Moxion Power, a Richmond, CA-based manufacturer of clean, mobile energy storage technology, raised $100M in Series B funding.
The round was led by Tamarack Global with participation from Energy Impact Partners, Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies, and Rocketship.vc.
The company intends to use the funds to scale production at its first two domestic manufacturing facilities.
Led by CEO Paul Huelskamp, Moxion Power manufactures mobile energy storage products and technologies, which enable last-mile electrification in industries such as construction, transportation, events and entertainment, film production and telecommunications.
The company recently started construction at its first manufacturing facility, located at the historic Ford Point Building in Richmond, California, and plans to commission a second domestic manufacturing facility in 2024. The two facilities will have a combined annual capacity of over seven gigawatt hours (GWh) and will create hundreds of high-paying manufacturing jobs.
Earlier this year, Sunbelt Rentals committed to a multiyear purchase agreement with Moxion through 2025 and completed a strategic investment in the company ahead of its Series B capital raise. The companies plan to collaborate on product development, software integration, and differentiated service models to accelerate electrification within the industrial, commercial, and construction industries.
