Yotta Energy, a li-based energy storage solutions provider, secured $8 million in a funding round led by Evergy Ventures and with participation from strategic investors BlueScope and Cricetus Felix Ventures and existing investors Copec WIND Ventures, EDP Ventures, Doral Tech Ventures, and the SWAN Impact Fund. The funding will help the company scale up manufacturing and accelerate the deployment of its SolarLEAF battery technology.
Yotta’s energy storage technology, SolarLEAF, is designed to be streamlined and installed alongside solar Photovoltaic systems. The company claims this integration helps customers save a significant amount compared to installing energy storage as a separate project.
Last year, the company raised $3.5 million in funding, with strategic investment from inverter OEM partner APsystems.
“With the growing interest within this market for solar, ESS, and EV Charging, and our recent entry into the GSA Green Proving Ground, a program that will give us access to deploying our technology across government buildings, we think Yotta Energy is exceptionally positioned to deliver not only the best project economics but also deliver this at scale,” said Omeed Badkoobeh, CEO of Yotta Energy.
VC Funding activity for the energy storage sector was up 27% in 1H 2023, with $3.8 billion in 43 deals compared to $3 billion in 48 deals in 1H 2022, according to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid.
This month, Verkor, a manufacturer of lithium-based battery cells and modules, secured €1.45 billion (~$1.54 billion) with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition.