A domestic battery storage firm has secured £2.5 million of new investment.
Moixa has received £1 million from the Greater Manchester Combined Authority and will open a new office in the city.
The regional sales and delivery centre in Manchester will drive the company’s growth in the north-west of England by offering solar and storage products to private customers and pursuing “multi-thousand unit deployments” with social housing clients.
The company has also secured £1.5 million in equity investment, including £500,000 from Tokyo Electric Power Company and £500,000 from investors First Imagine! Ventures.
Moixa plans to run a pilot scheme for its compact battery systems in Tokyo.
It also aims to develop an innovative new ‘virtual power plant’ concept to aggregate the capacity of 100,000 home batteries by 2020, to provide National Grid and utilities with access to 250MWh of domestic capacity.
This is expected to reduce the costs of running the electricity network and allow it to support increased levels of renewables.
Simon Daniel, CEO of Moixa, said: “Smart home batteries are transforming our electricity system, saving money for households and communities and supporting a cost-effective, reliable, low carbon network.
“We are developing solar plus storage solutions for social housing that will help councils tackle fuel poverty and we look forward to collaborating with Greater Manchester and supporting the low carbon energy transition in the Northern Powerhouse region.”