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A group of Australian investors led by venture capital fund Square Peg has backed the Melbourne-based start-up which aims to revolutionise the way Australian households buy electricity by passing through wholesale rates.

‘Not Business As Usual’ Twenty firms have joined the movement, including ethical superannuation fund Future Super, reusable coffee cup brand KeepCup and clean energy retailer Amber, all of which have formed an alliance called Not Business as Usual.

Amber Electric co-founder and co-chief executive officer Chris Thompson tells SmartCompany joining the group of businesses in supporting the strike was an “easy decision.” “It heavily aligns to what Amber is all about,” he says. “It was a 30-second decision.”

Emerging business models in energy retail are designed to help consumers save money, and in some scenarios even earn money from the devices in their homes – flipping the traditional electricity retail model on its head. The industry is approaching a tipping point. In deregulated markets like Australia utility companies are operating in a highly regulated market, facing increased competition from new challengers and empowered consumers who can switch providers easily online.

How can we make sure everyday consumers benefit from the radical changes that are taking place in our electricity grid? That was the fundamental question we started with when we founded Amber Electric. Increasing renewable penetration is coincident with increased intra-day volatility in market prices, and increased volumes of distributed energy assets is enabling customers to participate more in the market.