AMP Capital backs renewable energy start-up

AMP Capital and the Commonwealth Scientific and Industry Research Organisation (CSIRO) have collaborated to develop a new business in clean energy and energy efficiency, called Evergen.

Evergen would sell and manage intelligent home energy systems, which included solar power and batteries, based on CSIRO technology, AMP Capital said.

The Evergen system continuously analysed and optimised home energy costs and always selected the most efficient source between solar, battery or the grid.

Evergen would also learn about the power consumption patterns of each household, and forecast solar production based on local weather analysis. That analysis would build a picture of future energy flows to ensure smart decisions would be made to reduce energy costs.

Evergen customers were expected to save between 60 and 80 per cent on their home energy bills, while new technology being developed by CSIRO could further increase those savings.

AMP Capital's chief executive, Adam Tindall, said it had a long history of collaborating with CSIRO.

"We've been working together for several years in the energy sector, exploring opportunities around how to work together and use AMP Capital's energy and infrastructure expertise and investment to commercialise CSIRO's technology in solar and batteries," Tindall said.

Evergen systems were suited to freestanding homes and could be installed around Australia. A limited number of systems were now available as part of an early release program, with a second stage program to be rolled out from January 2017.

AMP Capital invested in the new start up but did not disclose the investment amount.