AUSTIN, Texas--(BUSINESS WIRE)--As oil and gas prices continue to rise the world needs more alternative energy sources that increase resiliency and decrease dependence on fossil fuels. Yotta Energy, a leader in intelligent energy storage technology for the rooftop commercial and industrial (C&I) market, has raised an additional $3.5 million, including a strategic investment from inverter OEM partner APsystems, bringing its total Series A investment to $16.5 million. Additionally, ESTCP awarded Yotta $1.97 million for a new solar + storage microgrid project at Nellis Air Force Base in Las Vegas, Nevada. With this funding Yotta will accelerate the scaling of its panel-level solar-plus-storage system, develop new technology, and increase its headcount.
"We see tremendous growth potential in rooftop solar-plus-storage, but much more than that, Yotta has produced an innovative, module-level commercial energy storage solution that no one else is doing right now,” said Olivier Jacques, APsystems president of global business units. “During our time working with Yotta, we have seen firsthand the positive disruption they are making in the industry. No zoning, no concrete, and efficient energy storage direct to DC. It was an obvious choice to support Yotta in its Series A raise."
Yotta previously partnered with APsystems to develop the company’s Dual Power Inverter (DPI), the first power conversion system designed to be interchangeable between solar and energy storage. Yotta and APsystems are also collaborating on the development of a 480-volt, 3-phase, microinverter to scale and compete with string inverters in C&I applications.
Yotta Energy provides modular solar-plus-storage microgrid solutions that give C&I building owners control over their energy and high energy rates. Yotta's PV-Coupled Architecture, which includes the SolarLEAF product and Dual-Power Inverter, provides customers with a distributed battery solution installed under individual solar panels that can store excess renewable energy on-site and act as a revenue generator by utilizing stored energy when electricity rates are high. The latest funding will also allow Yotta Energy to incorporate customer feedback as it innovates the next generation of its hardware technology and begins work on the Nellis deployment.
"Yotta Energy is a great candidate for this [ESTCP] program because of the distributed and flexible solution the technology provides for different use-cases on military installations," said Timothy Tetreault, Project Manager at ESTCP. "We are excited to implement this technology at a Nellis Air Force base as we strive to future proof our military with resilient and sustainable solutions."
Last year, Yotta Energy raised $13 million in capital from investors WIND Ventures, Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures, and SWAN Impact Network to scale and accelerate the installation of Yotta's PV-Coupled solar-plus-storage flat-roof energy backup solutions.
"As the rooftop solar-plus-storage market continues to grow rapidly, there is a severe shortage of technology that can help C&I buildings efficiently distribute and decentralize the energy generated by solar energy," said Omeed Badkoobeh, CEO and Co-founder of Yotta Energy. "With electric vehicle adoption also expanding, the need for businesses to produce their own electricity will only become more prudent. We are helping to fill this gap by providing products and services that can help businesses manage additional electrical loads while maintaining the building's electricity needs. With this funding, we will be able to accelerate our mission and further develop our hardware and software technology and add to our headcount."
About Yotta Energy
Yotta Energy is a renewable energy storage company headquartered in Austin, Texas. Yotta has developed unique PV-Coupled™ architecture, a smart energy storage solution designed to scale with rooftop solar PV projects effortlessly. At about the size of a briefcase, Yotta's patented panel-level energy storage solution can fit under any industry standard solar module, neatly integrating with the solar racking array. Yotta's technology features advanced thermal management to maintain an optimal working temperature even under extreme outdoor conditions. As an integrated software plus hardware solution, Yotta also helps address grid outages by enhancing grid resilience and reliability. Yotta’s technology allows for a much lower total installation cost for rooftop solar-plus-storage than any other current energy storage system available today. Learn more at www.yottaenergy.com.
APsystems is the world’s largest and most advanced multi-module MLPE solution provider, offering microinverter and rapid shutdown devices for the global solar PV industry. APsystems microinverters are intelligent, innovative, and the best-selling multi-module microinverters in the world. Founded in Silicon Valley in 2010, APsystems encompasses 4 global business units serving customers in over 100 countries. With millions of units sold producing more than 3 TWh of clean, renewable energy, APsystems continues to be a leader in the ever-growing solar MLPE segment. Learn more at www.APsystems.com.
Environmental Security Technology Certification Program (ESTCP) is DoD’s environmental technology demonstration and validation program. The Program was established in 1995 to promote the transfer of innovative technologies that have successfully established proof of concept to field or production use. ESTCP demonstrations collect cost and performance data to overcome the barriers to employ an innovative technology because of concerns regarding technical or programmatic risk, the so-called “Valley of Death.”