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Hamilton Locke has supported long standing client, Evergen on a recent commercial partnership and equity raise, which will see Providence Asset Group’s early stage venture capital fund join Evergen’s current backers, AMP Capital and Artesian as leading shareholders.
As part of the deal, Evergen has become the global software partner for Providence’s hydrogen batteries (operated through its LAVO Hydrogen Storage Technology and H2Store businesses). The deal includes both its consumer focused and commercial batteries to be used at Providence’s solar farms. Evergen, in addition to software enabling Virtual Power Plants and optimisation, will enable a distribution channel for the LAVO technology through Evergen’s Partner network.
The investment signals a new chapter for leading SaaS provider Evergen, positioning it to accelerate the transition to renewable energy in Australia and elsewhere in the world through hydrogen solutions to complement its existing solar and battery technology network.
Commenting on the transaction, Ben Hutt, CEO and Managing Director at Evergen said: “This investment and strategic alignment marks the next chapter in Evergen’s evolution. Our alignment with the team at Providence to accelerate the transition to renewables, and do this at scale both in Australia and elsewhere in the world, is very strong. James Delesclefs and his team at Hamilton Locke have been advising us throughout this deal to achieve the best possible outcome. ”
James Delesclefs, Partner at Hamilton Locke said: “We are delighted to have been on this journey with Evergen for the last few years and excited at what lies ahead as VPPs and other key themes in the transition to mass renewable energy adopted continue to gather momentum.”