Amber Electric Raises $56Mn Approx to Expand Energy Flexibility Across Europe

What is Amber Electric?

Amber Electric is an energy flexibility platform that helps households manage how they store and use electricity.

The company provides access to real-time wholesale electricity pricing and uses its technology to automate home batteries and electric vehicles. Its SmartShift platform combines wholesale energy price forecasts with household solar production and energy consumption data to optimize when energy is stored, used, or sold back to the grid.

Amber serves households directly in Australia and works with utilities internationally. The company says it has more than 50% market share of automated batteries in Australia, making it the country’s largest battery automation provider.

Funding Details

Amber Electric raised €49 million in its Series E funding round, led by Morgan Stanley Investment Management’s 1GT private climate equity strategy.

E.ON also participated in the round. The investment provides Amber with growth capital and a strategic partnership as it expands its energy flexibility platform internationally.

The company’s technology covers distributed energy resources such as rooftop solar, residential batteries and electric vehicles. It enables households to access wholesale energy markets while helping utilities manage these resources.

How Will Amber Electric Use the Funding?

Amber Electric will use the new funding to support its continued growth and expansion across Europe.

The capital will also help the company respond to growing demand for technologies that allow consumers, utilities and power systems to better manage distributed energy resources and integrate renewable energy at scale.

Who Founded Amber Electric

Amber Electric was founded in Melbourne in 2017 by Chris Thompson and Dan Adams. The company operates as an energy retailer in Australia and provides its technology directly to consumers and through utility partnerships internationally.

Its platform gives customers access to dynamic electricity pricing and helps automate batteries and EVs based on energy prices and renewable energy availability.

Amber aims to support the transition toward renewable energy by helping households capture more value from their energy assets while enabling greater flexibility in electricity systems.

Market and Business Growth

Amber has built its energy automation business in Australia and is now expanding its platform internationally.

The company has partnered with E.ON in the UK, while its technology is designed to help utilities unlock flexibility from distributed energy resources and support the integration of renewable energy.

What Happens Next?

With the new funding and support from 1GT, Amber Electric plans to accelerate its expansion across Europe and bring its energy flexibility technology to more households and utility partners.

Leadership Statements

Vikram Raju, Head of Climate Private Equity Investing at Morgan Stanley Investment Management and 1GT, said: "We believe Amber will play a consequential role in enabling the energy transition in Australia, Europe and beyond. As power systems become increasingly decentralized, energy flexibility and household-level engagement are essential to integrating renewable energy at scale. The combination of Amber’s differentiated technology, strong customer value proposition and relentless focus on innovation and excellence has set the Company on a compelling growth journey. We are very much looking forward to bringing Morgan Stanley’s distinctive global capabilities to this partnership with Chris and Dan as they build critical infrastructure for a more flexible, resilient and decarbonized electricity system."

“We’ve built a leading energy automation platform in Australia, and this investment gives us the backing to build on that leadership globally. As energy systems become increasingly decentralized, we see a significant opportunity to help utilities unlock the flexibility of distributed energy resources at scale, while helping more households get greater value from the energy assets they already own. We are confident 1GT is the right partner to help us accelerate our expansion across Europe and bring the benefits of energy flexibility to more households and utility partners," said Chris Thompson, Co-Founder, Amber Electric.

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