Moxion Power Secures $10 Million to Scale Its Power as a Business Service

By McKenzie Carpenter Wednesday, May 19, 2021

Moxion Power, an electric equipment rental startup company, announced it raised $10 million to support other businesses by providing mobile electric power and equipment.

A worker using an electric grinder tool.

About Moxion Power

Based out of California, Moxion Power is a power-as-a-service startup company that creates and manufactures a proprietary mobile electric storage unit that is intended to replace traditional gas or diesel generators as a source of power.

The MP-75 is the main electric generator offered by the company. The startup claims that traditional diesel generators are seven times more expensive to operate than energy that is stored in a battery. Additionally, the MP-75 is operable indoors and outdoors and gives off zero emissions. Furthermore, because the machine is all battery-operated, it is quiet, requires less maintenance, and increases safety while on the job. However, the business did not disclose the machine’s battery life.

In addition to the electric generators created by the company, Moxion Power also offers all-electric equipment rentals through its platform. Through the use of AI technology, the business manages, delivers, and services a variety of industries such as construction, events and entertainment, telecommunications, transportation, data centers, and government and defense organizations.

$10 Million Series A

The startup announced it raised $10 million in a Series A financing round led by Energy Impact Partners. Existing investors such as Tamarack Global and Liquid 2 Ventures also participated in this round. According to Crunchbase data, the company has raised a total of $13.2 million. Furthermore, the business raised roughly $2.4 million in seed funding earlier this year.

Paul Huelskamp, co-founder and CEO of the business, said in a statement, “Electrifying industries such as construction, which rely heavily on generators for temporary power, presents an enormous, unaddressed market opportunity...Demand for Moxion Power’s technology and services grow almost exponentially as more and more vehicles and equipment transition away from internal combustion engines to electric power.”

With the new capital, Moxion Power plans to expand its manufacturing operations and fulfill customer orders. Additionally, the business will launch a rental location in the San Francisco Bay Area in partnership with large construction companies.

The startup also announced it is launching pilot rental programs with several environmentally conscious general contractors in California, including Turner, Swinerton, Webcor, and DPR.

Construction Industry

While the startup services many different industries, the business is placing a particular focus on the construction industry as it accounts for many carbon dioxide (CO2) emissions. The Global Alliance for Buildings and Construction reports that 38% of CO2 emissions come from a combination of operational emissions from non-residential and residential buildings, and the construction industry.

Construction companies and other businesses are taking note of their environmental impact. Caterpillar, Bobcat, and several others have all launched electric excavators and various electric construction and manufacturing equipment to transition away from using diesel fuels.

The Environmental Protection Agency (EPA) has taken steps to reduce diesel emissions as well. As an attempt to protect the environment and the safety of workers in the construction industry, the EPA has set regulations indicating how much diesel can be emitted.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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