Amber’s offshore renewable push gets $10m boost backed by UK energy utility E.ON Next

Melbourne-based electricity retailer Amber has secured $10 million in fresh capital, supported by UK energy supplier E.ON Next UK, to ramp up the company’s global ambitions to transition consumers to renewable power.

The funding, which comprised equal contributions from E.ON Next and Australian climate technology investors Virescent Ventures, comes on the heels of the UK company launching a smart energy pilot, Next Solar Max, which is trialling Amber’s technology with up to 1,000 households in Britain.

Amber says the funding will support licensing its platform, which drives the take-up of renewables by consumers, to more utilities internationally.

“Having both E.ON and Virescent invest in Amber shows the strength of support for our technology at home and abroad,” says Chris Thompson, the co-CEO of Amber.

“From one of Europe’s largest utilities to a leading Australian climate technology investor, this backing demonstrates that our model resonates globally.

“It also reflects the growing recognition that households can take an active role in the energy market, reducing costs and supporting a more flexible system.”

Thomson founded Amber with co-CEO Dan Adams in 2017, developing a platform that allows consumers with solar and batteries to optimise charging and discharging by syncing with the wholesale market.

The company says it has become Australia’s largest residential solar and battery automation provider, “orchestrating” more than 40 per cent of the domestic market.

The company’s retail energy platform gives households direct access to the wholesale energy market, enabling them to use, store and sell electricity at the most valuable times, and turning solar, batteries and electric vehicles into assets that cut costs and generate earnings.

“Giving people the technology to access dynamic pricing and to optimise the energy generated by their solar panels or stored in their home batteries means you can not only lower energy bills in the short term but also turn everyday households into a driving force of the energy transition,” says Chris Norbury, the CEO of E.ON UK.

“Our strategic investment in Amber is another clear example of our playmaker role in making new energy work so it’s not only more affordable but also an asset for our customers and communities.”

Amber last year struck a partnership with E.ON Next, which is among the six largest UK energy suppliers, in the company’s first step into an offshore market.

The agreement followed an oversubscribed $29 million Series C capital raise in February last year as Amber stepped up plans to expand globally.

Alex Oppes, investment director of Virescent Ventures, describes the Amber platform as “a great example of an Australian energy technology taking on the world”.

“The Amber model helps accelerate the rollout of rooftop solar and batteries by giving customers better economics and control,” says Oppes.

“In turn, this helps to decarbonise the grid, bringing us closer to net zero.”

E.ON says its Next Solar Max smart energy pilot represents the first time UK customers with solar and batteries will be able to combine a dynamic electricity tariff with intelligent home energy management.