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.
“We’re 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 firm’s 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