This post was originally published on this site.
AI technology demands energy, lots and lots of it. Fortunately, Exowatt has a solution for that. Today the Miami-born company announced new funding to produce and deploy its next-generation renewable energy product.
Exowatt closed a $70 million Series A round. The round was led by Silicon Valley venture capital firm Felicis. Of the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, following an initial debt facility established during the seed round. The remaining $35 million comes from equity. Participating investors include existing investors Andreesen Horowitz and Atomic, alongside new investors 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group.
Just one year ago, Exowatt raised a $20 million seed round, which included A16z and Open AI CEO Sam Altman, two of the biggest names in AI and venture capital. The new round brings Exowatt’s total amount raised to $90 million so far. Exowatt was founded in 2023 by Hannan Happi and Atomic CEO Jack Abraham.
Power generation demand from data centers is predicted to increase by 150% by 2030. Traditional energy sources aren’t able to supply all that power required for AI, and solar and wind energy is intermittent and therefore unreliable. Exowatt’s recently launched flagship product, the Exowatt P3, is a shipping container-sized module that collects and stores solar energy and is capable of delivering up to 24 hours of power daily.
The P3 captures solar energy as heat in a long-duration battery and converts it into electricity on demand, making it an ideal renewable energy solution for data centers and other commercial and industrial applications, Exowatt said in its Earth Day funding announcement.
The expansion of the data center and AI market is a priority of the Trump Administration, which launched Project Stargate earlier this year. With the funding, Exowatt said it can continue providing domestically manufactured products, which will contribute significant amounts of power to data centers across the country, helping to reach America’s goal of energy dominance
Since the P3 was introduced to the market late last year, Exowatt has been “overwhelmed” by the amount of interest, said Happi, Exowatt’s CEO [pictured below].
“The additional funding will help us accelerate commercialization and deployment of our solution for the data center energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers,” Happi added, in a statement.
Several commercial deployments of the P3 will be going live this year in locations across the United States. Exowatt reports that it already has a backlog of over 90 gigawatt hours of demand. In February, Happi told Refresh Miami that the company had plans to at least double the size of its team of 25 by the end of the year.
“We’re just scratching the surface of what’s possible. The ultimate goal is to build millions of these modules and deploy them as fast as possible,” Happi said then.
“With power consumption from AI data centers growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible,” said Aydin Senkut, founder and managing partner of Felicis. “Exowatt’s technology will lead the future of power generation and improve energy efficiency across the country.”
READ MORE IN REFRESH MIAMI: