Renewable energy technology startup Exowatt announced that it has raised $50 million, with proceeds to be used to help deploy its round-the-clock renewable energy technology near AI data centers and industrial sites across the U.S.
The new funding brings Exowatt’s capital raised to date to $140 million in under two years, including a $70 million Series A round earlier this year, and a $20 million seed round that included Open AI CEO Sam Altman and actor Leonardo DiCaprio as angel investors.
Founded in 2023, Miami-based Exowatt develops solar power systems for energy-intensive applications like data centers, as well as commercial and industrial sites. The company’s recently introduced flagship product Exowatt P3 captures solar energy as heat in a long-duration battery and converts it into electricity on demand at any time, without the need to rely on the grid at night.
The company said that the new capital will be used to expand its U.S.-based manufacturing and deployment of the Exowatt P3 systems to AI data centers and industrial sites. Exowatt said that its system enables controllable, around-the-clock output, and be located at or near energy-intensive facilities, offering firm capacity while reducing reliance on grid interconnection.
Hannan Happi, CEO of Exowatt, said:
“With the support of our investors and partners, our commercial pipeline has a current demand backlog exceeding 90 GWh, spanning US data centers, energy developers and everything in between. This new capital investment will support our scaling efforts for P3 as we continue to announce customers and partners in the months ahead.”
The company said that the latest funding reflects rising demand for reliable, fast-to-deploy and sustainable power as AI increases pressure on US electricity supplies.
The new capital investment was led by MVP Ventures and 8090 Industries, with additional investors including The Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
Andre de Baubigny, Managing Director of MVP Ventures, said:
“AI demand won’t wait for new transmission interconnections. 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.”
