April 22, 2025 08:00 ET | Source: Exowatt
MIAMI, April 22, 2025 (GLOBE NEWSWIRE) — Exowatt, a next-generation renewable energy company, today announced the close of its $70 million Series A round, bringing the company’s total funding to $90 million to date. The Series A round was led by Felicis, a leading venture capital firm in Silicon Valley. Of the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners—this marks further commitment following an initial debt facility established during the seed round for Exowatt in August of 2024—while the remaining $35 million comes from equity. Additional investors include Andreessen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. Atomic and a16z returned to make additional investments following their contributions to Exowatt’s Seed round, which included notable angel investors such as Sam Altman, CEO of Open AI and actor and environmentalist, Leonardo DiCaprio.
The close of Exowatt’s Series A round comes just months after launching its flagship product, The Exowatt P3, during the RE+ conference last September in Anaheim, CA. The Exowatt P3 is a modular, dispatchable solar solution capable of delivering up to 24 hours of power daily. The P3 captures solar energy as heat in a long-duration battery and converts it into electricity on demand, making it ideal for data centers and other commercial and industrial (C&I) applications. Funding from Series A will support the domestic production and deployment of the Exowatt P3, making the technology far more accessible to the industry. Exowatt has a demand backlog of over 90 GWh (gigawatt hours) from data centers, energy developers and hyperscalers across the U.S. Several commercial deployments will be going live in 2025 across a number of locations across the U.S.
“We’ve been overwhelmed with the amount of interest in the P3 since we launched it to market late last year,” said Hannan Happi, CEO of Exowatt. “The additional funding will help us accelerate commercialization and deployment of our solution for the data center energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers.”
The expansion of the data center and AI market has become one of the Trump administration’s priorities since January, beginning with the launch of Project Stargate earlier this year. This funding will enable Exowatt to continue providing domestically manufactured products, which will contribute significant amounts of power to data centers across the country, and to assist in reaching America’s goal of energy dominance.
“With power consumption from AI data centers growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible,” said Aydin Senkut, founder and managing partner of Felicis. “Exowatt’s technology will lead the future of power generation and improve energy efficiency across the country.”
“Exowatt’s Series A fundraise is the culmination of incredible progress and represents the next phase of the company’s journey,” said Matt Perlow of HSBC Innovation Banking. “We are proud to be expanding our support for the Exowatt team and their mission to create a more sustainable future for data center power generation.”
Power generation demand from data centers is predicted to increase by 150% by 2030, and Exowatt is powering the next wave of innovations. Interested customers can learn more about Exowatt’s technology and order the Exowatt P3 at www.exowatt.com.
About Exowatt
Exowatt is a next-generation renewable energy company providing modular energy solutions tailored for energy-intensive applications like data centers. Founded in 2023 by Hannan Happi and Atomic CEO Jack Abraham, Exowatt’s mission is to make sustainable renewable energy always available and almost free. Exowatt is backed by a16z, Atomic, Felicis, and Sam Altman and is headquartered in Miami, Florida.
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