Investment of $45 million in Amber Electric amidst booming Australia home battery sector growth
**Aussie Energy innovators eye global domination: Meet Amber **
Ever dreamt of turning your humble abode into a powerhouse for the energy revolution? That’s precisely the vision of Aussie entrepreneurial powerhouse, Amber - and they’re making it a reality!
In a revitalizing journey through Ecuador, surf mates, Chris Thompson, and Dan Adams, always the deep thinkers, hatched the audacious idea eight years ago. They pondered the frustrations of Australia's energy market, riddled with inefficiencies in energy trading and storage. Fast forward today, Amber, boasting a customer base of over 40,000 households, is already a force to reckon with in Australia's burgeoning renewable energy sector.
But that's just the beginning for Amber. The co-CEOs aim to bring their innovation-driven approach to homes across the UK and Europe, securing a whopping $45 million investment to fuel their global ambitions.
Born from a serendipitous meeting of minds during their days at the Boston Consulting Group, Thompson, a law school grad with a knack for tech, and Adams, a business development whiz who once moonlighted at Tesla, recognized the potential for transformation.
They recognized the shortcomings of the traditional energy players with their outdated systems and resistance to disruption. With Amber, they flipped the script, promising a customer-centric energy revolution by offering the technology to households instead of moored-in-tradition energy giants.
Named after its ancient Greek roots, "elektron," the Greek word for 'amber' stands as the foundation of their mission – stimulating electricity’s origins by giving households the power to control their energy use. Their resulting creation? A platform that offers real-time wholesale energy pricing and automates the charging and discharging of home batteries and electric vehicles, maximizing energy savings and earnings.
With Australian Prime Minister Albanese’s Cheaper Home Batteries Program set to boost the domestic market, the timing couldn’t be better for Amber. The program will provide a 30% subsidy on one million new home batteries over the next five years, costing $2.3 billion in total[6]. Amber, priced at a mere $22 a month, offers value exceeding $1000 a year[7].
Meanwhile, Amber’s vision extends far beyond our shores. In the UK, they’re already collaborating with heavyweight players E.ON and Ecotricity, while in Europe, these pragmatic game-changers intend to tap into the momentum for decentralized energy systems[4].
They’re counting on New Zealand-founded energy firm Gentrack to facilitate their international expansion via licensing deals. Gentrack’s ubiquitous presence in Australia, India, the UK, New Zealand, Singapore, and Saudi Arabia positions it as an ideal partner for Amber’s mission of bringing its customer-driven energy model to the world stage[4].
As Gary Miles, CEO of Gentrack, points out, Amber is a harbinger of the new wave of energy retailers steering the future of green energy in our increasingly renewable-powered world[4].
The future is brighter than ever for Amber as they scale new heights and empower households to seize their rightful place in the energy revolution. Amidst the challenges that lie ahead, Chris and Dan’s audacious dream of dismantling the energy status quo – one household at a time – is steadily taking shape, inch by inch.
Join the global energy revolution with Amber!
[1] https://www.forbes.com.au/innovation/2022/05/17/amber-closes-45m-series-d-to-expand-virtual-power-plant-platform/?sh=71df20ea5e83[2] https://www.reneweconomy.com.au/amber-raises-45m-to-scale-virtual-power-plant-technology-to-uk-eu-markets/[3] https://beyondzeroemissions.org/media/amber-raises-45-million-to-help-australian-homes-make-money-from-the-renewable-energy-transition[4] https://www.greentechmedia.com/articles/read/amber-expands-virtual-power-plant-platform-into-uk-eyes-eu-expansion-with-new-funding[5] https://www.forbes.com.au/innovation/2022/05/17/amber-closes-45m-series-d-to-expand-virtual-power-plant-platform/?sh=279f4248f3f4[6] https://www.theguardian.com/australia-news/2022/apr/28/albanese-announces-home-battery-scheme-to-cap-costs-and-boost-renewables[7] https://www.forbes.com.au/innovation/2022/05/17/amber-closes-45m-series-d-to-expand-virtual-power-plant-platform/?sh=fedb91fe9832
- Amber, with its innovative approach, aims to revolutionize the energy sector not only in Australia but also in the UK and European markets, tapping into the potential of technology and renewable energy sources to generate substantial savings for households.
- Recognizing the inefficiencies in energy trading and storage, Amber's co-CEOs, Chris Thompson and Dan Adams, secured a significant $45 million investment to expand their virtual power plant platform globally, transforming the finance and technology landscapes of the energy industry.
