Energy retailer and technology company Amber Electric has secured $10 million in new funding to continue scaling its residential solar and battery automation tech into overseas markets.
Amber founders and co-CEOs Dan Adams and Chris Thompson
Image: Amber Electric
Melbourne-headquartered Amber Electric is looking to further expand its home battery and electric vehicle (EV) automation technology into global markets after landing $10 million (USD 6.62 million) in international funding.
Amber’s platform gives customers access to real-time electricity prices and the technology needed to automate and optimise their solar and battery assets.
The company said by giving households direct access to the wholesale energy market, it enables them to use, store and sell electricity at the most valuable times, turning solar, batteries and EVs into assets that deliver maximum value.
“Customers capture the full value of their household batteries and EVs in the energy market while accelerating the renewable transition,” it said.
Amber said it serves more than 40% of the growing domestic solar and battery automation market and the new capital will accelerate the licensing of its platform to utilities internationally, enabling more households in new markets to benefit from automation.
The new funding, featuring equal investment from United Kingdom energy supplier E.ON Next and Australia-based climate investor Virescent Ventures, comes after Amber banked a separate $45 million round earlier this year.
Amber co-Chief Executive Officer Chris Thompson said the new backing highlights the growing global demand for the company’s Australian-built platform.
“Having both E.ON and Virescent invest in Amber shows the strength of support for our technology at home and abroad,” he said.
“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 is already piloting Amber’s technology with up to 1,000 UK homes under its “Next Solar Max” trial, combining a dynamic tariff with automated solar and battery optimisation.
Chris Norbury, Chief Executive of E.ON UK, said by opening up direct access to the energy market it will allow households to capture the full value of their solar and batteries while supporting a smarter, more flexible grid.
“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,” he said.
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