Moixa raises £2.5m to fund “virtual power plant” via its smart home battery
The smart home battery firm will also open a regional sales and delivery centre in Manchester and will trial a European and US launch this year
Moixa, a smart home battery firm, has raised a combined £2.5m in funding with investment coming from Greater Manchester Combined Authority, Tokyo Electric Power Company (TEPCO), First Ventures!, and a host of individuals – including Lady Barbara Judge.
The London-based business received £1m from Greater Manchester Combined Authority and £1.5m in equity investment – with Japanese utility TEPCO and and VC First Imagine! pledging £50,000 each.
Aiming to create a “virtual power plant aggregating the capacity of 100,000 home batteries”, the company creates domestic smart batteries that integrate with solar panels and act like a back-up power plant to help balance the grid.
The funds will be used to open a regional sales and delivery centre in Manchester which will initially employ 20 local staff with expectations this headcount will increase to 60.
The tech business, which soft launched in Barnsley last year, will also trial a European, Japanese and US launch later this year – and will pilot its compact battery systems in Tokyo with the help of TEPCO.
Founded in 2004 by Simon Daniel and Chris Wright, who originally invented and licensed a foldable computer keyboard, the duo now aim to have 50,000 of their batteries installed throughout the UK and to be managing double this using its patented, cloud-based ‘GridShare' platform.
Also as part of the deal, Judge, chairman of the IoD, will now sit on Moixa’s international advisory group as it eyes foreign investment.
Existing investors include Sam Laidlaw and Ian Marchant, the former CEOs of Centrica and SSE, and Brian Count former chief operating officer of RWE npower.
“Smart home batteries are transforming our electricity system, saving money for households and communities and supporting a cost-effective, reliable, low-carbon network.
“We are developing solar plus storage solutions for social housing that will help councils tackle fuel poverty and we look forward to collaborating with Greater Manchester and supporting the low carbon energy transition in the Northern Powerhouse region.
“Britain aims to be a world leader in battery technology and Moixa is well positioned to seize opportunities in a rapidly emerging global market. It has unrivalled experience in the UK, strong partnerships with key players, and is working at the cutting edge pioneering the use of smart batteries in virtual power plants to cut costs and carbon in our electricity system