Exowatt Secures $70M Series A to Accelerate Deployment of Solar Power Solutions for Data Centers
Silicon Valley-based renewable energy firm Exowatt has announced the close of its $70 million Series A funding round, bringing the company's total capital raised to $90 million.
The round, led by Felicis, includes $35 million in equity and $35 million in debt financing from HSBC Innovation Banking and other lending partners. This funding builds on the initial debt facility Exowatt secured during its seed round in August 2024.
Strong Investor Backing and High-Profile Support
Investors in the round include Andreessen Horowitz, 8090 Industries, Thrive Capital, Starwood Capital, and several others. Atomic and a16z returned with additional investments, and notable angel backers from the seed round such as Sam Altman, CEO of OpenAI, and actor Leonardo DiCaprio have reaffirmed their support.
Flagship Product Targets AI-Powered Data Center Demand
Exowatt’s funding announcement follows the launch of its flagship product—the Exowatt P3, a modular, dispatchable solar solution that delivers up to 24 hours of power daily.
Unveiled at the RE+ conference in September 2024, the P3 system uses a long-duration thermal battery to store solar energy and convert it into electricity on demand, making it particularly suited for data centers and other high-intensity commercial and industrial applications.
With a growing backlog of more than 90 GWh from data centers and hyperscalers, the company plans several commercial deployments across the US in 2025. CEO Hannan Happi highlighted the surging interest in the P3, noting that the funding will scale domestic production to meet insatiable demand for power from Exowatt’s enterprise customers.
Also read: Soluna Signs Power Deal for New 100MW Green Data Center in Texas
Powering America’s AI Future
With US energy policy increasingly focused on powering AI infrastructure, such as the recently launched Project Stargate under the Trump administration, Exowatt's commitment to domestic manufacturing aligns with national priorities. Felicis founder Aydin Senkut noted that Exowatt is positioned to lead in building an American clean energy supply chain for AI data centers.
As power demand from data centers is projected to rise 150% by 2030, Exowatt’s P3 system is well-timed to provide sustainable, reliable energy at scale.
