A startup which is creating a product to connect battery storage directly with individual solar panels on commercial buildings has gained $13 million in a new round of funding from a host of joint venture backers.
Austin, Texas-based Yotta Energy raised the Series A round to help scale up its design to create microgrids for business buildings. The round was led by WIND Ventures with additional investment from Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures and SWAN Impact Network.
The new round brings Yotta Energy’s total funding to $20 million.
“Commercial solar and storage technology has the potential to completely transform energy markets, especially in the U.S. and Latin America,” said Brian Walsh, Head of WIND Ventures. “Yotta’s technology represents a better, more affordable solution for growing this commercial and industrial segment on a global scale with seamless renewable energy integration that turns both existing and future buildings into distributed power plants.”
Yotta’s SolarLeaf is a distributed battery which is installed under individual solar panels. The module-level battery uses lithium-iron-phosphate chemistry and is spaced about three feet between each unit.
Each battery has a 1-kWh nominal capacity, ideally sizing up to 1 MWh per scaled system once fully installed.
“Yotta's storage technology revolutionizes renewable projects and transforms the commercial and industrial markets with the first truly integrated solar and storage solution,” said Roee Furman, Managing Director for Doral Energy-Tech Ventures. “The company’s distributed PV-Coupled architecture transforms solar and storage installations with a dramatic cost reduction, ease of use, and elegant product design. After reviewing dozens of storage solutions, we chose Yotta for growth and taking the lead in this segment, with various installed projects and commercially ready products.”
The Yotta Energy solution is specifically designed for flat roofs. It can store the excess solar power generated on-site and also act as revenue generator by selling power back into the grid.
The smaller footprint is considered to lower installation costs while providing the energy security and lower-carbon benefits of hybrid solar-storage projects.
