m/EUR 2m) in Evergen, with CSIRO contributing an additional AUD 800,000. AMP Capital said in a press release that it made an investment through its balance sheet. The company expects Evergen to raise more capital through a new funding round towards the end of the year.

Evergen sells and manages home energy systems that use technology provided by CSIRO and consist of solar panels and batteries. The technology analyses a household’s power consumption patterns along with local weather forecasts to determine whether to use the electricity generated by the solar modules or rely on the grid. Based on analysis of Evergen's early customers, the system can help customers save up to 60%-80% on their home energy costs from day one.

The systems offered presently feature the beta version of Evergen's energy management software. The startup plans a second-stage release programme to be rolled out in January 2017.

"Distributed energy technologies such as rooftop solar are the biggest growth areas in the market globally, and upcoming new technologies will completely change a market that has operated the same way for decades," said Evergen CEO Glenn Platt.

(AUD 1.0 = USD 0.762/EUR 0.674)

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