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NRMA backs energy retailer Amber in $13.4 million Series B extension

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Amber power supply has raised $13.4 million in a Series B expansion.

The additional funding comes nearly 18 months after Commonwealth Bank backed Amber’s first $20 million Series B round in May 2021.

CBA and another existing lender Square Peg led the round, with the motoring NRMA investing as part of its focus on infrastructure to support the introduction in EVs.

Amber gives customers access to real-time wholesale electricity prices and the technology to automate smart devices in their homes to use renewable energy and sell excess renewable energy back to the grid.

The new capital will be used to invest in the development of SmartShift, Amber’s solar battery and EV automation software.

Co-founder and co-CEO Dan Adams said the need to quickly transition Australia to 100% renewables has become even more apparent as energy prices have risen.

“The progress Amber has made in creating the software and services needed to help our battery customers get the most out of their batteries has been validated by our investors with their continued support and commitment to Amber’s growth,” said he.

“We are delighted to have attracted new investors, such as NRMA, who clearly see Amber’s value in supporting electric vehicle owners to optimize the charging of their cars – and ultimately the capabilities we will build to enable EVs as well. use as home batteries.”

NRMA Investments GM Ainsley Lee said: “This is a great opportunity for the NRMA to be part of the energy transition as we move towards renewables. Amber’s value proposition aligns closely with NRMA’s ambition to increase the number of electric vehicles in Australia.”

CBA’s GM of Strategy Investments and Sustainability Ben Morgan said Amber plays a key role in the legacy electricity market.

“No other company is doing what Amber is doing to help Australians get the most out of their solar and home batteries, and soon their electric cars too,” he said.

“As Australia’s largest bank, millions of households already rely on CBA for their financial future. That’s why we’re excited to continue investing in – and partnering with – Amber to help them achieve their goal of powering one million Australian homes, and work towards our shared mission to help transition the country. towards renewable energy.”

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