Victorian-headquartered energy technology company Amber Electric is going global with its battery and electric vehicle (EV) automation technology after successfully securing $45 million (USD 29 million) in capital funding.
The company has already signed deals with United Kingdom (UK) companies, energy giant E.ON and green electricity provider Ecotricity and will now turn its sights to other European markets.
The funding round was led by UK/Europe-based impact investor ETF Partners (The Environmental Technologies Fund), and existing backers Square Peg, Gentrack, Rubio Impact Co-founder and Co-Chief Executive Officer Ventures, and Breakthrough Victoria.
Amber Co-founder and co-Chief Executive Officer Dan Adams said the company is proving there’s a better way to do energy – with technology that puts customers at the centre of the energy transition.
“This investment is a huge step forward in our mission to help households around the world take control of their energy, reduce costs, and support the energy transition,” Adams 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.”
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 earn money by discharging when energy prices are spiking.
Amber is now building its vehicle-to-grid (V2G) capability to enable customers to benefit financially by selling energy from their EV back to the grid when it’s needed most.
ETF Partners Managing Partner Rob Genieser said the technology optimises energy usage but also enables greater integration of renewables.
“We want to back leaders driven by a strong sense of purpose, and Amber’s founders have demonstrated their commitment to transforming global energy markets for the better,” Genieser said.
Amber’s international strategy includes licensing its technology through New Zealand-headquartered utility technology solutions company Gentrack offering bundled solutions that combine Gentrack’s billing and CRM systems with Amber’s automation software.
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