Smart battery start-up Moixa raises £5m and lands partnership with Itochu in Japan
Moixa will now launch its GridShare platform, which manages and optimises home energy storage systems, in the rapidly growing Japanese battery market
Moixa, a smart home battery start-up, has raised £5m worth of funding and secured a strategic partnership with one of Japan’s largest trading houses, Itochu Corporation.
The agreement means that Moixa will now launch its GridShare platform, which uses artificial intelligence to optimise the performance of batteries, and can also manage large fleets of devices to help support solar generation, control vehicle charging and function as virtual power plants, in the rapidly growing Japanese battery market.
Itochu (ranked 215 in the Fortune 500) will include GridShare in its own battery products to help customers save money and also work with Moixa to market GridShare to the major energy storage brands it supplies with battery chemistry.
As well as the funding received from the Fortune 500 Japanese company, Moixa also bagged an additional £500,000 from existing shareholders.
Founded in 2004 by Simon Daniel and Chris Wright, who originally invented and licensed a foldable computer keyboard, the smart energy start-up previously raised £2.5m back in July 2017 – receiving funding from Greater Manchester Combined Authority, Tokyo Electric Power Company (TEPCO) and First Ventures!, among others.
The London-based company has 33 employees, with offices in London and Manchester, and expects to double in size in the next year.
It's already installed 1,000 batteries in the UK, including working with Hitachi on a £10.8m project on the Scilly Isles as well as a trial with Northern Powergrid near Barnsley links.
Simon Daniel, CEO of Moixa, said:
“Itochu is a major player in the global battery market and this partnership provides a real opportunity for us to expand our business in Japan and provide GridShare technology to many global battery companies.
“GridShare optimises the performance of home batteries by learning patterns of household energy use and solar generation, and adjusting to local weather and energy price signals.
“It can also help customers make more money by using their spare battery capacity to provide services that help utilities and electricity networks balance supply and demand.”
Koji Hasegawa, general manager of industrial chemicals department at ITOCHU, said:
“Moixa has pioneered battery management, and we are proud to be investing and working together to target the rapidly growing energy storage market in Japan.
“Moixa’s GridShare will help our customers get more value for their home batteries and will offer solutions to help our partners manage Japan’s low-carbon transition.”