Friday Funding: Clean Tech Cash – Moxion Power Raises $100M
By: James Flippin · September 30, 2022 · Reading Time: 3 minutes
Moxion Power was founded in 2020 as a manufacturer of carbon-free portable generators. The company also makes mobile batteries and energy storage units for use in construction, telecommunications, film production, and transportation. It just announced a $100 million Series B fundraising round led by Tamarack Global. Data from Crunchbase indicates Moxion Power has now raised just over $113 million.
As energy is needed to make everything, there’s a wide variety of sectors that are looking for cleaner alternatives when it comes to power needs. This is an outcropping of concerns tied to climate change and the desire to reduce greenhouse gas emissions.
Scaling (and Powering) Up
In a press release announcing the new funding, Moxion Power noted they’ve observed enormous demand for cleaner alternatives to fossil-fuel-burning generators. The company noted a variety of industries that are currently looking to decarbonize while also needing portable power solutions, such as live events and disaster response.
Moxion recently broke ground on its first manufacturing facility, with plans to commission a second domestic site in 2024. Company executives say this newly raised capital will be used to scale production at both those facilities.
Overall, venture capital investing has slowed amid the Federal Reserves rate hike campaign. That’s because higher rates diminishes the relative upside associated with growth-based assets, as opposed to ones that are more stable. But that trend hasn’t held true for the cleantech sector in terms of fundraising.
Crunchbase indicates there have been 17 funding rounds worth $100 million or higher here in 2022. The total amount raised is also on pace to exceed last year’s amount. VC-backed cleantech startups raised $7 billion worth of investments in 2021. As this year’s calendar turns to October, the cleantech sector has already seen more than $6.6 billion raised.
Private equity investors are always on the prowl for the next big product, or looking to be on the front end of an emerging trend. As the world’s economy pursues decarbonized, greener power sources, cleantech seems to be on the rise.
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