Exowatt, a provider of thermal energy storage solutions, has secured an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
Exowatt’s initial seed round of $20 million included angel investors Sam Altman, CEO of OpenAI, and actor and environmentalist Leonardo DiCaprio.
The additional funding raised was an extension of its $70 million Series A round, which was raised in April. The company develops energy solutions for power-intensive applications such as data centers, a sector where electricity demand is expected to surge by as much as 165% by 2030, according to Goldman Sachs.
Exowatt’s technology, the Exowatt P3, provides a modular, dispatchable thermal energy storage solution that stores solar energy as heat and converts it into electricity on demand. The company states that it offers rapid-siting and scale-out, and can be co-located at or near the load.
With the funding raised, the company plans to accelerate the rollout of its technology to provide dispatchable solar for data centers across the U.S.
“With the support of our investors and partners, our commercial pipeline has a current demand backlog exceeding 90 GWh, spanning U.S. data centers, energy developers, and everything in between,” said Hannan Happi, CEO of Exowatt. “This new capital investment will support our scaling efforts for P3 as we continue to announce customers and partners in the months ahead.”
According to Mercom’s 9M and Q3 2025 Funding and M&A for Energy Storage report, VC funding in the sector totaled $2.8 billion in 56 deals, a 4% increase YoY compared to $2.7 billion in 61 deals in 9M 2024.
In February, Epyr, a thermal energy storage company, raised €3 million (~$3.1 million) in an oversubscribed pre-seed funding round. This funding round was co-led by AENU and Daphni. OVNI Capital, WEPA Ventures, and several other European angel investors joined in the round.
