• New $50 million raise pushes Exowatt’s total funding to $140 million as U.S. data-center electricity needs surge
• Modular, dispatchable solar system targets firm, near-load power to reduce pressure on congested transmission grids
• Investment led by MVP Ventures and 8090 Industries as states, developers and data-center operators seek rapid, low-carbon capacity
A New Push to Deliver Firm Solar Power as AI Loads Surge
Exowatt, the Sam Altman-backed renewable energy developer, has secured another $50 million to expand U.S. manufacturing and speed deployments of its dispatchable solar technology for AI data centers and heavy industrial users. The new capital arrives as U.S. electricity demand accelerates faster than any time in two decades, driven largely by compute-intensive AI clusters reshaping grid-planning priorities across multiple states.
The raise brings Exowatt’s total funding to $140 million in under two years, a pace that reflects how quickly corporate buyers, utilities and state economic-development agencies are searching for firm, low-carbon capacity that can be built at speed and sited close to load.
The company’s P3 system stores solar energy as heat and converts it into power when needed, including evening peaks and overnight. Its modular design, manufactured in the U.S., is intended for rapid deployment next to or near data-center campuses, reducing reliance on lengthy grid-interconnection queues.
Hannan Happi, Exowatt’s CEO, said the company is now working through a significant commercial backlog. “With the support of our investors and partners, our commercial pipeline has a current demand backlog exceeding 90 GWh, spanning U.S. data centers, energy developers and everything in between,” he said. “This new capital investment will support our scaling efforts for P3 as we continue to announce customers and partners in the months ahead.”
Investors Back Near-Load Clean Power as a Strategic Priority
The round was led by MVP Ventures and 8090 Industries, both of which are expanding their exposure to technologies that can serve fast-growing AI and digital-infrastructure markets. It extends Exowatt’s April 2025 Series A, a $70 million raise led by Felicis, with participation from additional technology and climate investors including The Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic and Bay Bridge Ventures. The company’s original $20 million seed round included Sam Altman and environmental advocate Leonardo DiCaprio.
For investors, the value proposition is clear: the U.S. grid cannot add high-voltage transmission capacity at the pace required for AI clusters, advanced manufacturing facilities and rising electrification loads. Technologies that can provide firm power without waiting years for new interconnections are attracting both private capital and state-level interest.
“AI demand won’t wait for new transmission interconnections,” said Andre de Baubigny, Managing Director of MVP Ventures. “Exowatt’s dispatchable, American made solar puts firm, clean power at the edge of load—and our investment reflects our conviction in their ability to scale quickly with customers nationwide.”
Rayyan Islam, Co-Founder and General Partner of 8090 Industries, echoed that view. “Exowatt is converting momentum into megawatts,” he said. “We’re pleased to expand our support as the company scales domestic production and finances deployments, delivering dependable, sustainable power next to data centers throughout the U.S.”
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National and State Priorities Converge on Energy-Intensive AI Growth
The funding also reflects a widening state-level push to attract data-center development while managing grid constraints and climate commitments. Florida-based investors pointed to local competitiveness as a driver.
“To stay competitive in the AI era, Florida needs reliable, clean megawatts at speed. We’re proud to support a Florida business in Exowatt that makes that possible,” said Robert Harvey, President and Executive Director of the Florida Opportunity Fund.
As AI capacity grows, states must balance economic-development incentives with energy-system impacts, including potential strain on distribution networks, accelerated peaker-plant use, and rising Scope 2 emissions for corporate tenants. Dispatchable clean-energy systems that can be sited on industrial land or adjacent to existing campuses offer a workaround that avoids multi-year regulatory timelines.
What Executives and Investors Should Watch
For C-suites and investors, the Exowatt raise illustrates three converging trends: the premium placed on firm clean power, the urgency with which data-center developers are seeking near-load solutions, and the accelerating role of private capital in filling gaps left by slow-moving transmission expansion.
Technologies that convert solar energy into storable heat, and then dispatch it as power, are emerging as contenders for flexible capacity that aligns with both corporate climate targets and the operational needs of AI clusters. With a 90 GWh commercial backlog and a manufacturing-led scaling strategy, Exowatt’s trajectory will be an early test of whether next-generation solar-plus-storage systems can meaningfully ease grid bottlenecks.
The broader significance extends beyond the U.S. As AI-driven load growth becomes a global trend, markets in Europe, Asia and the Middle East are assessing how to integrate rapid, low-carbon capacity in ways that avoid long delays in grid upgrades. Exowatt’s model reflects how many developers may attempt to bridge that gap: flexible, modular, near-load power that can be financed and installed at the pace digital infrastructure now demands.
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