Austin, Texas-based Yotta, an energy storage company, has raised $1.5 million in seed funding. The investors were not named. UPDATE: According to Yotta’s CEO and co-founder Omeed Badkoobeh, the funding round was made up of various angel investors and the SWAN Impact Investment Group.
AUSTIN, TX— August 21, 2019—Yotta, the developer of safe, panel-level energy storage, has raised $1.5 million in seed funding and an additional $300,000 in grants for the continued development and commercialization of the SolarLEAF™, a simple and affordable energy storage technology with smart thermal protection. The new funding allows Yotta to expand its beta testing to several new installations with strategic partners.
According to Wood Mackenzie, the U.S. energy storage market is expected to reach $4.5 billion by 2023. Yotta fills a void in the growing commercial and industrial (C&I) energy storage space by solving the issue of safety with large battery systems and making solar + storage installations more affordable and streamlined. According to McKinsey & Company, soft costs and balance of hardware can add upwards of 60% to total system costs, often making energy storage installation too expensive to deploy. The SolarLEAF™ reduces these costs by eliminating the need for specialized installers and strict siting requirements that other energy storage technologies require. This simplicity enables solar installers and developers to expand their customer base and grow their business by delivering a scalable, cost-effective storage solution that can easily be installed anywhere.
Yotta has accelerated fundraising efforts in pursuit of Series A equity financing, which will be used to advance beta testing into commercialization, including bankability study and UL certification.
“With the tremendous market opportunities we are seeing, it makes sense for us to ramp up our fundraising efforts so we’re in a solid position to respond as the market continues to gain speed,” said Yotta CEO Omeed Badkoobeh. “It’s important for Yotta to take advantage of the gap we see in the C&I market, and we’re prepared to do that.”
Backed by a strong IP portfolio, the SolarLEAF™ simplifies solar-integrated energy storage by making it safe, easy, and cost-effective for developers, installers, and consumers. Yotta’s smart and elegant engineering has caught the attention of investors and strategic partners alike. Yotta has teamed up with PanelClaw, a leading roof racking provider for flat roof systems, and a tier 1 developer of lithium- ion batteries.
In addition to its fundraising success, Yotta is also pleased to announce that it has tapped Phil Gilchrist, formerly of SunPower, as the company’s Director of Mechanical Design Engineering and Jeff Williams, formerly of Draker, as Director of Electrical Engineering. Now, with over 100 years of combined energy industry experience in product commercialization, the Yotta management team is poised to help lead the transition to renewables with the SolarLEAF™.
Jeff Williams, who has served Yotta as an advisor, officially joined the Yotta team this spring. He has over 30 years of electrical engineering experience and 10 years in the solar and power industries. Jeff has a master’s degree in Electrical Engineering from Texas A&M University.
Joining Yotta in 2019, Phil Gilchrist brings over 30 years of industry experience to the management team. Phil spent several years working at the director level at SunPower and graduated from the University of Texas at Austin with a degree in Mechanical Engineering.
Yotta is an energy storage company innovating a fully-integrated hardware/software solution for developers. We simplify the energy storage process to accelerate the growth of solar+storage to meet market demands. Through our flagship product, SolarLEAF™, we’ve pioneered a modular storage solution with smart thermal regulation that seamlessly integrates behind each photovoltaic (PV) panel while maximizing life and performance. Yotta’s software platform enables the aggregate system to address various needs for energy control and resiliency. Yotta is backed by a team of solar and power experts building next generation energy storage solutions. In a market overcrowded by large, complex energy storage systems, we’re pushing the boundaries with a simple, safe, and scalable storage solution. Yotta was founded in 2017 and is based in Austin, Texas. To learn more, visit: www.yottaenergy.com.