Storage Solutions Provider Yotta Energy Raises $13 Million in Series A Funding
The funds will be used to scale its modular energy storage and microgrid technology
Yotta Energy, a U.S.-based energy storage solution provider, has raised $13 million in a Series A funding round. The company has raised a funding of $20 million to date.
WIND Ventures led the funding round with participation from Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures, and SWAN Impact Network.
The company will utilize the fresh funding to expand product deployment in the U.S. and Latin America, grow its workforce, and increase power generation revenue from commercial flat-roof buildings. It will also use the funding to scale its modular energy storage and microgrid technology to transform buildings into self-generating power projects.
The company said that its distributed battery solution was different from bulky batteries. It could be installed under individual solar panels with three feet of spacing between each unit. Each battery has a 1 kWh nominal capacity, with an ideal system size of up to 1 MWh per scaled system.
Yotta Energy said that its technology is designed for flat roofs. It could store excess renewable energy on-site and act as a revenue generator by selling power back to the grid. Its solar-coupled solution removes the high cost of a bulky container system and utilizes thermal management to keep batteries cool. The small footprint and scalable format maximize battery life and performance under extreme weather conditions. Users can also increase energy generation and storage as businesses grow.
The company said that its commercial rooftop applications were getting traction with the commercial and industrial markets. It recently secured a 12-project deal with Louisiana commercial solar installer EcoBuild.
In Q4 2020, Yotta closed a $5 million seed funding round from Fifty-six Investments, EDP Ventures, Skyview Ventures, and other undisclosed investors.
In the first nine months (9M) of 2021, a record $11.4 billion was raised in corporate funding in 73 deals, up 244%, compared to the $3.5 billion raised in 35 deals in 9M 2020, according to Mercom’s 9M and Q3 2021 Funding and M&A Report for Storage, Grid and Efficiency. VC funding in Battery Storage companies in 9M 2021 was up significantly (363%) with $5.5 billion in 59 deals compared to $1.2 billion in 21 deals in 9M 2020. This was the highest ever amount of funding received by Battery Storage companies in a 9M period.
Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.