Mobile energy storage co Moxion bags USD 10m in funding

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May 26 (Renewables Now) - Moxion Power, a California-based company specialising in mobile energy storage solutions, has secured USD 10 million (EUR 8.2m) in a Series A funding 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 with a goal to replace the traditionally used diesel fuel generators. The company's storage systems can also be used by industries like electrified transportation, events and entertainment, film production and telecommunications.

The cash from the latest funding round will be used for the scale-up of Moxion's manufacturing operations, the launch of its first rental location in the San Francisco Bay Area and to execute on the company's backlog of customer orders.

"Moxion’s combination of proprietary storage systems and software-powered services is a unique approach to tackling the multi-billion-dollar temporary power and equipment rental industries, which have seen very little innovation over the past several decades," said Sameer Reddy, Partner at Energy Impact Partners.

(USD 1.0 = EUR 0.817)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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