Amber charges up on $45 million raise

Renewable energy retailer Amber has raised another $45 million in venture capital as it ramps up global ambitions for its battery and EV automation technology.

The round was led by UK/Europe-based impact investor ETF (Environmental Technologies Fund) Partners and supported by existing backers including Square Peg, Gentrack, Rubio Impact Ventures, and Breakthrough Victoria.

Amber previously raised $29 million in a Series C in early 2024, as well as a $33.4 million Series B that spanned 2021-22. The cap table also includes CBA, CSIRO-backed Main Sequence and motoring mutual the NRMA. Amber, founded in 2017, previously raised $10 million in a Series A.

Amber gives customers access to real-time wholesale electricity prices and the technology to automate their home batteries and EVs to charge when cheap renewables are available, and to earn money by discharging when energy prices are spiking.

The climate tech scaleup is now building its vehicle-to-grid (V2G) capability that will enable customers to benefit financially by selling energy from their EV back to the grid when prices rise.

Amber now has the biggest slice of residential battery automation in Australia, with 40% new installations using the platform. Earlier this year, the scaleup acquired the electric vehicle (EV) smart charging app Charge HQ.

The fresh capital sets up the business for the launch of the federal government’s Cheaper Home Batteries Program rebate next month. The company has also signed deals with E.ON, one of the largest utilities in the UK and with Ecotricity, an environmental focused energy retailer, and is now eyeing off the European market.

Its strategy includes licensing the technology through Kiwi software platform Gentrack’s global network of utility customers, offering bundled solutions that combine Gentrack’s billing and CRM systems with Amber’s automation software.

Cofounder and co-CEO Dan Adams said their goals are to help households take control of their energy, reduce costs, and support the energy transition.

“We’re proving there’s a better way to do energy – with technology that puts customers at the centre of the energy transition,” he said.

“As more countries shift to decentralised, renewable energy, we’re excited to bring Amber’s model to the world stage – helping to build smarter energy systems everywhere.”

 Rob Genieser from ETF Partners said Amber is redefining how utilities and consumers interact with energy. said

“Their technology not only optimises energy usage but also enables greater integration of renewables, paving the way for a more resilient and sustainable energy system,” he said.