Japanese carmaker Honda has led an £8.6 million (US$10.9m) funding round to boost investment in UK battery tech firm Moixa.
Moixa said the move, which was backed by several international investors including Japan’s Itochu Corporation, would support the firm’s vision of “managing millions of home energy storage systems and electric vehicles (EVs)”.
Moixa’s Gridshare technology manages residential energy storage systems in 7,000 homes in the UK and Japan, “aggregating a combined 70MWh of capacity which can be used to support the grid and provide a range of flexibility services”.
Honda and Moixa teamed up to launch an “energy management solutions” business earlier this year to use Gridshare to “create additional value for EV customers and power system operators”.
Gridshare also forms part of a £10.8m Hitachi-led Smart Energy Islands project on the Isles of Scilly, off the UK’s south coast, that enables EVs and smart home batteries to help balance supply and demand as part of a comprehensive smart energy system. Moixa has been installing a total 43.8KWh of its compact, wall-mounted lithium-ion phosphate battery systems in homes and at non-domestic sites.