Gentrack has announced a strategic investment of AUD $12 million into Amber, an innovative Australia-based energy technology firm. The investment forms part of an AUD $29 million Series C funding round, which aims to enhance and license Amber's state-of-the-art energy optimisation solutions globally.
The partnership between Gentrack and Amber promises to deliver an end-to-end solution for billing, optimisation, and customer care for household batteries, EV chargers, and other smart devices. Combining their capabilities, the two companies aim to allow utilities worldwide to quickly introduce new home battery and EV energy services.
Amber's award-winning technology automates batteries, enabling consumers to reduce energy bills significantly and cut carbon emissions. The company currently leads in home battery automation in Australia, a country that has the highest global rooftop solar penetration and a highly advanced two-way energy grid.
Alongside Gentrack, Series C round contributors include Breakthrough Victoria and Rubio Impact Ventures. They join the team of current Amber Electric shareholders, which lists the Commonwealth Bank, Square Peg, and Main Sequence.
Speaking of the partnership, Dan Adams, Co-CEO and Co-Founder of Amber Electric, said: "We are delighted that Gentrack has led this round and excited by the opportunities this strategic partnership will unlock. From our first meeting with Gentrack, it was clear we have a common vision."
"For us, having a strong global delivery partner who is reliable, respected and capable is essential. We've received significant interest from overseas utilities to license our software. Gentrack will accelerate our ambition of maximising and expanding the number of markets we can reach with our technology."
Part of the investment will be used to upgrade to Gentrack's leading billing and customer care solution. Chris Thompson, Co-CEO and Co-Founder of Amber added: "Part of the funds from this investment round will go to us upgrading to Gentrack's leading billing and customer care solution. They are a global leader and have an excellent reputation for delivery and support."
"The Gentrack system has the out-of-the-box capabilities needed to deploy flexible energy solutions while many of the older systems in the market can't cope with such propositions. By bundling our technology with Gentrack's, we will be well-positioned to deploy it around the world."
Gentrack CEO Gary Miles expressed his support for and excitement about the partnership. He stated: "The founders, Chris and Dan, are passionate about building products that customers love and accelerating the energy transition. In many ways, they are leading the transition to a two-way grid that reduces carbon usage and energy bills for consumers. It is a team and technology that we are excited to invest in and take globally."
"I am confident our customers and prospects will find the offering highly compelling. By integrating Gentrack's g2.0 with Amber Electric's SmartShift technology we can present a strong and viable option to utilities internationally."