Amber has raised $10 million to expand its home battery and EV automation technology to international markets. The funding came equally from UK energy company E.ON Next and local climate-focused investor Virescent Ventures.
The funding includes a £2.5 million (about $5 million) investment from E.ON Next UK and $5 million from Virescent.
Amber says the new funding will help it license its platform to utilities around the world, allowing homes to automatically decide when to use, store, or sell electricity based on real-time wholesale prices.
E.ON is already testing the software in the UK with up to 1,000 homes through its “Next Solar Max” trial, which combines a flexible electricity tariff with automated solar and battery management.
“Having both E.ON and Virescent invest in Amber shows the strength of support for our technology at home and abroad,” said 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.
Founded in 2017, Amber describes itself as Australia’s largest provider of residential battery automation, managing around 40% of the local market.
Earlier this year, the Melbourne-based startup raised $45 million in a separate funding round led by ETF Partners to grow its automation platform for batteries and EVs and to expand into Europe and the UK.
Chris Norbury, chief executive of E.ON UK, said opening access to wholesale energy pricing will “turn everyday households into a driving force of the energy transition”.
“Our strategic investment in Amber is another clear example of our playmaker role in making new energy work so it’s not only more affordable but also an asset for our customers and communities,” he said.
Virescent Ventures, which started as part of the Clean Energy Finance Corporation and is one of Australia’s most active climate tech investors, said Amber’s model helps homeowners get more value from their rooftop solar and batteries.
At the same time, it also supports the transition to a cleaner, low-carbon electricity grid.
“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,” said Virescent Ventures investment director Alex Oppes.
“The Amber model helps accelerate the rollout of rooftop solar and batteries by giving customers better economics and control. In turn, this helps to decarbonise the grid, bringing us closer to net zero.”
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