Australian energy innovator Amber secures another $10 million in fund for global expansion

Australian energy technology company Amber Electric, which describes itself as the country’s largest residential solar and battery automation provider, says it has secured another $10 million to support its global expansion plans.

Amber, which was founded in 2017 by mates Dan Adams and Chris Thompson, is a Melbourne headquartered energy retailer giving customers access to the real-time dynamic electricity price and the technology to automate home batteries and electric vehicles (EVs) to use cheaper renewable power when it is available on the grid.

The company reportedly accounts for more than 40 per cent of Australia’s solar and battery automation market, and has seized a sizeable share of accounts from homes installing household batteries under the new federal rebate scheme.

Citing a desire to “supercharge its growth and expand its battery and EV automation technology into global markets”,

Amber flagged its global plans in June after securing $45 million in a funding round led by European investor ETF Partners (The Environmental Technologies Fund), a venture capital firm dedicated to sustainability and impact investing.

Amber says it has now secured a further $10 million from major UK energy supplier E.On Next UK and Australian specialist climate tech transition fund Virescent Ventures.

The funding, split equally between the two investors, will support the licensing of Amber’s platform to utilities internationally.

“Having both E.On and Virescent invest in Amber shows the strength of support for our technology at home and abroad,” said Chris Thompson, co-CEO of Amber.

“From one of Europe’s largest utilities to a leading Australian climate technology investor, this backing demonstrates that our model resonates globally. It also reflects the growing recognition that households can take an active role in the energy market, reducing costs and supporting a more flexible system.”

E.On’s is already trialling Amber technology for a smart energy pilot called Next Solar Max with up to 1,000 UK households. The trial marks the first time UK customers with solar and batteries will be able to combine a dynamic electricity tariff with an intelligent home energy management system.

“Giving people the technology to access dynamic pricing and to optimise the energy generated by their solar panels or stored in their home batteries means you can not only lower energy bills in the short term but also turn everyday households into a driving force of the energy transition,” said Chris Norbury, E.On UK CEO.

“Our strategic investment in Amber is another clear example of our playmaker role in making new energy work so it’s not only more affordable but also an asset for our customers and communities.”

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