Amber Electric provides a mobile app that enables users to monitor real-time wholesale energy prices and shift their electricity usage to periods when renewable energy is abundant and cheaper. By charging a monthly subscription fee, the company allows customers to save on energy costs while promoting the use of sustainable energy sources.
Funding
$51.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BV+5Founders
Product
Problem
Traditional electricity retailers offer fixed-rate plans that don't reflect the fluctuating costs of wholesale energy or the increasing availability of renewable energy sources. Consumers lack transparency into real-time energy pricing and have limited ability to shift their usage to cheaper, greener periods. This results in higher energy bills and slower adoption of sustainable energy practices.
Solution
Amber Electric provides a mobile app that gives users direct access to real-time wholesale electricity prices and the percentage of renewable energy in the grid. By monitoring these fluctuations, customers can shift their energy consumption to times when prices are lower and renewable energy is abundant, leading to significant cost savings and reduced carbon footprint. The app also offers smart automation features for EV charging and home battery management, optimizing energy usage based on wholesale prices and solar feed-in tariffs. Amber Electric's subscription-based model aligns its interests with customers, focusing on lowering their power bills and emissions rather than profiting from increased energy consumption.
Target Audience
The primary target audience includes environmentally conscious homeowners, electric vehicle owners, and those with home battery systems who are interested in actively managing their energy consumption to reduce costs and support renewable energy.
Features
- Real-time wholesale electricity pricing data displayed directly in the app
- Renewable energy percentage indicator to inform usage decisions
- Smart EV charging automation that maximizes the use of solar energy and low-price periods, including negative pricing events
- Home battery management features that allow users to control export, charge, and preservation settings
- SmartShift™ technology for automated battery optimization based on wholesale prices
- Detailed usage history with half-hourly data, daily costs, and benchmarking against averages
- Notifications for extremely low or high prices to facilitate proactive energy management
- Solar feed-in tariff tracking and optimization
- Five-minute pricing for customers with compatible smart meters