Auckland-based utilities software company Gentrack (ASX: GTK) will invest an additional $4.5 million in Australian energy retailer Amber as part of a new $45 million funding round. This follows Gentrack’s earlier $12 million contribution in Amber’s Series C raise in early 2024. The latest investment raises Gentrack’s total share to 10 percent in the current funding round.
Amber, a Melbourne-based energy technology company, recently acquired Charge HQ, an electric vehicle smart charging app. Charge HQ helps users reduce charging costs and increase their use of renewable energy. This acquisition is part of Amber’s plan to grow its vehicle-to-grid technology and enhance its real-time wholesale pricing platform.
Amber is also running a battery electric vehicle smart charging trial supported by the Australian Renewable Energy Agency (ARENA), which provided $3.2 million in funding last year. Since completing its Series C round, Amber’s total funding has reached $75 million. The company’s investors include Main Sequence, Square Peg, Commonwealth Bank (ASX: CBA), NRMA, Alberts, and Rubio Impact Ventures.
Gentrack’s partnership with Amber aims to offer smart energy services worldwide. Amber plans to license its technology through Gentrack’s network of utility customers, combining Gentrack’s billing and customer management systems with Amber’s automation software. This collaboration aims to meet the growing demand for smart, customer-focused energy solutions.
Amber was founded in Sydney in 2017 by co-CEOs Chris Thompson and Dan Adams, who were recently recognized among Australia’s Top 100 Young Entrepreneurs. The company’s mission is to help customers save on energy costs and better use renewable energy through innovative technology.
Business News Australia contacted Amber for comment on the new funding but had not received a response by the time of publication.
