Amber Electric charges up with $29 million series C round, eyes global market

Energy challenger Amber Electric has successfully completed a $29 million Series C funding round at a rough $120 million valuation. This fresh cash injection is set to support Amber’s operational expansion in Australia and spearhead its entry into international markets, focusing on its battery and electric vehicle (EV) automation technology.

The round was led by New Zealand’s Gentrack, with a $12 million investment. There was also participation from Rubio Impact Ventures and existing shareholders such as Commonwealth Bank, NRMA, Alberts, Square Peg, and Main Sequence.

The round follows a $20 million Series B raise back in 2021.

Gentrack’s investment is particularly interesting as the two businesses will also be entering into a partnership. Plans are in the works for integrating Amber Electric’s automation software with Gentrack’s billing and customer care platforms.

This partnership is expected to enhance the operational capabilities of both Amber Electric and Gentrack in the global utilities market, especially in the area of smart device optimisation.

Amber Electric offers a unique proposition to consumers, providing access to real-time energy pricing and automation technology for home batteries and EVs. This allows it to leverage its battery storage to lower energy costs or earn revenue from its surplus energy

This approach has significantly contributed to Amber’s growth, with the company doubling its customer base to 30,000 in the last six months.

The funding will enable Amber to accelerate its domestic growth, advance its EV to grid automation product, and begin licensing its technology internationally. This strategy will be facilitated through Gentrack’s established utility customer network worldwide.

Dan Adams, co-founder and co-CEO of Amber, noted the company’s progress in battery utilisation and its plans to expand into EV battery technology.

“The last 12 months in the Australian energy market have demonstrated beyond a doubt that individual households with batteries and access to the wholesale price of electricity can benefit financially from the transition to renewable energy.

“The strides Amber has made in creating the software needed to help our battery customers get the most out of their batteries has been validated by our investors with their continuing support and commitment to Amber’s growth.

“We’ve got the best technology globally for home battery automation. Our next focus, which will be game-changing for the Australian energy market, will be the technology we are developing around EV batteries to power homes and the grid.

“We are now at the stage where we are ready to licence our technology globally. And there is no better partner for us than Gentrack. By bundling our battery and EV automation software with Gentrack’s billing and CRM system, we will be well positioned to provide the best products on the market to international utilities.”

Adams mentioned Amber’s readiness to license its technology on a global scale, highlighting the partnership with Gentrack as a key component of this strategy.

Gary Miles, CEO of Gentrack, expressed confidence in the value this strategic investment brings to their utility customers by combining Amber’s technology with Gentrack’s systems.

“Our strategic investment in Amber will catalyse significant value for our current and new utility customers.

“Bundling Amber’s award-winning technology, which allows customers to reduce their bills — and even make money from their own electricity generation — with our seamless integrated billing and customer care platform, is a product international utilities are extremely keen to take advantage of.

“I am confident our customers and prospects will find the offering highly compelling,” he said.