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1 February 2024, Melbourne: Amber has finalised its oversubscribed Series C round, closing with $29m to scale the business in Australia and focus on the international expansion of their battery and EV automation technology.
ASX listed Gentrack, an international billing and crm system provider, is the lead investor with a $12m investment, and has cemented a strategic partnership with Amber to bundle its billing and customer care with Amber’s battery and EV automation software, offering international utilities a fully integrated solution.
This partnership will position Amber and Gentrack to compete in the fast-growing international utility market for smart device optimisation products.
The Series C round, led by Gentrack, also sees Rubio Impact Ventures join existing Amber shareholders Commonwealth Bank, NRMA, Alberts, Square Peg and Main Sequence.
Amber is an Australian founded energy retailer and technology company that gives customers access to real time energy prices, coupled with the technology to automate their home batteries and EVs to reduce their energy bills - or get paid for their energy - and accelerate the renewable energy transition.
Amber is one of the fastest growing energy retailers in Australia, having doubled in size in the last six months to 30,000 customers. Rooftop solar and battery customers are flocking to Amber because its battery automation is now unlocking up to an additional ~$1000 a year from home batteries for households.
Amber’s Series C will be used to accelerate its growth in Australia, to release its EV to grid automation product (car battery as a home battery) and to start licensing its technology to utilities internationally via a white labelling scheme through Gentrack’s significant utility customer network globally.
Dan Adams, co-founder and co-CEO of Amber said: “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.”
Gary Miles, Gentrack CEO said: “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.”
Helmer Schukken, Founding Partner, Rubio said: "Rubio shares Amber's vision to drive the grid's transition to 100% renewable power by allowing everyday households to participate in the benefits of flexibility and storage. Amber's Smartshift platform for home battery and smart asset automation is a world-leading technology, and Rubio is thrilled to be supporting their efforts to launch new markets in Europe.”
MEDIA CONTACT
Ranya Alkadamani
ranya@impactgroupinternational.com
0434 664 589
ABOUT AMBER
Amber is an Australian based electricity retailer and technology company with a mission to accelerate the renewable transition. Amber gives customers access to the real-time wholesale electricity price and the technology to automate smart devices in their homes to use more cheap, renewable power when it’s available in the grid, and sell their excess renewable energy back to the grid at the same price as the big generators earn. Amber customers capture the full value of their household batteries and EVs in the energy market while accelerating the renewable transition. Amber is now planning to licence its technology to international utilities.
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