Moxion Power, a manufacturer of mobile energy storage technology, announced securing $100 million in Series B funding, led by Tamarack Global, with participation from existing investor Energy Impact Partners.
Other investors who participated in the round include Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc.
The company plans to use the funding to scale production at its first two domestic manufacturing facilities to meet the increasing demand for its mobile energy storage product lineup.
“Temporary power generation is a critical part of many industries, including construction, film production, live events, and disaster response. As these industries look to decarbonize, there’s enormous demand for cleaner alternatives to the fossil-fuel-burning generators that these industries have historically relied on. Moxion is thrilled to announce the next milestone on our mission to disrupt the fossil-fuel economy and establish key partnerships with these sustainable business leaders who are driving change at scale,” said Paul Huelskamp, Moxion’s Co-Founder and CEO.
Earlier this year, Sunbelt Rentals committed to a multiyear purchase agreement with Moxion through 2025 and completed a strategic investment in the company ahead of its Series B capital raise. The companies plan to collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.
“Moxion’s technology fills an important need in our power management solutions lineup, whether augmenting or replacing fossil-fuel-powered generators. Increasingly, our customers are looking for cleaner options for their temporary power needs,” said Brendan Horgan, CEO of Sunbelt Rentals.
Moxion recently started construction at its first manufacturing facility, located at the historic Ford Point Building in Richmond, California, and plans to commission a second domestic manufacturing facility in 2024.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022.
GDI, a manufacturer of next-gen Li-ion batteries, completed a Series A funding round with EIT InnoEnergy and Helios Climate Ventures. GDI plans to use the fresh capital to scale production to over 100MWh by Q1 2024.