Moixa secures £5M investment to drive global growth
Experience of doubling the world’s largest residential fleet of batteries drives international appetite for smart charging.
Moixa, the international smart battery and EV charging software company, today announces £4.6 million ($5.8 million) of new investment. The funding comes as the company unveils it has doubled the number of batteries managed by its GridShare AI software in Japan to 20,000 – the world’s largest residential fleet.
The investment is from Moixa’s existing investors, led by Japanese Fortune 500 company ITOCHU Corporation. It will support the continued international expansion of the company’s market-leading AI software in Japan, the UK, mainland Europe and the US, and its new smart charging partnership with Honda, due to be launched in the summer.
The investment is bridge funding in the form of a convertible loan and is the first step towards Moixa’s Series C fundraise to support its accelerated growth. The company plans to secure a further £10M ($12.5M) by the end of the year.
“An intelligent green recovery from COVID-19 is essential to mitigate the impending impacts of climate breakdown,” said Simon Daniel, CEO of Moixa. “AI technology gives us the edge we need as societies to accelerate the shift from fossil fuels, without placing unbearable costs on consumers.
“Our pace of growth in Japan alone shows clear demand for smart, scalable solutions for the energy transition. By automatically optimising our homes, electric car charging and energy systems to use the cleanest and cheapest power available, we can create a new energy economy that benefits everyone.”
Alongside the investment, Moixa has also doubled the fleet of ITOCHU home batteries managed by its GridShare platform in Japan in just six months. Optimising its batteries with GridShare has enabled ITOCHU to double its market share in Japan.
There are now more than 20,000 (200MWh) ITOCHU batteries able to be managed by GridShare. This growth is exponential: in December 2019, the company announced the fleet of batteries had reached 10,000 in just one year.
The investment and continued strong growth in Japan demonstrate how Moixa’s GridShare AI software can break down the barriers to electrification for global power systems.
“GridShare AI orchestrates distributed energy assets and EV charging, delivering new benefits to the power grid and driving the energy transition, which is our key focus of investments,” said Alexander Starchenko, Managing Partner of First Imagine! Ventures.
GridShare integrates many data streams from the household and wider environment – including energy prices, power demand and the weather – to optimise energy storage and EV charging, and manage energy assets to cut costs and deliver carbon savings.
Japanese homeowners who adopted rooftop solar early to benefit from a government subsidy are now coming to the end of the ten-year scheme. GridShare AI algorithms work to effectively manage this change in regulation, optimising clean generation and storage to ensure maximum benefit to households and the energy system at each stage of the process.
Hiroaki Murase, General Manager of Sustainable Energy Business Department at ITOCHU, said: “The scale of growth in just six months has been staggering and Moixa technology is providing significant value to our business and customers. The GridShare platform has enabled us seamlessly to manage subsidy changes for Japanese home generators without a single blip in service. Our customers know they are getting the best possible deal – no matter the policy. It’s great to know that these 20,000 batteries can also be ready for future flexibility needs of the grid in Japan.”
Moixa is already optimising flexible clean energy assets with partners across the world, including in the UK, Ireland, across Europe and North America, where Moixa is optimising Eguana batteries in Canada with the planned test installs in the US this summer. The company is now also delivering some of the first local network flexibility contracts in the UK, with UK Power Networks and WPD. In Ireland GridShare is managing fleets of batteries to deliver frequency response to Eirgrid.
Moixa is also Honda’s European smart charging partner and is supporting the car maker to launch e:PROGRESS, Europe’s first intelligent charging subscription for EV owners, later this year.
Moixa’s aim is to support those responsible for the evolution of our energy systems to ensure the transition is as intelligent, fast and efficient as possible.
“Our technology optimises the energy transition for everyone, unlocking clean and affordable energy for all,” Simon Daniel added.