Renewable energy technology startup Exowatt announced that it has raised $70 million in a Series A funding round, with proceeds aimed at supporting the development and production of its modular solar energy system, which can supply power 24 hours a day.

Founded in 2023, Miami-based Exowatt develops solar power systems for energy-intensive applications like data centers, as well as commercial and industrial sites. The company’s recently introduced flagship product Exowatt P3 captures solar energy as heat in a long-duration battery and converts it into electricity on demand at any time, without the need to rely on the grid at night.

According to Exowatt, the new capital will be used to support the domestic production and deployment of the Exowatt P3, with the company noting that it has a demand backlog of over 90 GWh from data centers, energy developers and hyperscalers across the U.S., and several commercial deployments anticipated to go live in 2025.

Hannan Happi, CEO of Exowatt, said:

“We’ve been overwhelmed with the amount of interest in the P3 since we launched it to market late last year. The additional funding will help us accelerate commercialization and deployment of our solution for the data center energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers.”

The funding round was led by Felicis, a venture capital firm in Silicon Valley. Additional investors include Andreessen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. Atomic and a16z returned to make additional investments following their contributions to Exowatt’s Seed round, which included notable angel investors such as Sam Altman, CEO of Open AI and actor and environmentalist, Leonardo DiCaprio. Of the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million comes from equity.

Aydin Senkut, Founder and Managing Partner at Felicis, said:

“With power consumption from AI data centers growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible. Exowatt’s technology will lead the future of power generation and improve energy efficiency across the country.”