Amber Electric Raises €49 Million Led by Morgan Stanley to Expand Into Europe

Amber Electric, a Melbourne-based energy technology company, has raised €49 million in a Series E round led by 1GT, Morgan Stanley Investment Management's private climate equity strategy, with participation from European energy group E.ON and existing investors ETF Partners and Innovation Victoria. The round brings Amber's total disclosed equity funding to roughly $209 million since its founding in 2017.

Founded by Chris Thompson and Dan Adams, Amber operates as a licensed energy retailer serving Australian households directly, giving customers access to live wholesale electricity prices rather than fixed retail rates. Its SmartShift software combines real-time wholesale price forecasts with each household's solar production and consumption data to automatically manage batteries, solar and electric vehicle charging for maximum savings. The company says it now holds more than 50% market share of Australia's automated home battery market, making it the country's largest player in that category.

The new capital will fund Amber's expansion into Europe, building on a newly announced partnership with E.ON, one of the United Kingdom's largest energy suppliers, which also participated in this round as a strategic investor. Amber's funding history shows a steady, multi-year scale-up rather than a single outsized raise: a $2.5 million seed round in 2019, a $10 million Series A in 2020, a $20 million Series B in 2021 followed by a $13.4 million extension in 2022, a $29 million Series C in 2024, and a $45 million Series D in 2025, with this €49 million Series E now the company's largest round to date.

Amber's model sits at the intersection of two trends drawing sustained investor interest this year: distributed household energy assets, batteries, solar and EVs, being aggregated into something closer to a coordinated grid resource, and the broader push to automate energy cost optimization for consumers as wholesale price volatility increases alongside renewable penetration. Morgan Stanley's 1GT strategy backing a household-facing energy retailer, rather than only utility-scale infrastructure, signals growing institutional comfort with consumer energy technology as a distinct investable category.

For founders building in climate tech and energy, Amber's decade-long, steadily-staged funding path from seed to a nine-figure Series E is a useful counterpoint to the faster capital cycles common in AI, showing that consumer energy infrastructure companies can still command premium institutional capital once they reach genuine market leadership in a defined category.

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