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Exowatt secures $70 million in Series A funding to scale its modular solar energy system, the P3, designed to meet the growing power demands of AI data centers. Backed by leading investors including Felicis and Andreessen Horowitz, the company now holds over $90 million in total funding. With a commercial backlog exceeding 90 GWh, Exowatt plans widespread U.S. deployments in 2025.
The Massive Investment Behind the Power Push
Exowatt has secured $70 million in Series A funding to accelerate the deployment of its flagship energy product, the Exowatt P3. The round brings the company’s total funding to $90 million. Half of the Series A, $35 million, came in the form of equity investments led by Felicis, with participation from Andreessen Horowitz, Thrive Capital, MCJ Collective, MVP Ventures, StepStone Group, GOAT VC, and Starwood Capital. The remaining $35 million was provided as debt financing, primarily from HSBC Innovation Banking and lending partners already engaged in a seed-stage debt facility in August 2024.
Notably, existing investors including Atomic and Andreessen Horowitz increased their commitments. Sam Altman, CEO of OpenAI, and Leonardo DiCaprio were among the angel investors involved in the seed round. The company is based in Miami and was co-founded by Hannan Happi and Jack Abraham, CEO of Atomic.
Why the Data Center Boom Changes Everything
Exowatt’s funding round comes amid rapidly growing energy demand from AI-driven data centers. Analysts forecast that power consumption from these facilities will rise by 150% by 2030. The U.S. federal government has made domestic energy capacity a strategic priority, highlighted by Project Stargate, launched under the Trump administration earlier in the year.
As AI adoption surges, data centers require a more robust and flexible power infrastructure. Traditional grid models are struggling to keep up with demand from hyperscalers and energy developers. Exowatt’s model presents an alternative with long-duration power solutions targeted directly at these emerging gaps.
Inside the Exowatt P3: The Tech Fueling the Future
The Exowatt P3 is a modular, dispatchable solar energy system designed for continuous, high-demand usage. It operates by capturing solar energy as heat, storing it in a thermal battery, and converting it into electricity when needed. The design allows for up to 24 hours of consistent power output per day.
This makes it suitable for commercial and industrial applications, particularly AI data centers. Unlike conventional renewables limited by intermittency, the P3’s long-duration capability enables flexible deployment without the need for constant sunlight or backup grid dependency.
From Launch to Demand Explosion in Just Months
The Exowatt P3 was introduced to the market during the RE+ conference in Anaheim, California, in September 2024. Since its launch, demand has rapidly scaled. Exowatt currently holds a backlog exceeding 90 GWh from a range of commercial buyers including hyperscalers and energy developers throughout the U.S.
Multiple deployment sites are scheduled to go live in 2025. These installations will help demonstrate the system’s capability at scale and contribute to Exowatt’s strategy of supporting critical energy infrastructure through modular systems.
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Why Major Investors Are All In on Exowatt
Investors in this round emphasized the urgency of expanding renewable power infrastructure, particularly for high-load technologies such as AI. Aydin Senkut, founder and managing partner at Felicis, cited the need for a sustainable domestic energy supply chain.
Matt Perlow of HSBC Innovation Banking noted that Exowatt’s Series A close marks a significant milestone, reflecting tangible progress since its seed round. He added that expanding support for Exowatt aligns with goals of a more sustainable and resilient power grid.
What This Means for the Clean Energy Race
The funding enables Exowatt to focus on manufacturing and deploying its P3 units at scale. With an emphasis on domestic production, Exowatt contributes to national goals of energy independence and strategic infrastructure development.
The rise in demand for alternatives to fossil-based generation underscores the importance of scalable clean energy solutions. Exowatt’s deployment strategy, backed by venture and banking capital, reinforces the movement toward distributed energy for AI-era power needs.
A Growing Startup Powers an Entire Industry’s Next Chapter
Exowatt was founded in 2023 with a mission to make renewable energy continuously available and low-cost. With key backing from firms like a16z and leaders like Sam Altman, the company has positioned itself as a central player in modular energy for AI infrastructure.
The latest funding will allow for the expansion of manufacturing capacity, acceleration of deployments across the U.S., and fulfillment of commercial backlog. Exowatt’s momentum highlights how specialized technology companies are shaping the next phase of energy solutions tailored for AI, data infrastructure, and industrial-scale computing.
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