Interview with Peter Doyle, Managing Director & CEO of Evolve Power Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/evolve-power-pioneering-hydro-energy-storage-in-alberta-3435
Recording date: 25th October 2023
Evolve Power Ltd (formerly Montem Resources) is an Australian energy company previously focused on coal assets and now has shifted its focus to renewable energy storage projects.
Evolve has partnered with TransAlta Corporation (50/50 JV) on a pumped hydro storage project at Tent Mountain in Alberta. Evolve is raising $1.5 million pre-IPO at an implied valuation of $78 million CAD. It expects to IPO at a significantly higher valuation, and Evolve expects to make an investment decision by 2025/2026 after further de-risking the project.
Evolve is developing industrial battery storage projects to reduce electricity costs for large industrial customers. The company sees a significant growth opportunity for battery storage due to market volatility in Alberta. Evolve aims to sign the first customer by end of 2022 and rapidly expand the battery storage business, forecasting it will be more valuable than the pumped hydro project within two years.
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