Amber Electric Raises $78.5 Million To Take Battery Automation Platform To Europe

Amber Electric, a battery automation platform based in Melbourne, has raised $78.5 million in Series E financing to expand its operations into Europe. Founded in 2017 by Chris Thompson and Dan Adams, the company currently serves Australian households directly and is the largest battery automation provider in the country. The round was led by Morgan Stanley Investment Management's 1GT private climate equity strategy, which focuses on growth companies developing decarbonization solutions across various sectors.

E.ON, a major UK energy supplier and Europe's largest energy grid operator, also participated in the financing round. Amber's primary product is a distributed energy resources platform that offers households access to wholesale energy pricing through real-time optimization of their storage and generation assets. The company's SmartShift technology, an AI-driven software, combines forecasts of wholesale energy prices, solar production, and consumption to maximize customer earnings.

Amber reports a more than 50% share in Australia's battery automation market, achieved by offering true wholesale pass-through and generating revenue through small monthly subscriptions. The new funding will be used to fuel continued growth and expansion in Europe, develop the company's AI-native platform to support more asset types, and strengthen its retailer and flexibility business in Australia.

Europe faces a similar challenge to Australia, but on a much larger scale, with increasing solar and wind penetration, accelerating electric vehicle adoption, and strained grids. European utilities are seeking ways to unlock flexibility from homes without building new peaker plants, and Amber's partnership with E.ON provides a clear path to market.