Amber nearly doubles round plan with $79M Series E for Europe push

The raise, nearly double Amber's original target, was led by 1GT, Morgan Stanley's climate tech fund, with existing backers ETF Partners, Innovation Victoria and E.ON participating.

Amber Electric has raised $79M in a Series E, nearly doubling the round size it had planned, as the Australian renewable energy supplier looks to take its battery and EV energy trading play global, starting with Europe.

The raise was led by 1GT, Morgan Stanley's climate tech fund, with support from existing investors ETF Partners (Environmental Technologies Fund), state government-backed Innovation Victoria and E.ON.

Amber has built Australia's largest residential battery automation product, holding around half the local market. The platform automates how households get value from their batteries, and the company has extended that into trading energy from electric vehicles as well.

Cofounder and co-CEO Chris Thompson cast the round as validation of a platform the company believes is already ahead of its domestic rivals. "We've built the winning energy automation platform in Australia, and this funding will enable us to extend our leadership across Europe," he said.

That European ambition is the explicit destination for the new capital. Thompson said the funding would go toward doubling down on expansion across the continent, where the company already has a foothold through its existing relationship with E.ON. E.ON appears on both sides of Amber's cap table and its customer base, having backed the business and partnered with it commercially.

The Series E lands as European energy markets continue to open up to consumer-scale battery and vehicle-to-grid trading, where households with storage can buy and sell power rather than simply consuming it. Amber's pitch rests on software that does that automatically, aggregating small-scale assets into something closer to a tradable fleet.

What makes the raise notable is the scale-up: the company went out looking for a smaller cheque and closed with nearly twice that, even as climate tech funding elsewhere has tightened. The mix is a government-backed fund in Innovation Victoria, an environmental specialist in ETF Partners, a strategic utility in E.ON and a major bank's climate vehicle in 1GT.

Amber's roughly 50% share of the Australian residential battery automation market gives it something to export, but Europe is a fragmented patchwork of grid rules, tariffs and retailers, so the test will be how quickly the Australian playbook travels.