Moixa secures $11.1m in Honda-led funding round

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Moixa, which manages more than 70 MWh of residential storage capacity in 7,000 homes throughout the U.K. and Japan, has secured £8.6 million ($11.1 million) of new funds from a group of investors led by Japanese automaker Honda.

The U.K. company has hailed the funding round as global recognition and support of its efforts to manage millions of residential energy storage systems and EVs. The other investors in the funding round included Japanese trading giant Itochu, Lithuania-based Contrarian Ventures, and First Imagine! Ventures.

“Energy storage is one of the most essential elements in the sustainable energy transition,” said Rokas Peciulaitis, managing partner at Contrarian Ventures. “By managing thousands of batteries as a ‘virtual power plant’, Moixa’s innovative GridShare software is tackling some of the biggest challenges caused by the rapid uptake of renewables.”

Moixa’s GridShare platform facilitates the smart charging of batteries and EVs. It uses artificial intelligence to monitor energy use and develop charging plans that are tailored to the needs of customers.

“We are helping major brands make the transition to a low-carbon world of EVs, smart charging, and home energy generation and storage, by providing smart software which cuts costs for their customers and helps support the electricity network,” said Simon Daniel, CEO of Moixa. “It knows when it’s most cost effective to buy energy from or sell energy to the grid. It will soon know whether it’s better to charge your car battery or use it to power your home. Our investors recognize that there will be global demand for this technology. Today we are managing thousands of batteries and our goal is to manage millions.”

Honda established its partnership with Moixa earlier this year. The Japanese automaker plans to only sell EVs in the European market by 2025. Moixa has already participated in demonstration projects to show how EV smart charging can save costs for homeowners while supporting the grid, managing demand and offering a number of flexibility services. It plans to work with Honda on additional vehicle-to-grid (V2G) pilots in the U.K. market.

London-based Moixa entered the Japanese market last year in partnership with Itochu. It has integrated its GridShare software into the Japanese company’s Smart Star batteries. It now manages 60 MWh of battery capacity across 6,000 homes throughout Japan. The two sides are now looking at setting up a virtual power plant (VPP) with the capacity they have aggregated to provide grid balancing.

Last month, Moixa revealed plans to set up a mixed-asset virtual power plant that will initially aggregate up to 2 MW of capacity as the first phase of a planned smart local energy system in southern England.