Moxion Power Raises $100M As Cleantech Continues To Clean Up

Many sectors are looking to more sustainable and cleaner alternatives for their power needs—and that includes their mobile power needs.

Richmond, California-based Moxion Power is hoping to provide just that, as the carbon-free portable generator manufacturer locked up a $100 million Series B led by Tamarack Global.

Founded in 2020, the company has now raised just more than $113 million, according to Crunchbase data. Others participating in the round included Energy Impact Partners, Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies and Rocketship.vc.

Moxion manufactures mobile batteries and energy storage to enable last-mile electrification in sectors that include construction, transportation, events and entertainment, film production and telecommunications. 

The company recently started construction at its first manufacturing facility and expects to commission a second domestic manufacturing facility in 2024.

Moxion will use the funding to scale production at those facilities.

“Temporary power generation is a critical part of many industries, including construction, film production, live events and disaster response,” said co-founder and CEO Paul Huelskamp in a release. “As these industries look to decarbonize, there’s enormous demand for cleaner alternatives to the fossil-fuel-burning generators that these industries have historically relied on.”

Cleantech grows

Moxion’s funding is just the latest big round to go to VC-backed startups in the cleantech sector, as many industries look to decarbonize and go greener. 

So far this year, the industry has seen 17 funding rounds worth $100 million or more, according to Crunchbase data.

Despite venture capital investing slowing this year, cleantech is on pace to see a slight uptick from last year, according to Crunchbase. In 2021, VC-backed cleantech startups saw $7 billion of investments come into the sector. Already this year, investors have poured more than $6.6 billion into cleantech.

Illustration: Dom Guzman