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UK power pioneer Moxia sold to US startup emerging from stealth

Business news |
By Nick Flaherty

Lunar Energy in the US has emerged from stealth after two years and $300m raised to buy London-based virtual AI  power management pioneer Moxia Technology.

Lunar is led by former Tesla Energy executive, Kunal Girotra, has has raised the funding from Sunrun  and South Korea’s SK Group. ITOCHU and Honda, previous investors in Moixa, now also join Lunar’s team of investors.

The acquisition of Moixa allows Lunar to combine the proven GridShare software that manages the thousands of batteries across Europe and Japan with its hardware, which it calls revolutionary. The GridShare software—now Lunar Gridshare—is deployed at scale across 35,000 homes (330MWh of batteries) via ITOCHU in Japan, supports advanced smart charging services for Honda electric vehicles and UPS electric vehicle fleets in the UK.

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“From our early patents in smart homes to managing the world’s largest single fleet of home batteries, our Gridshare software has led the industry for more than 10 years and significantly advanced smart home charging,” said Simon Daniel, CEO and co-founder of Moixa. “In joining Lunar Energy, we have the exciting opportunity to pursue even greater scale for Gridshare by aggregating larger fleets of batteries across the world to better manage clean energy intelligently for homeowners and businesses.”

“More than ever, we need rapid adoption of renewable energy solutions across all sectors to mitigate climate change. Lunar Energy was founded to build affordable hardware and software products for the residential sector to help homeowners generate, store and consume 100% clean energy and remove the usage of fossil fuels from every home,” said Kunal Girotra, Founder and CEO of Lunar Energy. “The first offering of our product ecosystem is a next-generation home battery system. It’s the first step towards our mission to electrify all homes and connect communities to form clean, resilient virtual power plants—freeing us from power outages, rising energy costs and harmful emissions.”

“Once every home has their own personal power plant, we can easily share energy with the community. Lunar’s Gridshare software does it automatically by aggregating and dispatching Lunar Homes as Virtual Power Plants. This can help avoid the need for utility companies to build more natural gas plants as millions of homes generating and storing their own energy can be a source for peak power for the broader grid,” he said.

“It is not trivial to build this hardware and software ecosystem. It requires investment in hiring the best team, an infrastructure for R&D and product development, and a robust supply chain to scale up manufacturing.”

“On the people front, the Lunar team has been heads down building the greatest talent pool in mechanical, electrical, firmware, systems, test, software and operations. We have nearly 250 passionate people across the US and Europe designing an energy system from the ground up that is modern, flexible and intuitive, all things essential for widespread adoption by homeowners.

Lunar has built a team of nearly 250 staff with a mix of hardware, firmware and software engineers designing and building energy products in its Mountain View, CA and London, UK offices.

“As an entrepreneur, I’m always looking for those rare opportunities where you can invest in exceptional people with a big vision,” said Lynn Jurich, Chair of Lunar Energy and co-founder and co-executive chair of Sunrun. “Kunal, and the engineering team at Lunar Energy, are building at scale home electrification products that will dramatically accelerate the switch from fossil fuels to renewables. I’m excited to see Sunrun, and the industry at large, begin offering Lunar Energy solutions to millions of homes across the nation.”

Moixa had raised $24m according to Crunchbase, but the value of the deal was undisclosed. The funding will also be used to boost product development and manufacturing activities in order to bring Lunar’s first product to market later this year.

“The SK Group is committed to the worldwide energy transition from fossil fuels to renewables and our investment in Lunar Energy is part of that ongoing commitment,” said Ian Huh, Executive Vice President, SK E&S. “We believe that Lunar has the potential to revolutionize how homes across the US and the world use renewable power for both their own needs and also serve the needs of the broader power grid.”

Lunar turns homeowners into active members of the energy economy by giving them the freedom to generate, store and control their own clean energy and share it with their communities.

www.lunarenergy.com 

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