AMP Capital supports the development of hydrogen battery technology

AMP Capital has welcomed clean energy investor Providence Asset Group to become a major shareholder in Evergen with an initial $3 million investment to support the development of small-scale hydrogen batteries as an alternative source of energy to power residential homes and businesses.

AMP Capital and global alternative investment management firm Artesian are currently the two largest shareholders in Evergen - a leading renewable energy software business that provides optimisation and Virtual Power Plant software enabling Australia to more rapidly switch to renewable sources of energy.

AMP Capital Global Co-Head of Asset Management and Evergen Chairman, Michael Cummings, said this latest investment will help Evergen stay at the forefront of technological advances in the renewables sector and provide a global opportunity for Evergen to play a key role in the world’s energy transition.

“AMP Capital is delighted by Evergen’s new partnership with Providence Asset Group to enable development of hydrogen battery technology. As countries and communities look to transition away from traditional fossil fuel sources of energy that pose a threat to the environment, it’s essential we continue to explore cutting edge renewable technology as an alternative for households and businesses around the world.

“While it is still early days for this kind of technology, AMP Capital has a commitment to work with our investors to help finance and discover environmentally friendly technologies to power our planet. We know renewables are our future and developing the right technologies at scale will play a leading role in the fight against climate change,” he said.

CEO and Managing Director of Evergen Ben Hutt said: “This investment and strategic alignment with Providence and their related businesses marks an exciting start to the next chapter in Evergen’s evolution. We have been working closely with the team at Providence to accelerate the transition to renewables, and our opportunity to do this at scale both in Australia and elsewhere in the world is enormous. It’s still early for this technology, and current Lithium Ion batteries will be essential for many years to come, but in the long-term hydrogen can be better for the environment and deliver other benefits not offered by current technologies. In the context of the Federal Government’s technology roadmap, this partnership allows us to be focusing on two of the five pillars: Battery Storage, and Clean Hydrogen,” he said.