UK energy storage manufacturer, Moixa Technology is attempting to raise £875,000 through a crowdfunding campaign.
The money raised through the CrowdCube campaign will be used to scale the company’s production of its Maslow energy storage system. Currently installed at 250 UK sites, the company says that now “market momentum is picking up” it is seeking to “aggressively grow revenues”.
Moixa has set lofty ambitions for its future performance, targeting £250,000,000 in storage-related sales and £1 billion in utility-related revenue by 2020.
The London-based energy storage company’s Maslow storage systems are currently also being trialled for their usefulness to the grid. The Department of Energy and Climate Change (DECC), awarded Moixa a pilot programme in 2013 to aggregate the capabilities of 250 Maslow devices in helping integrate renewables and lower peak demand as well as letting households store and use their onsite-generated solar power.
Speaking at London’s Digital Catapult centre, Simon Daniel, CEO of Moixa claimed that the company will double the number of systems it has installed “in the next few months”. He continued: “We’re looking to put systems in over one million homes by 2020, several gigawatt hours of storage.”
Moixa’s move to raise capital through a crowdfunding campaign mirrors that of Powervault, a lead-acid battery manufacturer which recently raised £700,000 with its own crowdfunding campaign.
The National Grid admitted on Wednesday that electricity storage could be “significant for the future balancing toolkit”, with the REA calling on government to up the level of support for energy storage in the UK.