UK-based smart battery developer Moixa has raised £8.6m ($11.1m) in a funding round led by automotive manufacturer Honda, Solar Power Portal has reported.
The round included diversified conglomerate Itochu as well as venture capital firms Contrarian Ventures and First Imagine Ventures.
Moixa produces solar batteries that store energy generated by solar panels during the day so it can power users’ homes when the sun is not out.
The company’s cloud-based software manages home energy systems in 7,000 homes in the UK and Japan, applying artificial intelligence and machine learning technology to optimise power distribution and reduce costs. The new capital will be used to accelerate the expansion of its distributed energy range.
Itochu invested $6.7m in the company in January 2018 in connection with a strategic partnership that gave it the rights to market Moixa’s technology in Japan, though Japan Times reported that Itochu had paid approximately $9.2m for a 20% stake in the company.
Energy utility Tokyo Electric Power Company and First Imagine! Ventures each invested about $650,000 to a $3.25m debt and equity round in mid-2017 that included a finance facility from local government organisation Greater Manchester Combined Authority.