Moixa has secured five million investment from Japanese firm Itochu Corporation, a deal that will secure its access to rapidly developing Japanese market.
CEO, Simon Daniel of Moixa
Moixa, which specialises in energy storage technology is focused on expanding its developments worldwide after confirming its agreement to launch its GridShare platform to the wider Japanese market.
Moixa announced this week it had confirmed a ‘strategic partnership’ with Itochu Corporation which includes the selling of its GridShare system within the ‘Smart Star’ domestic battery units. The deal includes £5m of investment into the general business of Moixa to facilitate its international expansion plans. Moixa has been working specifically on technology within the energy storage management industry. The startup has created a tool which automatically optimises battery system performance based on a range of variable including energy demands, weather and alterations to power prices.
The agreement is very positive for Moixa as Japan is regarded to consist of the largest energy storage market in the world. Over 120,000 units were deployed by 2016 and forecasts suggest this will increase to over 500,000 units by 2020. Itochu is a notable supplier of battery technology to leading energy storage businesses and the partnership will mean Moixa can promote GridShare to a wider market in battery services. The general manager of Itochu has said they are proud to be investing and working with Moixa and focus on the rapidly growing energy storage industry in Japan. He believes the GridShare technology will allow customers to get more value from home batteries and provide opportunities for other partners to work towards a low carbon transition in Japan.
Simon Daniel, the CEO of Moixa also emphasised that this partnership was a massive opportunity for Moixa to expand in Japan and offer the GridShare technology to a range of battery businesses worldwide.
GridShare technology provides an efficient service for the performance of home batteries by learning household patterns of energy consumption as well as solar generation. The technology can adjust to local weather and energy price signals. It also allows customers to generate more money by utilising spare battery capacity.
The investment included an additional £500,000 from other shareholders and follows on from an additional £2 million raised from the previous year. The funding is expected to drive the expansion of Moixa internationally as it aims to target the surging demand for energy storage systems. The business is also working on a range of innovative smart grid trials, including a collaborative project with Hitachi to assist in the launch of renewables on the Isles of Scilly.