Smart Energy Fund powered by Lietuvos Energija (Lithuanian Energy), and managed by Contrarian Ventures along with Honda, Japanese automobile manufacturer, and other partners invested in Moixa, UK-based company developing smart energy storage devices and virtual power plants technologies.
The UK smart battery specialist has received fresh funding of around € 10 million. Smart Energy Fund managed by Contrarian Ventures has invested € 500 thousand. Other investors include ITOCHU Corporation, a Japanese investment house and Fortune 500 company and UK-based venture capital investor First Imagine! Ventures.
“The innovative technologies developed by Moixa can significantly contribute to “Lithuanian Energy” strategy LE 2030 where households will be playing an increasingly more important role. Solutions developed and offered Tby Moixa will allow the customers to store electricity generated by renewable sources (e.g. wind and solar) in their own home batteries. Also, it will enable transmission and distribution system operators as well as independent energy suppliers to provide different types of services for which additional revenue could be generated for the households. Lithuania’s synchronization with Continental European electricity grids could vastly increase the need for such ancillary services”, says Dominykas Tuckus, Lietuvos Energija Board Member and Director of Infrastructure and Development.
Moixa has pioneered smart charging of batteries and EVs with its patented GridShare technology. It currently manages home energy storage systems in 7000 homes in the UK and Japan, maximising savings for owners, and aggregating a combined 70MWh of capacity, which can be used to support the grid and provide a range of flexibility services.
“GridShare uses artificial intelligence to learn about each owner’s energy use and develop a unique charging plan to meet their needs and maximise savings. It knows when it’s most cost effective to buy energy from or sell energy to the grid. It will soon know whether it’s better to charge your car battery or use it to power your home. Our investors recognise that there will be global demand for this technology. Today we are managing thousands of batteries and our goal is to manage millions”, says Simon Daniel, CEO of Moixa.
Rokas Peciulaitis, Managing Partner at Contrarian Ventures said: “Energy storage is one of the most essential elements in the sustainable energy transition. By managing thousands of batteries as a “virtual power plant”, Moixa’s innovative GridShare software is tackling some of the biggest challenges caused by the rapid uptake of renewables. We’re thrilled to back Moixa’s vision to manage the world’s batteries and are excited to see the further expansion of GridShare globally. ”
Smart Energy Fund powered by Lietuvos Energija and managed by Contrarian Ventures supports “Lithuanian Energy” Innovation Hub.It also includes programs of Open Infrastructure, Open Partnership and Open Culture. Potential partners can find more information about them at leinnovationhub.com.
Smart Energy Fund powered by Lietuvos Energija and managed by Contrarian Ventures invests in start-ups that are developing new technologies in the energy technology field. The Fund also manages AcceleratorOne Acceleration Programme which together with Lietuvos Energija invests in start-ups and helps them grow. The programme tests pilot products and services in the local market, providing further opportunity to grow internationally.