Moxion Power, a Y Combinator-backed, vertically-integrated manufacturer of mobile energy storage systems, has raised a $10 million Series A financing led by Energy Impact Partners (EIP). The round was completed with the support of several of Moxion’s existing investors, including Tamarack Global and Liquid 2 Ventures.
Moxion is replacing inefficient, heavily-polluting, fossil-fuel-burning generators with its proprietary mobile energy storage technology and all-electric equipment rental solutions, helping customers reduce the costs of temporary power and decarbonize their operations. Moxion’s initial products are designed and engineered to meet the demands of the construction industry, which relies on renting generators and other equipment that traditionally runs on diesel fuel.
Moxion Power is pioneering temporary power-as-a-service through its electrified equipment rental platform. The company’s vertically-integrated business model is powered by AI and software, allowing the company to manage large fleets of electric equipment and deliver an unmatched rental service and customer experience to companies in industries such as construction, electrified transportation, events and entertainment, film production and telecommunications.
“Electrifying industries such as construction, which rely heavily on generators for temporary power, presents an enormous, unaddressed market opportunity,” said Paul Huelskamp, co-founder and CEO of Moxion Power. “Demand for Moxion Power’s technology and services grow almost exponentially as more and more vehicles and equipment transition away from internal combustion engines to electric power.”
This new funding follows a Seed round that was led by Tamarack Global late last year. Moxion will use the proceeds to scale its manufacturing operations, launch its first rental location in the San Francisco Bay Area in partnership with some of the nation’s largest construction firms and execute on its significant backlog of customer orders.
