Amber Electric raises €49m to take home battery automation to Europe
“We’ve built a leading energy automation platform in Australia, and this investment gives us the backing to build on that leadership globally,” said Chris Thompson, co-founder of Amber Electric. The Melbourne company has raised €49m in a Series E round, Morgan Stanley Investment Management said on Monday.
1GT led the round. It is the private climate equity strategy that Morgan Stanley Investment Management runs. E.ON also took part. The German utility ranks among the UK’s largest energy suppliers. It agreed a partnership with Amber shortly before the round closed.
The money will fund Amber’s growth and its expansion in Europe, Morgan Stanley Investment Management said.
What the company does
Thompson and Dan Adams founded Amber in Melbourne in 2017. It operates as an energy retailer and sells directly to Australian households.
The company says it holds more than 50% of the Australian market for automated batteries, which it says...
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