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US-based BESS supplier goes bankrupt
28 November 2024
Photo: Moxion Power
US-based Battery Energy Storage System (BESS) start-up Moxion Power has gone bankrupt, according to reports.
Founded in 2020, the company aimed to replace diesel generators with zero-emission electric batteries and counted Sunbelt as one of its customers.
The company haven’t spoken publically about the bankruptcy, which was first reported in August, however, an email from CEO Paul Huelskamp to employees seen by SFGate said the company had “not found a path that will allow us to continue operations as Moxion Power Co., and effective today, we will be closing our doors.”
The email was sent some weeks after the company furloughed some of its staff and months after some were let go in a cost-cutting move.
According to SFGate, Huelskamp said in the email that the leadership team would be handing the company over to a third party for the sale of Moxion’s assets.
The news will have come as a surprise to many. Just two years ago the company completed a $100 million Series B led by Tamarack Global with participation from Series A lead investor Energy Impact Partners.
Other investors included Sunbelt Rentals, Amazon’s Climate Pledge Fund, Microsoft’s Climate Innovation Fund, Enterprise Holdings Ventures, Marubeni Ventures, Suffolk Technologies and Rocketship.vc.
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