Moixa Energy Holdings
Moixa is striving to be a leading UK residential energy storage company, pioneering new utility and grid services, based on unique technology, intellectual Property (IPR) and developing finance models.
We seek to find better ways to power the growing volume of electronic devices we rely on every day. This started with our USBCELL battery and extended into DC (direct current) research. This lead us to our in-home energy storage system to store cheap electricity and in time to our financing solution to make this feasible for as many people as possible.
Low voltage DC (direct current) power is cheaper, safer, and greener than the AC (alternating current) we are used to, and in our opinion could be the future of powering the multitude of low voltage devices we use. As stated by The Economist “It would be better to have a DC network, of the kind Mr Daniel has rigged up, for all electronic devices in a home or office.”
This fund-raising is the next stage on our growth plan that targets over £250m in MASLOW Energy Storage System sales and £1bn in Utility related revenues by 2020.
Moixa was founded in 2006 by serial technology entrepreneurs Simon Daniel and Chris Wright. We are expanding our core team with senior industry executives from energy efficiency, utilities and finance sectors, and aim to use this investment to accelerate commercial activity and address global storage market and energy finance opportunities.
Moixa undertakes R&D and incubation, and establishes new ventures as operating subsidiaries:
Moixa Technology Ltd
Moixa Technology, subsidiary launched in 2010, designs and manufactures our flagship MASLOW® Energy Storage System for use in homes and offices. This stores spare solar or night electricity to reduce peak demand and costs for customers. MASLOW has patented and differentiated features relevant to a growth market that values storage to enable flexible and practical use of intermittent renewable energy. The BBC filmed our MASLOW system as already deployed in the UK alongside the recent TESLA battery launch.
We believe MASLOW has many advantages, as an all-in-one system, in size, price and design. But what adds to our commercial model is our cloud platform that helps manage storage aggregation across multiple sites to providing service and income opportunities from grid and network. We plan to leverage our UK network expertize and extend this platform to include managing partner, competitor, third-party and consumer batteries. We have won various competitive pilots, and R&D grants that help to validate different types of storage application and benefits with Utilities, Developers and for The Department of Energy and Climate Change (DECC).
We sell MASLOW to private, public sector homes and via solar installers. MASLOW is now a developed and market ready technology. We have deployed the largest UK install base through early adopter sales, pilots in 250 sites for UK DECC contract (£1.5m) and similar underway across (£0.8m) Innovate UK community projects.
Maslow related revenue and grant income has grown to £1.03m in last financial year (£2.5m cumulative since 2010) and we have a growing sales and opportunity pipeline.
The Energy Pension Company Ltd
We are incubating a new finance/utility model and forming a new subsidiary; The Energy Pension Company. This plans to offer new utility tariffs to aid financing of MASLOW energy storage and energy efficiency adoption, targeting millions of homes. The impact could lead to significant new annual revenues. The company is operating in stealth mode – but our potential policy impact has already received attention by the UK PM and leaders at the Northern Future Forum, and by Bloomberg New Energy Finance, Finance for resilience which recognizes interventions that could release billions into clean technologies.
Moixa Energy Ltd – USBCELL
We originally launched in 2006, and hold extensive IPR on USBCELL rechargeable batteries, generating license income and £2.24m in past product sales. The product won major stockists, numerous design and sustainability awards. Sales continue focused on branded promotions and via a new partner segment license launching a new battery chemistry range this year.
BACKGROUND AND VISION
Moixa’s vision is to pioneer energy technology, solutions and services that aim to save energy costs for millions of homes and businesses.
This is demonstrated in our MASLOW energy storage system – designed to help end users improve self-consumption and store spare solar or take advantage of night or off-peak tariffs. This can reduce peak energy costs and provide back-up – maintaining electronics in an outage. We expect this will become more critical as grid systems face increased risk.
