A London-based energy storage firm has launched a new crowdfunding campaign for a system which could rival Tesla, Powervault and other players in the UK's surging battery market.
Moixa is seeking to raise 875,000 via the investment site Crowdcube in exchange for 6.48% equity in the company, meaning the company could be worth around 13.5m.
The company has so far crowdfunded 100,000 for its 'Maslow' system, which stores spare solar or night electricity to reduce peak demand and costs for customers.
The Maslow will come in three different sizes with models of up to 6KWh. The system will also feature a cloud platform for commercial models which will manage energy storage across multiple sites.
The project currently has 250 pilot sites under a Department of Energy and Climate Change contract worth 1.5m and has a similar project underway with Innovate UK worth 800,000.
The system starts at 2,000 for a 2KW standard model, suitable for a small home. Moixa plans to install 1MW of Maslow energy storage systems by the end of the year.
In a video, Moixa CEO and founder Simon Daniel said: Moixa has to date raised 1.25m and generated over 5m in income over the last few years, and we're now raising funding as the next stage of our growth.
Were targeting over 250m in storage related sales and 1bn in utility related revenues by 2020.
The energy storage fundraiser comes after British start-up company Powervault raised 700,000 on Crowdcube to fund its home energy storage system. Powervault is aiming to sell 10,000 storage systems in the next three years.
Last month, Tesla CEO Elon Musk announced the firms new Powerwall energy storage system would double its capacity to 5kw after criticism of the system. The Powerwall will be priced at around $4,000 for the standard model
Energy experts have hailed the arrival of affordable home energy systems as a nail in the coffin of conventional utilities.
View all SMART GRID Bulletins click here
Enter your email-id to subscribe to theSMARTGRID Bulletins