Amber has acquired Australia’s best-rated energy app, Powerpal in a $9.5 million deal, cementing its position as the leading electricity retailer offering real time information on energy usage that helps customers cut costs while supporting the climate.
Powerpal provides a mobile app and monitoring device that helps households to understand how and why their homes are using energy through real time feedback, with more than 200,000 homes trusting Powerpal to manage their energy consumption to date.
The app also provides personalised recommendations on actions that can help to reduce energy bills and carbon emissions, such as replacing inefficient appliances or changing consumption patterns.
The Powerpal app has already helped to reduce emissions by an estimated 74,000 tonnes of CO2 - equivalent to taking almost 25,000 less fuel efficient cars off the road for a year - saving Australians nearly $24 million on their energy bills in the process.
“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.”
Peter Neal, CEO of Powerpal said, “The Powerpal team share Amber’s vision that it’s everyday Aussies who should benefit from the renewable energy transition, and not ‘big energy’”.
“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.”
Amber recently raised $13.4 million to continue the development of its recently launched Amber for Batteries technology, which helps battery customers to automate their batteries to charge when energy is the cheapest - through renewables - and then sell to the grid when energy is most expensive.
The acquisition of Powerpal was a cash and scrip transaction valued at $9.5million.