Gentrack follows up investment in energy retailer Amber as part of $45m funding round

Gentrack, which led an oversubscribed $29 million Series C raise for Amber in early 2024 with a $12 million injection of its own, has entered into a contract with the Melbourne-based group to make a further investment of $4.5 million.

The round was led by London-based ETF Partners and its Environmental Technologies Fund, with participation from existing backers including Square Peg, Rubio Impact Ventures and Breakthrough Victoria.

Amber claims it has become the largest residential battery automation product in the market with 40 per cent of Australia's new automated home batteries now taking advantage of its service. 

The group sees further room for growth as the battery market accelerates from 1 July 2025 in Australia when the federal government's Cheaper Home Batteries Program rebate comes into effect.

Developed in Australia - the world’s most advanced two-way energy grid - Amber’s technology is now scaling globally. The company has already signed deals in the UK with E.ON and Ecotricity, an environmental focused energy retailer, and is now focused on accelerating growth across Europe.

"We’re proving there’s a better way to do energy – with technology that puts customers at the centre of the energy transition," says Amber co-founder and CEO Dan Adams.

"This investment is a huge step forward in our mission to help households around the world take control of their energy, reduce costs, and support the energy transition.

"As more countries shift to decentralised, renewable energy, we’re excited to bring Amber’s model to the world stage – helping to build smarter energy systems everywhere."

Amber made a splash earlier this year with the acquisition of Charge HQ, an electric vehicle (EV) smart charging app that helps users reduce their charging costs while maximising usage of renewable energy.

Described by the company as a "pivotal milestone", the acquisition was part of Amber's broader strategy to advance its offerings in vehicle-to-grid (V2G) technology, adding to the real-time wholesale pricing technology that has spurred its growth. 

In parallel Amber has also been working on a battery electric vehicle (BEV) smart charging trial in conjunction with the Australian Renewable Energy Agency (ARENA), which in June last year committed $3.2 million to the endeavour.

When Amber completed its Series C last year its total funding had reached $75 million, with backers including early believers Main Sequence, Square Peg, Commonwealth Bank (ASX: CBA) and NRMA, as well as Alberts and Rubio Impact Ventures.

In today's announcement, Gentrack said its strategic partnership with Amber positioned both businesses to "together meet the rising global demand for customer-centric, smart energy services".

"Amber’s strategy includes licensing its technology through Gentrack’s global network of utility customers, offering bundled solutions that combine Gentrack’s billing and CRM (customer relationship management) systems with Amber’s automation software."

Amber was founded in Sydney in 2017 by its co-CEOs Chris Thompson and Dan Adams - who featured in this year's Australia's Top 100 Young Entrepreneurs list - in a bid to empower customers to save on their energy bills and better utilise renewable sources of energy. 

ETF Partners managing partner Rob Genieser says Amber is redefining how utilities and consumers interact with energy.

"Their technology not only optimises energy usage but also enables greater integration of renewables, paving the way for a more resilient and sustainable energy system," Genieser says.

"We want to back leaders driven by a strong sense of purpose, and Amber’s founders have demonstrated their commitment to transforming global energy markets for the better."

*This story was originally published on 29 May 2025 following Gentrack's announcement, and updated on 4 June 2025 to reflect further details from the raise.