Battery automation business Amber raises $45 million to support global expansion

Energy technology company Amber has announced a $45 million funding round, led by UK/European fund ETF Partners, which it says will fund the expansion of its battery and EV automation technology globally.

Amber was founded in late-2017 by Chris Thompson and Dan Adams (pictured.) It makes software allowing customers to access wholesale electricity prices and coordinate charging and discharging of home batteries and EVs to maximise the value of these assets. 

The $45 million round also attracted backing from Square Peg, Gentrack, Rubio Impact Ventures, and Breakthrough Victoria, Amber said in a statement on Wednesday morning.

Amber said it has strong momentum in Australia, with 40 per cent of new automated home batteries using its service, and is ahead of the federal government’s home battery rebate, coming into effect on July 1.

Adams added: “This investment is a huge step forward in our mission to help households around the world take control of their energy, reduce costs, and support the energy transition”

“As more countries shift to decentralised, renewable energy, we’re excited to bring Amber’s model to the world stage – helping to build smarter energy systems everywhere.”

The company said it has already signed deals with UK retailers E.ON and Ecotricity, and that utilities in the UK and Europe were “increasingly compet[ing] to provide compelling offers to home battery and EVs customers”.

The company added that it is currently “building… vehicle-to-grid (V2G) capability that will enable customers to benefit financially” by selling energy from their EV back to the grid.

Picture: credit Square Peg/Linkedin

Further reading

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