Funding will support production and deployment of Exowatt's P3 system.
US solar and battery storage solutions provider Exowatt has announced the close of its Series A funding round, raising a total of $70 million.
The company will use the funding to support the domestic production and deployment of its Exowatt P3 system. According to Exowatt, the system has already secured orders of more than 90 GWh from the data centers, energy developers, and hyperscalers across the US. Commercial deployment of the technology is expected to occur sometime this year across several locations in the US.
The P3 system is a modular, dispatchable solar solution that captures solar energy and stores it as heat within a long-duration thermal battery. The heat is subsequently converted into electricity on demand. A modular solution, the P3 system is designed to fit the space of a standard 40-foot shipping container.
The company claims it can deliver up to 24 hours of power on a daily basis, which it says makes it an ideal solution for the data center market.
In addition, due to the design of the solution, it can be deployed off-grid and colocated with facilities providing them with dispatchable power on demand. Exowatt has said that the product will be manufactured domestically, with raw materials “sourced,” not specifying from where.
“The additional funding will help us accelerate commercialization and deployment of our solution for the data center energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers,” Hannan Happi, CEO of Exowatt, said.
Of the $70m raised, $35m was provided through a debt facility from HSBC Innovation Banking and other lending partners. The remaining $35m came from equity investors, including Andreesen Horowitz (a16z), 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. In addition, the company has gained backing from noted angel investors such as OpenAI CEO Sam Altman and actor Leonardo DiCaprio.
The company closed its seed funding round in April of last year, raising a total of $20m. Initial investors in the company included a16z and Atomic.
The Miami-based company was founded in 2023 by Happi and Jack Abraham, CEO of Atomic. Its main focus is the development of a modular energy solution tailored for high-energy use facilities such as data centers.
