Australian energy technology company Amber Electric has raised €49 million in a Series E funding round led by 1GT, Morgan Stanley Investment Management’s private climate equity strategy. Existing investors ETF Partners, Innovation Victoria and E.ON also participated in the financing.
Founded in Melbourne in 2017 by Chris Thompson and Dan Adams, Amber operates as an energy retailer in Australia and provides technology for managing distributed energy resources including household batteries, rooftop solar systems and electric vehicles. Its platform gives customers access to wholesale electricity pricing and automates how energy assets charge, store and export power.
Amber’s SmartShift software uses forecasts of wholesale electricity prices alongside household solar generation and consumption data to manage connected energy assets. The company says its technology orchestrates more than half of Australia’s automated home batteries.
The new capital will support Amber’s growth in Australia, expansion across European markets, and further investment in its battery, electric vehicle and energy-management technology.
Amber is also working with E.ON Next in the UK, where its technology powers the Next Optimise offering for households with solar panels and compatible home batteries. The service combines dynamic electricity pricing with automated battery management.
