Automotive giant Honda has led a new, £8.6 million funding round in Moixa, with the UK battery storage firm targeting ‘millions’ of batteries under management.
Honda has led the funding round, which also saw participation from Japanese trading house ITOCHU and two separate venture capitalist investors, just months after it formed a major partnership in the storage technology developer to help educate its wider energy strategy.
Moixa is to use the funds to further the development and expansion of its distributed energy technology range, which includes its proprietary GridShare aggregation technology.
So far the firm manages around 7,000 home energy systems in the UK and Japan with a combined capacity of around 70MWh, however chief executive Simon Daniel said Moixa’s targets were much higher.
“Today we are managing thousands of batteries and our goal is to manage millions,” Daniel said.
In March Honda unveiled a major play in the energy sector, announcing details of a nascent energy management business that will incorporate a portfolio of home energy products and services, specifically aimed at catering for EV customers.
Honda revealed partnerships with both Moixa and EV charging solutions provider Ubitricity to help further its offering.
Moixa's technology is also being used in a landmark trial of smart, localised energy marketplaces on the country's south coast and Daniel added that it made sense for such systems to find their feet in markets like the UK and Japan.
“Japan and the UK are both energy islands, producing the majority of their electricity locally. Japanese companies recognise our expertise in managing large fleets of batteries and aggregating their spare capacity to help the grid accommodate large swings in solar and wind generation and growth in EV charging. We plan to expand into other countries, helping them manage the transition to a low-carbon and cost-effective energy system.”