US battery storage specialist gets $100m funding
05 October 2022
Moxion Power, the US developer of mobile energy storage products, has secured US$100 million in funding to scale up production at its first two domestic manufacturing facilities.
The funding, which is being provided by investor Tamarack Global with participation from another investor Energy Impact Partners, will help the company meet increasing demand for its products.
Construction of its first facility - located at the historic Ford Point Building in Richmond in California - has already begun, and its second facility in the US is expected to be commissioned in 2024.
“The two facilities will have a combined annual capacity of over seven gigawatt hours (GWh) and will create hundreds of high-paying manufacturing jobs,” said Moxion.
This latest news follows an announcement earlier this year that Sunbelt Rentals had committed to a multiyear purchase agreement with Moxion through 2025.
Sunbelt also previously completed an investment in the company. The two companies will collaborate on product development, software integration, and service models to accelerate electrification in the industrial, commercial and construction industries.
Paul Huelskamp, Moxion’s Co-Founder and CEO, said, “Temporary power generation is a critical part of many industries, including construction, film production, live events, and disaster response.
“As these industries look to decarbonise, 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.”
In addition to scaling up production, the company also plans to accelerate product development for film, entertainment, construction, utility, and electric vehicle (EV) fleet customers.
Commenting of Subelt’s involvement with Moxion, company CEO Brendan Horgan, said, “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.”