Fotowatio Renewable Ventures (FRV), part of Saudi Arabia's Abdul Latif Jameel Energy, led a $10.5 million funding round in Australian energy software company Evergen as part of efforts to support the global transition to a clean energy model.
FRV-X, the innovation and venturing division of FRV, accounted for $7.17m of the total funding while the remainder was contributed by Evergen's shareholders.
The investment, Evergen’s largest to date, will enable the company to further develop its software to support the “smarter utilisation of more large-scale renewable energy and battery projects and partnerships in Australia and overseas”, a statement on Wednesday said.
“Our investment in Evergen represents our … commitment to supporting innovative concepts that are driving the global energy transition towards a more sustainable model,” Fady Jameel, deputy president and vice chairman at Abdul Latif Jameel, said.
“We look forward to combining our skills and expertise to deliver on Australia, the Middle East and the rest of the world’s renewable energy targets, which are crucial for climate resilience and continued societal and economic development.”
Evergen aims to connect the entire energy supply chain. Its software platforms control, monitor and optimise the energy performance of residential, commercial and utility-scale solar and battery systems.
Its software also enables utilities — including energy generators, retailers and distributors — to change the way energy is delivered and traded by orchestrating fleets of batteries, generators and loads, as virtual power plants, the statement said.
Investments in renewable energy have picked up pace and are expected to exceed $1.4 trillion in 2022, accounting for almost three quarters of the growth in overall energy investment, the International Energy Agency said in its latest report this week.
While clean energy investment has risen about 2 per cent annually in the five years since 2015 after the signing of the Paris Climate Agreement, the pace of growth has ramped up to 12 per cent since 2020 amid an increase in government fiscal support, the IEA said.
The gains have also been supported by the increasing cost-competitiveness of many clean energy technologies to support the transition.
Renewables, grids and storage now account for more than 80 per cent of total investment in the power sector, the report said.
FRV is boosting its portfolio of generation assets — globally, FRV and its affiliated companies have installed 2 gigawatts of renewable energy generation with another 560 megawatts under construction. It plans to double the installed capacity to 4 gigawatts by 2024.
“They [Evergen] … have built software products that provide significant opportunities to enhance the way renewable generation and storage assets perform at scale in a variety of contexts internationally,” Felipe Hernandez, managing director of FRV-X, said.
“We are excited to partner and scale together as the transition to renewables accelerates around the world.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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