Moxion targets construction with battery power sets
By Murray Pollok24 May 2021
Moxion Power, a California-based manufacturer of mobile energy storage systems, has raised US$10 million financing to develop its manufacturing capacity and power rentals business.
The funding will be used to upgrade its manufacturing operations and launch its first rental location in the San Francisco Bay Area in partnership with some major construction firms and electric vehicle fleet owners. The rental location is scheduled to open in the third quarter of 2022.
The company, located in Richmond close to San Francisco, is now running pilot rental programs with several general contractors in California, including Turner, Swinerton, Webcor and DPR.
Moxion’s plan is to replace what it describes as “inefficient, heavily-polluting, fossil-fuel-burning generators” with its battery-based energy storage sets, and is targeting sectors such as construction, electrified transportation, events and entertainment, film production and telecommunications.
“Electrifying industries such as construction, which rely heavily on generators for temporary power, presents an enormous, unaddressed market opportunity,” said Paul Huelskamp, co-founder and CEO of Moxion Power.
Moxion is also planning to sell its battery technology to other equipment manufacturers.
Alex Meek, co-founder and President, said; “Manufacturing battery systems at near-automotive scale allows us to sell our core battery technology to construction OEMs at a competitive price per kWh.
“And by building the first and largest all-electric equipment rental company, we’re creating a viable go-to-market strategy and scalable sales channel for our OEM partners.”
Moxion said the rapidly declining costs of battery technology combined with federal government support for clean technologies and domestic manufacturing in the $2 trillion American Jobs Plan, creates a perfect storm for its products and business model.
“Rebuilding and modernising our nation’s infrastructure will result in significant private and public-sector demand for Moxion’s technology and services and create entirely new addressable markets for our products, such as EV [electric vehicle] fleet charging within the transportation and e-commerce industries”, said Huelskamp.
Moxion’s founders have backgrounds in battery engineering, vehicle electrification, renewable energy project finance, and construction.