According to The Australian Financial Review, Aussie investors have flocked behind renewable energy start-up Amber Electric with $2.5 million in seed funding, as it aims for rapid expansion across the eastern coast.
In a shot across the bow of entrenched electricity providers, Amber is looking to sign up more than a million customers to its $10-a-month service, which offers consumers access to wholesale energy prices.
Square Peg capital led the funding round with a $2 million endowment, and contributions from Black Sheep Capital and Impact Investment Group made up the remaining $500,000.
This business model centres on access to the wholesale electricity market for general consumers who have traditionally been serviced by energy retailers.
These retailers mark up their prices with high premiums and margins, but Mr Adams said Amber avoids that pitfall, so can keep its prices relatively low.
If you want to read this article in Japanese, please see the following link:
Subscribe to our English Newsletter