Moixa, the international smart battery and EV charging software company, has announced $5.8 million of new investment. The investment is from Moixa’s existing investors, led by the Japanese Fortune 500 company ITOCHU Corporation.
Previous investors include Japan’s Honda. The company says it’s planning to secure a further $12.5 million by the end of 2020.
Simon Daniel, CEO of Moixa, tells Auto Futures: “The investment helps us further prepare for our larger round, by supporting next step in international expansion by working with current and new strategic partners, to deploy Moixa’s market-leading AI software in Japan, the UK, mainland Europe and the U.S.”
“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.”
“An intelligent green recovery from Covid-19 is essential to mitigate the impending impacts of climate breakdown. AI technology gives us the edge we need as societies to accelerate the shift from fossil fuels, without placing unbearable costs on consumers,” adds Daniel in a press statement.
Big in Japan
Alongside the investment, Moixa has also announced a doubling in the fleet of ITOCHU home batteries managed by its GridShare platform in Japan over the last six months.
Daniel explains the benefits of GridShare AI software. “Managing and optimising batteries is essential to improve economics. Our Moixa GridShare AI software can achieve this by optimising various household and location related data feeds, such as energy use, local solar, energy price, weather, network constraints. This provides improved end user value by saving money on their electricity or enabling income from services provided to the grid. This also helps partners making energy storage devices and Electric Vehicle chargers deliver better products.”
Hiroaki Murase, General Manager of Sustainable Energy Business Department at ITOCHU, states: “The scale of growth in just six months has been staggering and Moixa technology is providing significant value to our business and customers. The GridShare platform has enabled us seamlessly to manage subsidy changes for Japanese home generators without a single blip in service.
Mr Murase, adds: “Our customers know they are getting the best possible deal – no matter the policy. It’s great to know that these 20,000 batteries can also be ready for future flexibility needs of the grid in Japan.”
Daniel tells us: “The milestone today shows that GridShare has helped double the market share in Japan for ITOCHU by delivering improved products, and shows the scalability of our platform to support global partners with their energy strategies and transition to low carbon.”
The EV market has held strong throughout the Covid-19 pandemic
Moixa is working with partners across the world, including in the UK, Ireland, Canada and across Europe. The company is working on some of the first power network flexibility contracts in the UK with UK Power Networks, in Ireland with Eirgrid and in Canada with Eguana.
Moixa is also Honda’s European smart charging partner and is supporting the car maker to launch e:PROGRESS, Europe’s first intelligent charging subscription for EV owners, later this year.
“The EV market has held strong throughout the Covid-19 pandemic, despite the sales of traditional vehicles experiencing record lows. This indicates that it is well positioned to deliver sustained growth. With the 2035 ban on petrol and diesel vehicles in the UK, potentially to be brought forward to 2032, it’s clear that many consumers are now seriously considering an EV for their next car. We are working for example with Honda to provide smart charging solutions into Europe,” says Daniel.
“We plan to secure a further £10m investment by the end of the year to drive our global growth and support the roll-out of our smart charging partnership with Honda. This will be through new potential strategic partners who have interested in making, selling, financing or trading energy from batteries in homes and vehicles,” he concludes.