Panel-level battery company Yotta Energy announced it has raised an additional $3.5 million, including an investment from inverter partner APsystems, bringing its total Series A investment to $16.5 million. Additionally, the Dept. of Defense’s Environmental Security Technology Certification Program (ESTCP) awarded Yotta almost $2 million for a solar + storage microgrid at Nellis Air Force Base in Las Vegas, Nevada.
“We see tremendous growth potential in rooftop solar + storage, but much more than that, Yotta has produced an innovative, module-level commercial energy storage solution that no one else is doing right now,” said Olivier Jacques, APsystems president of global business units. “During our time working with Yotta, we have seen firsthand the positive disruption they are making in the industry. No zoning, no concrete, and efficient energy storage direct to DC. It was an obvious choice to support Yotta in its Series A raise.”
The latest funding will allow Yotta Energy to incorporate customer feedback as it innovates the next generation of its hardware technology and begins work on the Nellis deployment.
“Yotta Energy is a great candidate for this [ESTCP] program because of the distributed and flexible solution the technology provides for different use-cases on military installations,” said Timothy Tetreault, Project Manager at ESTCP. “We are excited to implement this technology at a Nellis Air Force base as we strive to future proof our military with resilient and sustainable solutions.”
Last year, Yotta Energy raised $13 million in capital from investors WIND Ventures, Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures and SWAN Impact Network to scale and accelerate the installation of Yotta’s PV-Coupled solar + storage flat-roof energy backup solutions.
“As the rooftop solar-plus-storage market continues to grow rapidly, there is a severe shortage of technology that can help C&I buildings efficiently distribute and decentralize the energy generated by solar energy,” said Omeed Badkoobeh, CEO and Co-founder of Yotta Energy. “With electric vehicle adoption also expanding, the need for businesses to produce their own electricity will only become more prudent. We are helping to fill this gap by providing products and services that can help businesses manage additional electrical loads while maintaining the building’s electricity needs. With this funding, we will be able to accelerate our mission and further develop our hardware and software technology and add to our headcount.”
News item from Yotta