Amber Secures $45M to Expand EV and Battery Automation Globally

Renewable energy retailer Amber secures $45 million in funding to scale battery and EV automation, launch V2G capabilities, and expand into the European market.

Amber, a retailer of renewable energy, has increased its worldwide ambitions for its battery and EV automation technologies by raising an additional $45 million in venture funding. Environmental Technologies Fund Partners, a UK/European impact investor, led the investment with assistance from Breakthrough Victoria, Rubio Impact Ventures, Square Peg, and Gentrack, among other current supporters.

Amber has previously raised $33.4 million in a Series B that ran from 2021 to 2022 and $29 million in a Series C in early 2024. The cap table also features CBA, Main Sequence backed by CSIRO, and the motoring mutual NRMA. Founded in 2017, Amber had earlier secured $10 million through a Series A funding round.

Amber provides consumers with real-time wholesale power rates as well as the technology to program their EVs and house batteries to charge when affordable renewable energy sources become available and to generate revenue by discharging during periods of high energy prices.

The vehicle-to-grid (V2G) feature, which will allow consumers to profit financially by selling energy from their EV back to the grid when prices increase, is now being built by the climate tech scaleup.

With 40% of new installations on the platform, Amber now holds the largest share of home battery automation in Australia. The new funding prepares the company for next month's introduction of the federal government's Cheaper Home Batteries Program rebate. The company is now targeting the European market after signing agreements with Ecotricity, an energy retailer with an environmental focus, and E.ON, one of the biggest utilities in the UK.