Power & Utilities
Evergen Power Platform
Investment in renewable energy is been held back as funding models can’t predict return on Investment. Our Platform provides instant visibility of IRR on energy investments.
Field of Expertise
Hardware and Software technologies
Expertise
I started my career in the Semiconductor electronics Industry and in 1995 set up a business in Hong Kong assembling IT systems and upgrades for PC’s, Workstations and Servers. From a standing start we built sales of US$100 million in less than 30 months. The company continued to grow and in 2000 a Plc offered to buy the business so I sold up and returned to UK. In 2001 I took over a software start up that was developing an innovative search and categorisation technology to automate the process of managing large volumes of unstructured business information. The core technology was based on Bayesian Algorithms and enabled computes to understand the concepts inherent in text, Webpages, emails and documents. Over 80% of business information is unstructured and sits outside a database. I completed the development and commercialised the technology and called it OmniQ. One of our clients was a database company who were planning to integrate OmniQ into their data suite. Instead of licensing our software, in May 2005, global software giant Sybase Inc. (NYSE:SY) offered to buy ISDD for a cash sum. Announcing the acquisition, Sybase Chairman, CEO and Managing Director, John Chen said “The acquisition of ISDD Ltd marks another key milestone in our investment strategy. This is a major win for our worldwide customers with unstructured data management requirements”. After two successful start-up and fruitful exits and a period of retirement, in 2010 I started working on my next venture which was to be an environmental business. Following considerable research and planning, in 2011 along with my son, I setup Evergen Systems Ltd with a mission to reduce energy consumption and CO₂ emissions in the built environment. The Company began installing solar systems in homes and went on to install Solar, Battery Storage and Energy Management systems in commercial properties and public sector buildings. As well as saving our customers thousands of pounds on their annual energy bills, all these activities have a direct impact on cutting CO₂ emissions now and for decades to come. Evergen has over 5,000 residential solar installations across the UK and we have won multiple awards for our work. Since 2009 the Solar Industry had been driven by a Government subsidy called Feed In Tariff (FiT) which paid for every kW of energy generated. These payments were tax free, index linked and guaranteed for 25 years. This led to corporate investors coming in and funding huge amounts of solar installations. However the FiT was gradually reduced to zero in April 2019 and the solar Industry stalled. Expecting the termination of the FiT, in late 2018 we started research and development of an investible business model without FiT. Originally Introduced in 2009, the solar PPA (Power Purchase Agreement) had become an accepted investment vehicle providing guaranteed, long term returns for investors. But this relied on the FiT so the returns were based on energy generation. As the FiT was finished, we had to develop a business model which could provide acceptable returns without it. After 2 ½ years of work we have developed a PPA model based on “energy consumption” rather than “energy generation”. This is the Evergen Power Portal.