Independent energy retailer Amber announced this week that it has acquired Australia’s number one rated energy monitoring app, Powerpal, in a deal worth $9.5 million.
Amber, which secured a $13.4 million fund raise in October that included Australia’s largest mutual organisation, NRMA, believes its acquisition of Powerpal will help to cement its position as Australia’s leading electricity retailer offering real time information on energy usage.
Amber is so far managing to weather the storm caused by the global energy crisis which has sent electricity prices soaring across Australia’s National Electricity Market – testament to its technology and mission. The wholesale market chaos has, however, turned the company’s focus to homes with their own solar and storage systems.
“We believe in giving our customers the best access to their energy data so they have more control over their energy usage, costs and the amount of renewables they are using,” said Chris Thompson, co-CEO of Amber.
“This acquisition is a perfect fit for Amber’s customers in particular, as those who choose to get a Powerpal device installed will have their real-time energy usage data at their fingertips for the first time.
“By having access to the wholesale price of electricity, their energy data, and our automation technology, our customers are directly benefiting by competing with big coal and gas generators.”
Powerpal’s mobile app and monitoring device allows households to understand the way in which their homes are using energy using real time feedback. More than 200,000 homes are already using Powerpal to manage their energy consumption.
The Powerpal app also provides personalised recommendations that help users reduce their energy bills and carbon emissions, including suggestions such as replacing inefficient appliances or changing consumption patterns.
Founded in 2017, Powerpal claims that it has already helped reduce emissions by around 74,000 tonnes of CO2 and saved Australian customers nearly $24 million on their energy bills in the process.
“The Powerpal team share Amber’s vision that it’s everyday Aussies who should benefit from the renewable energy transition, and not ‘big energy’,” added Peter Neal, CEO of Powerpal.
“Having already helped hundreds of thousands of homes to improve their energy efficiency, we are incredibly excited to be joining Amber on their mission to help our users reduce their bills even further by using energy when it’s cheapest and greenest.”
