Storage

Moxion Power raises $100m in Series B funding

Moxion Power raises $100m in Series B funding
(Moxion raised $100 million in Series B funding. Credit: Moxion)

Mobile energy storage tech company Moxion Power said it secured $100 million in Series B funding led by Tamarack Global along with participation from its Series A lead-investor, Energy Impact Partners. 

The company said it would use the funding to scale production at its first two domestic manufacturing facilities to meet what it said is growing demand for its mobile energy storage products.

Other investors included Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc. 

Moxion said its mission is to disrupt the fossil-fuel economy and establish partnerships with sustainable business leaders that are driving change at scale.

Earlier this year, Sunbelt Rentals committed to a multiyear purchase agreement with Moxion through 2025 and completed an investment in the company ahead of the Series B capital raise. The companies said they plan to collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.

Moxion recently started building its first manufacturing facility in Richmond, California. It said it plans to commission a second domestic manufacturing facility in 2024. Combined, the two facilities are expected to have an annual capacity of more than 7 GWh.

In addition to scaling production, Moxion said it would use proceeds from this funding round to accelerate product development for film, entertainment, construction, utility, and EV fleet customers.

Tags