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

Electricity retailer Amber has raised $13.4 million in a Series B extension.

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

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

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

The fresh capital will be used to invest in developing SmartShift, Amber’s solar battery and EV automation software.

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

“The strides 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 continuing support and commitment to Amber’s growth,” he said.

“We are delighted to have brought on new investors such as NRMA who can clearly see Amber’s value in supporting electric vehicle owners optimise the charging of their cars – and eventually the capabilities we will build in helping EVs also be utilised as home batteries.”

NRMA investments GM Ainsley Lee said: “This is an exciting opportunity for the NRMA to be a part of the energy transition as we move towards renewable energy sources. Amber’s value proposition closely aligns with NRMA’s ambition of increasing Australia’s electric vehicle adoptions.”                                            

CBA’s GM of strategy investments and sustainability Ben Morgan said Amber plays a key role in the legacy electricity market.

“There is no other company doing what Amber is doing in terms of helping Australians get the most value out of their solar energy and home batteries, and soon their EVs,” he said.

“As Australia’s largest bank, millions of households already trust CBA with their financial future. This is why we are delighted to continue to invest in – and partner with – Amber to help them reach their goal of powering one million Australian households, and working towards our joint mission of enabling the nation’s transition to renewable energy.”