UK smart battery firm Moixa has raised £5m from ITOCHU Corporation, a Japanese trading house, which has also backed other UK firms including Paul Smith and Kwik Fit.
Moixa also received £500,000 from existing shareholders.
Today’s news comes after the firm announced a £2m cash boost last year, saying at the time that it would use the money to expand in the UK and abroad.
Moixa will also be partnering with ITOCHU in an attempt to launch its GridShare platform, which helps users to manage and optimise home energy storage systems.
The Japanese firm is to install GridShare as standard on its products by this Summer.
Moixa’s technology will seek to save customers money, using AI to optimise battery performance based on behavior patterns, weather conditions and market prices.
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Simon Daniel, CEO of Moixa, commented on the news: “Itochu is a major player in the global battery market and this partnership provides a real opportunity for us to expand our business in Japan and provide GridShare technology to many global battery companies.
“GridShare optimises the performance of home batteries by learning patterns of household energy use and solar generation, and adjusting to local weather and energy price signals. It can also help customers make more money by using their spare battery capacity to provide services that help utilities and electricity networks balance supply and demand,” he continued.
Moixa is also planning trials in the US and Europe this year.
ITOCHU’s Koji Hasegawa, the general manager of the firm’s industrial chemicals department, went on to explain what attracted him to the UK company.
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“Moixa has pioneered battery management, and we are proud to be investing and working
together to target the rapidly growing energy storage market in Japan.
“Moixa’s GridShare will help our customers get more value for their home batteries and will offer solutions to help our partners manage Japan’s low-carbon transition,” he concluded.
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