May 26 (Renewables Now) – Moxion Power, a California-based company specializing in mobile energy storage solutions, has secured $ 10 million (€ 8.2 million) in a Series A financing round .
New York-based investment firm Energy Impact Partners led the funding round. Existing investors Tamarack Global and Liquid 2 Ventures also contributed to the round.
Moxion rents mobile energy storage systems to the construction industry in an attempt to replace traditionally used diesel fuel generators. The company’s storage systems can also be used by industries such as electrified transportation, events and entertainment, film production and telecommunications.
Cash from the latest round of financing will be used to ramp up Moxion’s manufacturing operations, launch its first rental location in the San Francisco Bay Area and to fulfill the company’s backlog.
“Moxion’s combination of proprietary storage systems and software services is a unique approach to tackle the multi-billion dollar temporary rental industries of electricity and equipment, which have seen very little innovation in the industry. decades, ”said Sameer Reddy, partner at Energy Impact Partners.
(1.0 USD = 0.817 EUR)