RIYADH: FRV-X, the innovation and venturing division of Abdul Latif Jameel Energy’s Fotowatio Renewable Ventures, has invested $7.17 million in energy software company Evergen.
The investment is the Australian company’s largest to date and will be used to expand the business in its home market, as well as across the Middle East region and the rest of the world.
“Our investment in Evergen represents our deep commitment to supporting innovative concepts that are driving the global energy transition toward a more sustainable model,” said Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel.
According to a statement, the investment underscores FRV-X and Evergen’s common goal to shift the international energy system to a more sustainable model, by optimizing the entire energy supply chain to support and accelerate the transition away from fossil fuels.
Ben Hutt, CEO and managing director of Evergen said: “The world is looking to us to lead the way on a clean energy future. This significant investment from FRV-X will give Evergen the opportunity to grow in Australia and deploy our software solutions to key international markets.”