We are also pioneering how to manage clusters of batteries across communities, to form a collective battery – like a virtual pumped hydro plant. This can help save costs to the electricity system such as – wholesale arbitrage or helping reduce network upgrade costs charged for large solar developments.
To achieve scale, we are developing structured finance platforms that aid funding deployment of energy efficiency, solar and storage assets. This appears central to US competitors who have succeeded with lease or no money down approaches.
Our model, The Energy Pension company, aims to reduce energy costs in retirement, pension deficits whilst accelerating energy efficiency adoption. We are in negotiation with several Big 6 Utility/Pension companies to act as potential launch partners for the Energy Pension Company. We believe this could lead to growth as a major new utility/pension company.
Moixa’s combination of innovative hardware supported by IPR, new energy service and finance models are in our view essential to deliver energy efficiency and compete internationally at scale. Moixa has received considerable coverage in relevant publications or analysis, e.g. in The Economist, Navigant, GreenTech Media, and Bloomberg New Energy Finance.
ACCOMPLISHMENTS TO DATE
- £1.29m investment raised and £5.1m in revenue since 2006 across grant/project income (£2.24m USBCELL sales, £2.5m Maslow/Projects, £0.4m+ on other supporting R&D)
- Last financial year £1.11m group income
- Moixa has developed IPR, USBCELL and MASLOW which is now on market after extensive pilot testing
- We believe we have deployed the largest install base in the UK of residential energy storage systems. E.g through early sales and pilots such as 250 sites for DECC. We plan to extend this to over 500 sites/ 1MWh this year through sales and community pilots.
- We have established a wide network of suppliers, partners and channels through R&D projects and pilots. We believe this makes us a key node in the UK energy storage sector. We also participate in industry standards activities ( e.g. IET, IEEE, USB, Hypercat)
- Our growing patent base is well cited across the industry, and covers features on smart batteries, systems, home energy systems, DC power/microgrids and storage aggregation.
Moixa designs and manages OEM manufacture of MASLOW energy storage systems. Our business model is to sell direct and through large channel partners, and provide aggregation services for recurring revenue, and to support lease finance.
Moixa has several core MASLOW revenue streams:
- hardware system sales and related accessories
- managing aggregate storage service for network and grid income
- system installation and design support
- warranty and battery service and subscription services
We believe this is aided by our USPs including – competitive price point, compact design suitable for wall-mounting or urban properties, opportunity to retrofit and target existing solar homes (e.g. 550k in the UK), improved ROI by income from storage services, lease mechanisms.
Intellectual Property and R&D Platform:
- We have opportunities for licensing our patent portfolio and working with third parties to integrate battery resources into our aggregation platform
- We may also license IPR/designs for partner manufacture or cross-license features
- We continue to bid (e.g. Horizon 2020) and have previously won signifcant R&D projects or grants that help improve our technology and applications
Finance Platform development:
- Energy Pension model helps create own utility customer base, energy income and tariffs
- Helps provide asset financing mechanisms for storage or other energy efficiency
- Helps lease financing for large scale project partners (e.g. we are reviewing large PV projects with social housing groups where storage could reduce network charge)
USE OF PROCEEDS
Investment proceeds will be allocated to support scaling our MASLOW sales and commercial team, our IPR/R&D Platform and incubating our Finance platform – Energy Pension Company launch.
55% – Moixa Technology – MASLOW Growth
- Sales and commercial hires, growing installer network & marketing
- Software and Operational team
- Hardware / factory BOM improvements
30% – Energy Pension Company – Incubation
- Business incubation and set-up
- IT/systems and initial market entry
- Leverage of significant Big 6 utility/pension partner activity
15% – Moixa Energy Holdings – IPR/R&D
- R&D contribution to grant leverage
- Intellectual Property Licensing & maintenance
This funding aims to bridge the gap to close significant dedicated fund-raising into the MASLOW Storage and Finance business units, once further market scale points are reached. We have begun discussions with various funds interested in larger rounds as well as with significant potential partners.