Amber raises $56M to take home battery automation from Australia to Europe
What's the deal? Amber Electric, an Australian renewables retailer and home energy management specialist, has raised US$50.8M in a late-stage round to accelerate local growth and expand into global markets. The round, nearly twice oversubscribed, was led by 1GT, Morgan Stanley's climate tech fundDealroom has a profile for this one. Try Dealroom →, with participation from existing backers ETF PartnersDealroom has a profile for this one. Try Dealroom →, Innovation VictoriaDealroom has a profile for this one. Try Dealroom →, and E.ONDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Amber gives residential customers access to real-time wholesale electricity prices and technology to automate their home batteries. Customers store energy when cheap renewables are plentiful and earn money by discharging when prices spike.
The company claims its flagship offering is the largest residential battery automation product in Australia, orchestrating more than half of the batteries installed in one of the world's most advanced home energy storage markets.
Why now? Amber wants to export its model beyond Australia and is funding that push through a series of raises, including US$29.1M round in June 2024 led by ETF Partners. Its technology already underpins Next OptimiseDealroom has a profile for this one. Try Dealroom →, E.ON NextDealroom has a profile for this one. Try Dealroom →'s smart energy tariff and home battery and EV automation product, which launched in the UK in March.
The new capital will help Amber build out its European expansion and roll out vehicle-to-grid functionality, letting customers earn money by selling energy from their EVs back to the grid.
What they're saying: "We've built the winning energy automation platform in Australia, and this funding will enable us to extend our leadership across Europe," said co-founder and co-chief executive officer Chris Thompson.
Vikram Raju, head of climate private equity investing at Morgan Stanley Investment ManagementDealroom has a profile for this one. Try Dealroom → and 1GT, said Amber's "innovative platform, talented team and clear strategic vision position it well to capitalise on the growing need for distributed energy solutions across global markets."
The signal: The raise sits in the top fifth of comparable rounds by size, a sign of investor appetite for distributed energy platforms as home batteries and EVs move from niche to mainstream. Amber's bet is that a model proven in Australia can travel — and that Europe's grids are ready for it.
Image credit: Amber Electric
