Yotta Energy, a li-based energy storage developer, has raised an additional $3.5 million, including a strategic investment from inverter OEM partner APsystems, bringing its total Series A investment to $16.5 million.
ESTCP awarded Yotta $1.97 million for a new solar + storage microgrid project at Nellis Air Force Base in Las Vegas, Nevada. With this funding, Yotta will accelerate the scaling of its panel-level solar-plus-storage system, develop new technology, and increase its headcount.
“We see tremendous growth potential in rooftop solar-plus-storage, but much more than that, Yotta has produced an innovative, module-level commercial energy storage solution that no one else is doing right now,” said Olivier Jacques, APsystems president of global business units. “During our time working with Yotta, we have seen firsthand the positive disruption they make in the industry. No zoning, no concrete, and efficient energy storage direct to DC. It was an obvious choice to support Yotta in its Series A raise.”
Last year, Yotta Energy raised $13 million in capital from investors WIND Ventures, Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures, and SWAN Impact Network to scale and accelerate the installation of Yotta’s PV-Coupled solar-plus-storage flat-roof energy backup solutions.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, venture capital (VC) funding (including private equity and corporate venture capital) raised by Battery Storage companies in Q1 2022 came to $1.1 billion in 21 deals a 15% increase compared to $1 billion in 14 deals in Q1 2021.
Six Li-based Battery companies raised $200 million in Q1 2022, compared to $808 million raised in five deals in Q1 2021.