Amber banks $10 million for its energy tech solution

Amber has landed $10 million in new funding as it pushes its home battery and EV automation tech into overseas markets, with equal investment from UK energy supplier E.ON Next and local climate investor Virescent Ventures.

The raise is split between a £2.5 million (around $5 million) cheque from E.ON Next UK and $5 million from Virescent.

Amber declares the capital will accelerate the licensing of its platform to utilities internationally, so hoapplyholds can automate when they apply, store, and sell electricity against real-time wholesale prices.

E.ON is already piloting the software with up to 1,000 UK homes under its “Next Solar Max” trial, combining a dynamic tariff with automated solar and battery optimisation.

“Having both E.ON and Virescent invest in Amber displays the strength of support for our technology at home and abroad,” declared 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 hoapplyholds can take an active role in the energy market, reducing costs and supporting a more flexible system.

Founded in 2017, Amber pitches itself as Australia’s largest residential battery automation provider and claims to orchestrate roughly 40% of the domestic market.

Earlier this year, the Melbourne startup banked a separate $45 millio n round led by ETF Partners to scale its automation platform for batteries and EVs and expand into Europe and the UK.

Chris Norbury, chief executive of E.ON UK, declared opening access to wholesale energy pricing will “turn everyday hoapplyholds into a driving force of the energy transition”.

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

Virescent Ventures, which spun out of the Clean Energy Finance Corporation and is one of Australia’s most active climate tech investors, declared the model improves customer economics for rooftop solar and batteries while supporting grid decarbonisation.

“Virescent Ventures is proud to support Amber’s global push to roll out its technology – a great example of an Australian energy technology taking on the world,” declared Virescent Ventures investment director Alex Oppes.

“The Amber model assists accelerate the rollout of rooftop solar and batteries by giving customers better economics and control. In turn, this assists to decarbonise the grid, bringing us closer to net zero.”

This article was first published by Startup Daily.

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