CBA-backed energy disrupter Amber Electric raises $29m, plans to go global

The electricity retailer, which offers wholesale prices for a monthly subscription, is planning to go global after its Series C funding round was oversubscribed.

Multimillion dollar partnership: Amber Electric co-founders Dan Adams (far right) and Chris Thompson (second from left) with Gentrack CEO Gary Miles (second from right) and chief technology officer Mark Rees (far left).

Amber Electric – the start-up disrupting the retail energy market by offering variable wholesale pricing – has raised $29m to fuel a global expansion of its battery and EV automation technology.

ASX and New Zealand-listed software company Gentrack contributed $12m into an oversubscribed series C round, which also included Rubio Impact Ventures becoming an investor alongside Commonwealth Bank, NRMA and Square Peg.

Amber co-founder and chief executive Dan Adams said the company would use the capital to release its EV-to-grid automation product, which allows a car battery to act the same way as a home battery, storing and selling energy when prices are higher.

It will also start licensing its technology to utilities internationally via a white labelling scheme in partnership with Gentrack.

“The last 12 months in the Australian energy market have demonstrated beyond a doubt that individual households with batteries and access to the wholesale price of electricity can benefit financially from the transition to renewable energy,” Mr Adams said.

“Our next focus, which will be game changing for the Australian energy market, will be the technology we are developing around EV batteries to power homes and the grid.

“By bundling our battery and EV automation software with Gentrack’s billing and CRM system, we will be well positioned to provide the best products on the market to international utilities.”

Mr Adams, who previously worked at Tesla and Boston Consulting Group, told The Australian last November that by 2030 Australia will have enough battery storage from home systems and electric cars to meet the demands of the renewable energy transition.

He created Amber Electric to offer customers wholesale electricity prices, capturing his margin via a monthly $19 subscription fee. This means that when the sun goes down and power demand goes up, customers with a battery can reap higher feed-in tariffs.

Conversely, during the day when there is plenty of solar in the grid, customers can face negative feed-in tariffs, meaning they are effectively charged to export solar, making automation more critical in optimising power bills.

Gentrack chief executive Gary Miles, said: “Bundling Amber’s award-winning technology, which allows customers to reduce their bills and even make money from their own electricity generation – with our seamless integrated billing and customer care platform, is a product international utilities are extremely keen to take advantage of.”