Battery firm Moixa woos investors to bag $11m

Global investors led by Japanese multinational Honda have invested £8.6m ($11m) in UK smart battery company Moixa.

The investors in the funding round also include Japanese investment house ITOCHU Corp, venture capital investors First Imagine! Ventures and Contrarian Ventures.

Moixa will use the £8.6m to expand its battery businesses for the home, EVs and aggregators for grid services. Chief executive Simon Daniel said: “We are helping major brands make the transition to a low-carbon world of EVs, smart charging, and home energy generation and storage, by providing smart software which cuts costs for their customers and helps support the electricity network.”

Key to Moixa’s success is its GridShare technology, which currently manages home energy storage systems in 7000 homes in the UK and Japan. “GridShare uses artificial intelligence to learn about each owner’s energy use and develop a unique charging plan to meet their needs and maximise savings,” explained Daniel.

“It knows when it’s most cost effective to buy energy from or sell energy to the grid. It will soon know whether it’s better to charge your car battery or use it to power your home. Our investors recognise that there will be global demand for this technology. Today we are managing thousands of batteries and our goal is to manage millions.”

Rokas Peciulaitisis managing partner at new investor Contrarian Ventures and he outlined the appeal of Moixa: “Energy storage is one of the most essential elements in the sustainable energy transition. By managing thousands of batteries as a virtual power plant, Moixa’s is tackling some of the biggest challenges caused by the rapid uptake of renewables.”

Honda wants to make all of the cars its sells in Europe electric by 2025 and it plans to work with Moixa on vehicle-to-grid trials in the UK.

Moixa also partnered with ITOCHU last year and integrate GridShare into the company’s Smart Star batteries. ITOCHU is the second biggest player in Japan’s home energy storage market with a 17 per cent share. Moixa is now managing ITOCHU batteries in 6000 Japanese homes, with a combined capacity of 60 MWh. Moixa and ITOCHU are also exploring the potential of creating a virtual power plant by using the capacity from the fleet of batteries to provide grid balancing.

Later this year in November, some 560,000 Japanese homes will start to leave the country’s 10-year solar subsidy scheme. At the same time, the UK government has closed its feed-in-tariff scheme and is assessing the possibility of a Smart Export Guarantee, for suppliers to pay small-scale low-carbon generators for their power.

Simon Daniel said Moixa is preparing for this by reviewing how its smart software can best utilise artificial intelligence to optimise third-party home and EV batteries for time of use tariffs, to deliver best outcome for both consumers and the power network.
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Battery storage developments will be a hot topic at POWERGEN Asia and Asian Utility Week in September, and also at POWERGEN Europe and European Utility Week in November.

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