Moixa, a London, UK-based smart battery company, received a £5m investment.
Fortune 500 company Itochu Corporation made the investment in the framework of a partnership with the company to market the GridShare platform, which manages and optimizes home energy storage systems, in the Japanese battery market.
The company intends to use the funds to accelerate its international growth.
Led by Simon Daniel, CEO, Moixa has installed nearly 1,000 smart battery technology systems in the UK, and has developed software to optimize the performance of each battery, and to aggregate multiple distributed batteries to create virtual power plants. The company holds patents in the UK, US and Australia on distributed smart battery systems, and aggregating batteries for grid services.
GridShare is currently delivering services across the UK for contracts supported by major utilities, network operators and public bodies such as the European Regional Development Fund, the Department for Business Energy and Industrial Strategy, the Department for Energy and Climate Change and Innovate UK.