Exowatt, a renewable energy start-up focused on dispatchable solar solutions, has raised $70 million in a Series A funding round, bringing its total capital to $90 million. The funding round, announced this week, was led by Silicon Valley venture capital firm Felicis and includes a combination of $35 million in equity and $35 million in debt financing, the latter provided by HSBC Innovation Banking and additional lending partners.
This funding milestone follows the launch of Exowatt’s flagship product—the Exowatt P3—at the RE+ conference in Anaheim, California, last September. The P3 is a modular solar energy system designed to store heat and deliver up to 24 hours of on-demand power, catering primarily to data centres and other commercial and industrial operations.
The Series A round also attracted investment from Andreessen Horowitz, 8090 Industries, Thrive Capital, Starwood Capital, MCJ Collective, GOAT VC, StepStone Group, and MVP Ventures. Returning investors include Atomic and a16z, as well as prominent angel investors such as Sam Altman and Leonardo DiCaprio, who also participated in the company’s seed round in August 2024.
The fresh capital injection will support the domestic production and deployment of the Exowatt P3 across the United States. Exowatt reports a backlog of over 90 GWh in demand from hyperscalers, energy developers, and data centres. Initial commercial deployments are scheduled to begin in 2025.
Exowatt’s CEO, Hannan Happi, said: “We’ve been overwhelmed with the interest in the P3 since launch. This funding allows us to scale up production and meet the surging demand for clean, reliable power in data-intensive sectors.”
With the growth of AI and cloud computing, power consumption from data centres is projected to surge by 150% by 2030. Exowatt’s technology, developed to deliver renewable, round-the-clock energy, aligns with wider national goals, including the Trump administration’s push for domestic energy expansion under Project Stargate.
Felicis founder Aydin Senkut remarked: “With AI data centres accelerating energy demand, Exowatt’s solution offers a vital, sustainable alternative to traditional power generation.”
HSBC Innovation Banking’s Matt Perlow added: “We are proud to continue backing Exowatt in their mission to redefine clean energy solutions for high-demand sectors.”
