Exowatt Raises $70 Million in Series A to Tackle AI’s Looming Energy Crisis

Exowatt, a Miami-based renewable energy tech startup, has raised a significant $70 million in a Series A funding round. This capital infusion will accelerate the development of its modular solar energy system, which can deliver power 24/7, even at night.

Founded in 2023, Exowatt specializes in solar energy solutions for energy-intensive operations, including data centers and various commercial and industrial facilities. At the heart of their innovation is the Exowatt P3, a game-changing product that captures solar energy as heat, stores it in a long-duration battery, and converts it into electricity on demand, without the need to tap into the grid after sundown.

Exowatt’s vision is to revolutionize the harnessing and utilization of solar energy in high-demand sectors, and the company’s projections reflect this ambitious goal. The newly raised funds will primarily be used to ramp up domestic production of the Exowatt P3 and accelerate its deployment across the U.S. Exowatt’s current order backlog exceeds a staggering 90 GWh, driven by demand from hyperscalers, energy developers, and data centers. The company anticipates launching several commercial deployments in 2025.

Hannan Happi, CEO of Exowatt, said: “We’ve been overwhelmed with the amount of interest in the P3 since we launched it to market late last year. The additional funding will help us accelerate commercialization and deployment of our solution for the data centre energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers.”

Felicis, a renowned Silicon Valley venture capital firm, is leading the funding round. Notable backers also include Andreessen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. Returning investors Atomic and a16z doubled down, having supported Exowatt’s earlier seed round alongside high-profile angel investors like Sam Altman (CEO of OpenAI) and actor Leonardo DiCaprio, both known for their commitment to sustainable innovation.

The $70 million includes $35 million in debt funding from HSBC Innovation Banking and other partners. The remaining $35 million comes from equity investments.

Aydin Senkut, Founder and Managing Partner at Felicis, said: “With power consumption from AI data centres growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible. Exowatt’s technology will lead the future of power generation and improve energy efficiency across the country.”