Moxion Power, a California-based manufacturer of clean, mobile energy storage technology, has secured $100 million in Series B funding led by Tamarack Global and participation from Moxion’s Series A lead investor, Energy Impact Partners.
Other investors participated in the round, including Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc.
Moxion Power is one of the tech startups are working towards saving the world.
How will the funding be used?
The company will use the funds to scale production at its first two domestic manufacturing facilities for its mobile energy storage product lineup. In addition to scaling production, Moxion will use the proceeds from this round to accelerate product development for film, entertainment, construction, utility, and EV fleet customers.
“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,” says Paul Huelskamp, Moxion’s Co-Founder and CEO.
Clean and mobile energy storage
Moxion Power manufactures mobile energy storage products and technologies which enable last-mile electrification in industries such as construction, transportation, events and entertainment, film production, and telecommunications.
The company 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 the company, the two facilities will have a combined annual capacity of over seven-gigawatt hours (GWh) and will create hundreds of high-paying manufacturing jobs.
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.
“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. We’re happy to partner with the team at Moxion to provide our customers with the equipment they need to cost-effectively power their projects while leading the energy transition. We look forward to working with the Moxion team to identify more ways to leverage their innovative technology to accelerate the availability and adoption of carbon-free solutions,” says Brendan Horgan, CEO of Sunbelt Rentals.
The companies plan to collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.
“We’re proud to continue our partnership with Moxion Power as they continue to revolutionize the temporary power sector. Their technology sits at the forefront of the growing market trend to carbon-free technology and a largely untapped market with exponential growth potential. This partnership demonstrates our commitment to exceptional founders and companies shaping the future through bold and exciting new business models,” says Jamie Lee, Managing Partner at Tamarack Global.
“Our conviction in the Moxion Power team and the market opportunity has never been greater. We believe that they can help improve the ways in which we deliver flexible, onsite power to construction sites, events and entertainment operations, temporary health service locations, and more. Their technology is on track to revolutionize the mobile power industry and advance the net zero carbon economy through a variety of use cases, making it the perfect fit for Energy Impact Partners. We look forward to continuing to work with the Moxion team as they scale US-based manufacturing, create green jobs, and decarbonize mobile power,” said Sameer Reddy, Managing Partner, Venture at Energy Impact Partners.