Innovation Victoria CEO, Rod BristowAmber is a great example of a Victorian company developing world-leading technology that solves a significant global challenge. This funding round is a strong validation of the company's vision, its market leadership and the enormous opportunity ahead as electricity systems around the world transition to more flexible, distributed energy networks. ”
Investment Update: Innovation Victoria welcomes Amber’s $78.5 million funding round
Innovation Victoria-backed energy technology company Amber has secured $78.5 million in Series E funding, marking a significant milestone in the company's growth journey and further demonstrating Victoria's ability to create globally competitive climate technology businesses.
Amber Electric's $78.5 million funding round, which was nearly twice oversubscribed, was led by 1GT, Morgan Stanley's climate tech fund, with participation from existing investors including Innovation Victoria, Environmental Technologies Fund (ETF Partners) and E.ON.
The investment will support Amber's continued expansion across Australia and Europe, building on the company's position as Australia's largest residential battery automation platform. Developed and scaled in Australia, Amber now orchestrates more than half of the country's automated home batteries, helping households access cheaper renewable energy and play a more active role in the energy transition.
Amber's technology enables customers to automate home batteries and electric vehicles based on real-time wholesale electricity prices, charging when renewable energy is abundant and affordable, and supplying energy back to the grid when demand is highest.
Innovation Victoria CEO Rod Bristow said Amber's success highlights the strength of Victoria's innovation ecosystem and the importance of patient capital in helping local companies scale globally.
Innovation Victoria CEO, Rod BristowWe're proud to have supported Amber on its growth journey and look forward to seeing the company continue expanding internationally while delivering economic, environmental and social benefits. ”
Amber Co-Founder and Co-CEO Chris Thompson said the capital raise would enable the company to accelerate its international growth.
Amber Co-Founder and CEO, Chris ThompsonWe've built the winning energy automation platform in Australia, and this funding will enable us to extend our leadership across Europe. ”
Amber's technology already powers E.ON Next's smart energy tariff and home battery and EV automation product in the United Kingdom, with the company now rolling out next-generation capabilities including vehicle-to-grid functionality that enables electric vehicle owners to earn income by supplying energy back to the grid.
The new capital will support Amber's continued growth across Europe and Australia while accelerating investment in the technology and infrastructure required to put households at the centre of the global energy transition.
Amber joins a growing portfolio of Innovation Victoria-backed companies developing breakthrough technologies that are helping build a stronger Victorian economy while addressing major global challenges in clean energy, health, advanced manufacturing and digital technology.
Access to real-time wholesale electricity rates with Amber’s SmartShift technology.