British smart battery and EV charging software company Moixa has received a further £4.6 million of investment from the ITOCHU Corporation.
It will help support further expansion for the company’s artificial intelligence software GridShare, in Japan, the UK, mainland Europe and the US, as well as aiding its new smart charging partnership with Honda, which is due to be launched this summer.
The investment is bridge funding, coming as a convertible loan from the Japanese Fortune 500 company. It is the first step towards Moixa’s Series C fundraising, within which the company plans to secure a further £10 million by the end of 2020.
It comes as Moixa unveils that the number of batteries managed by GridShare in Japan has doubled in six months, hitting 20,000 and making it the world’s largest residential fleet. Last November, the company announced that it had reached a major milestone by hitting 10,000 batteries using Gridshare, just a year after it started operating in the market.
“An intelligent green recovery from COVID-19 is essential to mitigate the impending impacts of climate breakdown,” said Simon Daniel, CEO of Moixa. “AI technology gives us the edge we need as societies to accelerate the shift from fossil fuels, without placing unbearable costs on consumers.
“Our pace of growth in Japan alone shows clear demand for smart, scalable solutions for the energy transition. By automatically optimising our homes, electric car charging and energy systems to use the cleanest and cheapest power available, we can create a new energy economy that benefits everyone.”
The GridShare software integrates data from a household with that from the wider environment, such as energy prices, demand and the weather, to optimise energy storage and EV charging.
Moixa is using this to help support Honda as its European smart charging partner, including supporting the launch of what it claims is Europe’s first intelligent charging subscription for EV owners. e:PROGRESS was announced in March, and is set to be launched by the companies later this year.
Honda and Moixa have worked together previously, launching a vehicle-to-grid project with Islington Council in January.