Total amount raised
$124.1 Millions
Latest funding date
6/1/2023
Location
Moxion Power has successfully raised $100 million in a Series B funding round, focusing on developing zero-emission generators and off-road equipment.
Keep reading to explore the intricacies of Moxion Power's fundraising journey and the investors backing this innovative platform.
What Is Moxion Power?
Moxion Power, founded in 2020, is based in Richmond, California. The company specializes in developing zero-emission generators and off-road equipment, providing clean and mobile power solutions.
Founded by Alex Meek, Alex Smith, Jed Mickle, and Paul Huelskamp, Moxion Power aims to revolutionize the power industry with its innovative products. Their offerings include the MP-75, a mobile power unit that delivers 75kW of power and over 600kWh of energy.
With a team of 101-250 employees, Moxion Power serves various industries, including construction, events, utilities, and EV fleet operators. Their commitment to zero emissions and smart monitoring sets them apart in the market.
How Much Funding Has Moxion Power Raised?
- Pre-Seed Round
- Amount Raised: $800K
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of zero-emission generators and off-road equipment.
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their technology.
- Seed Round
- Amount Raised: $2.3M
- Date: January 2021
- Lead Investors: Tamarack Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and accelerate product development.
- Series A
- Amount Raised: $10M
- Date: May 2021
- Lead Investors: Energy Impact Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale manufacturing operations and launch a rental location in the San Francisco Bay Area.
- Series B
- Amount Raised: $100M
- Date: September 2022
- Lead Investors: Tamarack Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product offerings.
- Venture Round
- Amount Raised: $11M
- Date: June 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and market expansion.
Total Amount Raised: $124.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Tamarack Global
- Details: Tamarack Global is an investment firm that has been a key supporter of Moxion Power, leading their Seed round and participating in subsequent rounds.
- Investment Focus Areas: Innovative technologies, sustainable solutions, clean energy.
- Notable Investments: Not publicly disclosed.
- Energy Impact Partners (EIP)
- Details: EIP is a venture capital firm that invests in companies focused on energy innovation and sustainability. They led Moxion Power's $10 million Series A round.
- Investment Focus Areas: Energy innovation, sustainability, clean technologies.
- Notable Investments: Not publicly disclosed.
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator that has funded over 2,000 startups, including Moxion Power in their pre-seed round.
- Investment Focus Areas: Technology, software, clean energy.
- Notable Investments: Airbnb, Dropbox, Stripe.
- Liquid 2 Ventures
- Details: Co-founded by Joe Montana, Liquid 2 Ventures is a venture capital firm that focuses on early-stage investments. They participated in Moxion Power's Series A round.
- Investment Focus Areas: Early-stage technology companies, innovative startups.
- Notable Investments: Not publicly disclosed.
What's Next for Moxion Power?
Moxion Power stands at the cusp of a significant opportunity to decarbonize job sites across the country. With the construction industry alone accounting for 10% of global carbon emissions, the potential for growth is immense. Their mobile energy storage technology and all-electric equipment rental solutions are poised to replace traditional, fossil-fuel-burning generators, addressing a multi-billion-dollar market.
As Moxion Power scales its manufacturing operations and launches new rental locations, future fundraising rounds seem likely. The company’s ambitious plans to expand into new markets, such as EV fleet charging, will require substantial capital. However, challenges such as accelerating technology adoption in a traditionally slow-to-change industry and managing a large fleet of electric equipment could pose hurdles. Navigating these challenges will be crucial for Moxion Power's continued success.
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