Clean Energy Storage Maker Moxion Raises $100 Million

Moxion Power Co., which produces clean, mobile energy storage technology, said it has secured $100 million in Series B funding, which it will use to scale production at two new domestic manufacturing facilities. The company also signed a strategic partnership with Sunbelt Rentals, which will purchase Moxion units through 2025.

Tamarack Global led the round. Other investors included 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.

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Moxion’s technology is aimed at replacing fossil fuel-burning generators with carbon-free portable generators that can deliver power to construction sites, disaster relief efforts, and entertainment industry sets with zero carbon emissions.

“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,” Paul Huelskamp, Moxion’s Co-Founder and Chief Executive Officer, said in a statement.

The investment shows a commitment to revolutionizing the mobile power industry. “Their technology is on track to advance the net zero carbon economy through a variety of use cases, making it the perfect fit for Energy Impact Partners,” Sameer Reddy, Managing Partner of Energy Impact Partners, said in a statement. “We look forward to continuing to work with the Moxion team as they scale U.S.-based manufacturing, create green jobs, and decarbonize mobile power.”

Sunbelt Rentals committed to a multiyear purchase agreement with Moxion and will collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.

“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,” Brendan Horgan, CEO of Sunbelt Rentals, said in a statement.

Moxion’s two domestic facilities, the first of which is under construction in Richmond, CA, will have a combined annual capacity of over seven-gigawatt hours (GWh) and will create hundreds of high-paying manufacturing jobs, the company said.