Australian energy retailer Amber Electric has closed an AU$45 million (£21 million) funding round to advance its vehicle-to-grid (V2G) technology and expand deeper into the UK and European markets.
The funding was led by impact investor ETF Partners, with participation from existing backers, including Square Peg, Gentrack, Rubio Impact Ventures and Breakthrough Victoria.
Amber’s automation platform focuses on the residential market and can be used to optimise both home battery energy storage systems (BESS) and EV charging.
The software provides customers with direct access to the wholesale electricity market, meaning they can purchase electricity at the same price as retailers. As such, drivers would be able to benefit from lower electricity costs during certain periods, such as when there is a high amount of renewable energy.
The company said this “empowers consumers to access the full value of their batteries and EVs while staying in control”.
A core concept of the technology is the ability to sell back to the grid, meaning that a home BESS can become a potential revenue stream. Amber is in the process of making its software V2G-enabled, meaning that once the technology is widely commercially available, energy stored in an EV can be sold back to the grid.
“We’re proving there’s a better way to do energy – with technology that puts customers at the centre of the energy transition,” said Dan Adams, co-founder and co-CEO of Amber.
“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”
Since the company’s launch in 2017, Amber claims it has become the largest residential battery automation product in its home nation of Australia, with around 40% of new automated home batteries incorporating the organisation’s services.
Showcasing the potential savings customers can make via Amber’s software, the company said that, in 2024, some customers with solar and home BESS earned more than AU$1,000 in a single month during a major market event.
It is worth noting that these opportunities do not occur every week, but automated batteries can respond instantly and maximise the benefit when they do.
The potential of Amber’s technology has already garnered suitors from the UK and mainland Europe. Current± reported last year that energy supplier E.ON Next will partner with Amber to bring its automation software to the UK.
Amber then inked a similar partnership with Ecotricity, an environmentally focused energy retailer, to support the growth of Amber’s technology across mainland Europe.
Our publisher, Solar Media, will soon launch a brand-new site dedicated to global EV charging infrastructure developments. Called EV Infrastructure News, the site will track market trends, technological breakthroughs and project developments from around the globe. Please visit and follow the official LinkedIn page to learn more.
