NZX-listed utilities software platform developer Gentrack has bought a A$12 million chunk of Australian electricity retailer and technology company Amber Electric.
Amber gives customers direct access to real time energy prices and technology to automate their home batteries and electric vehicles. The technology allows customers to use their batteries to reduce their energy bills or to get paid for their energy and has helped double the company's growth over the last six months.
This partnership will position Richmond, Victoria-based Amber and Auckland-based Gentrack to compete in the fast-growing international utility market for smart device optimisation products.
Gentrack and Amber will further develop, sell and deploy an end-to-end solution for billing, care and optimisation for household batteries, EV chargers and other smart devices to automate load shifting for customers internationally.
Dan Adams, co-CEO and co-founder of Amber, said the two companies shared a common vision.
"For us, having a strong global delivery partner who is reliable, respected and capable is essential," he said.
"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 funds from this investment round will go to upgrading Gentrack’s billing and customer care solution, said Amber co-CEO and co-founder Chris Thompson.
"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," he said.
"By bundling our technology with Gentrack’s, we will be well positioned to deploy it around the world."
Gentrack CEO Gary Miles said in many ways, Amber was leading the transition to a two-way grid that reduces carbon and energy bills for consumers.
"It is a team and technology that we are excited to invest in and take globally," he said.
"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.”
G2.0 was developed in partnership with AWS and Salesforce using low code/no code and composable technologies.
Gentrack's investment was part of a A$29 million series C funding round that will also see Breakthrough Victoria, and Rubio Impact Ventures join existing Amber Electric shareholders Commonwealth Bank, Square Peg and Main Sequence.