Australian energy technology company Amber Electric has raised $78.5 million in Series E funding to expand its AI-powered energy management platform into Europe.

The round was led by Morgan Stanley Investment Management’s 1GT climate-focused investment strategy, with participation from E.ON and existing investors.

Founded in Melbourne in 2017 by Chris Thompson and Dan Adams, Amber provides households with access to real-time wholesale electricity prices and technology that automatically manages home batteries and other energy assets.

Its platform, called SmartShift, uses AI to analyze electricity prices, solar generation and household energy use in real time. The system can charge batteries when electricity is cheaper and renewable power is available, and use or sell stored energy when prices are higher.

Amber says it has more than 50% of Australia’s battery automation market, making it one of the country’s largest residential battery management platforms.

The company plans to use the new funding to expand across Europe, where solar and wind power are growing and electricity grids are facing increasing pressure.

Amber is also working with E.ON on smart energy services in the UK. The partnership includes technology for managing home batteries and electric vehicles.

The new funding will support Amber’s European expansion, development of its AI platform for additional energy assets and continued growth of its Australian retail and energy flexibility business.

The company also plans to expand vehicle-to-grid (V2G) technology, which allows electric vehicle owners to send stored electricity back to the grid.

Amber aims to help households and energy companies better manage distributed energy resources such as solar panels, batteries and electric vehicles while making greater use of renewable energy.