Moxion Power Secures $100 Million Series B to Scale Clean Energy Manufacturing and Signs Strategic Partnership with Sunbelt Rentals
- Sunbelt Rentals agrees to a multiyear purchase agreement of Moxion units through 2025, strengthening its commitment to ESG objectives and advancing its electrification strategy.
- Tamarack Global led the round and was joined by several new investors including the Amazon Climate Pledge Fund, the Microsoft Climate Innovation Fund, Enterprise Holdings, Marubeni Ventures, and Suffolk Technologies, as well as existing investor Energy Impact Partners.
RICHMOND, Calif.–(BUSINESS WIRE)–#EV—Moxion Power Co., a manufacturer of clean, mobile energy storage technology, today announced securing $100 million in Series B funding led by Tamarack Global along with participation from Moxion’s Series A lead-investor, Energy Impact Partners. Several significant 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 will use the funding to scale production at its first two domestic manufacturing facilities to meet the increasing demand for its mobile energy storage product lineup.
“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,” said Paul Huelskamp, Moxion’s Co-Founder and CEO.
“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,” said Jamie Lee, Managing Partner at Tamarack Global.
“Using carbon-free portable generators to provide the temporary power needed for construction sites, disaster relief efforts, and entertainment industry sets will be an important step in the fight against climate change,” said Matt Peterson, Director of the Amazon Climate Pledge Fund. “Amazon is committed to investing in technologies like Moxion’s, which has the potential to help replace fossil fuel-burning generators and transform the energy industry.”
“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.
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. The companies plan to collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.
“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,” said Brendan Horgan, CEO of Sunbelt Rentals.
Moxion 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. The two facilities will have a combined annual capacity of over seven gigawatt hours (GWh) and will create hundreds of high-paying manufacturing jobs. 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.
“EVs are a key component of our overall business strategy, and Enterprise Holdings Ventures’ investment in Moxion Power supports key infrastructure that needs to be in place to operate as we in-fleet EVs,” said Chris Haffenreffer, Vice President of Strategy Development, Enterprise Holdings. “Our operations require access to safe and sufficient power while minimizing business disruption. Mobile charging and battery storage offers the flexible solution we’ll need, and we are excited to be a part of the next leg in Moxion’s journey.”
“Moxion’s solutions complement the Climate Innovation Fund’s mission to accelerate the development and deployment of new and innovative climate technology,” said Brandon Middaugh, Director, Microsoft Climate Innovation Fund. “We look forward to working with the team as they continue to build domestic manufacturing operations, create jobs, and unlock and decarbonize new market verticals.”
About Moxion Power Co.
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. To learn more, please visit www.moxionpower.com.