Exowatt
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Exowatt is an American renewable energy company based in Miami, Florida, founded in 2023 by Hannan Happi and Jack Abraham.[1][2] The company designs modular thermal energy storage systems aimed at providing dispatchable renewable power, primarily targeting data centers and other energy intensive commercial applications.[3]
Exowatt's product is the Exowatt P3, a modular solar thermal energy system that provides up to 24 hours of dispatchable power daily.[4] The system captures solar energy using specialized lenses, stores it as heat in a long duration thermal battery, and converts it to electricity on demand using a heat engine.[5] As of April 2025, Exowatt had raised $90 million in venture capital funding.[6]
History
[edit source]Exowatt was founded in 2023 by Hannan Happi (CEO) and Jack Abraham (Chairman).[7] Happi's background includes roles at Siemens, General Electric, and Tesla, while Abraham is also the CEO of venture studio Atomic, where Exowatt was incubated, and co-founder of other companies including Hims & Hers Health and OpenStore.[8][9]
The company was created in response to growing energy demands from artificial intelligence and data centers, with the founders identifying a gap in the market for renewable energy solutions that could provide reliable baseload power.[10] According to Happi, the company underwent multiple design iterations before settling on its thermal storage approach, with more than 50 different versions of the technology considered during early development.[7]
The company emerged from stealth mode in April 2024, announcing a $20 million Seed funding round led by Andreessen Horowitz (a16z), Atomic, and OpenAI CEO Sam Altman.[11] The initial funding was directed toward developing the company's modular energy platform and establishing early customer relationships.[12] According to Katherine Boyle, General Partner at a16z, cited the company's focus on U.S. manufacturing and energy infrastructure resilience as key factors in the investment decision.[13]
In September 2024, Exowatt publicly unveiled its P3 product at the RE+ clean energy conference in Anaheim, California.[14] The event featured attendance by several of the company's investors, including actor Leonardo DiCaprio.[1] By late 2024, the company reported a customer backlog exceeding 85 GWh.[15]
In April 2025, Exowatt announced a $70 million Series A funding round led by Felicis Ventures, bringing total funding to $90 million.[16] The Series A included $35 million in equity and $35 million in debt financing provided by HSBC Innovation Banking and other partners.[17] Additional investors across both funding rounds included 8090 Industries, Starwood Capital, MCJ Collective, MVP Ventures, GOAT VC, StepStone Group, Climate Capital, Overmatch Ventures, Protagonist, and actor Leonardo DiCaprio.[18] The company indicated that this funding would support commercial deployments scheduled to begin in 2025.[19]
See also
[edit source]References
[edit source]- 1 2 "Exowatt aims to repurpose old tech to deal with new AI power demand". Canary Media. 2024-09-17. Retrieved 2025-04-24.
- ↑ "Business Wire". Business Wire.
- ↑ "Exowatt | Powering the Future of AI with Clean, Scalable Energy". www.exowatt.com. Retrieved 2025-04-24.
- ↑ TechDogs. "TechDogs - Discover the Latest Technology Articles, Reports, Case Studies, White Papers, Videos, Events, Hot Topic: AI, Tech Memes, Newsletter". TechDogs. Retrieved 2025-04-24.
- ↑ "Exowatt P3 | Modular 24/7 Energy for the AI Era". www.exowatt.com. Retrieved 2025-04-24.
- ↑ "Exowatt". www.exowatt.com. Retrieved 2025-04-24.
- 1 2 Chowdhry, Amit (2025-03-12). "Exowatt: Interview With CEO Hannan Happi About The Renewable Energy Company". Pulse 2.0. Retrieved 2025-04-24.
- ↑ Panettieri, Joe (2024-04-22). "Exowatt, Funded by Sam Altman & Katherine Boyle, Developing Renewable Energy for AI Data Centers". Sustainable Tech Partner for Green IT Service Providers. Retrieved 2025-04-24.
- ↑ Money, The New. "Exowatt Wants To Use Solar Energy For Data Centres Of The Future". The New Money. Retrieved 2025-04-24.
- ↑ researcher, Riley KaminerI am a Miami-based technology; startups, writer with a passion for sharing stories about the South Florida tech ecosystem I. particularly enjoy learning about GovTech; Intelligence, Cutting-Edge Applications of Artificial (2025-02-11). "Exowatt wants to solve AI's biggest problem: power, and lots of it - Refresh Miami". Retrieved 2025-04-24.
- ↑ Comment, Dan Swinhoe (2024-04-23). "OpenAI's Sam Altman and a16z back data center-focused thermal energy company Exowatt". www.datacenterdynamics.com. Retrieved 2025-04-24.
- ↑ researcher, Riley KaminerI am a Miami-based technology; startups, writer with a passion for sharing stories about the South Florida tech ecosystem I. particularly enjoy learning about GovTech; Intelligence, Cutting-Edge Applications of Artificial (2024-04-22). "The hottest technology in Miami? Exowatt raises $20M, launches renewable energy solution - Refresh Miami". Retrieved 2025-04-24.
- ↑ "The American Dynamism 50: Companies Shaping the Fight of the Future". Andreessen Horowitz. Retrieved 2025-04-24.
- ↑ Raj, Amith (2024-09-11). "Exowatt Launches Innovative Modular Energy Platform to Modernise Renewable Energy for AI-Driven Data Centers". World Business Outlook. Retrieved 2025-04-24.
- ↑ "Exowatt in the News | Press and Media Features". www.exowatt.com. Retrieved 2025-04-24.
- ↑ Staff, ESG Today Writing (2025-04-23). "Exowatt Raises $70 Million for 24-Hour-a-Day Solar Power Solution". ESG Today. Retrieved 2025-04-24.
- ↑ Comment, Zachary Skidmore (2025-04-22). "Exowatt raises $70m in Series A funding, touts 90GWh pipeline from data center market". www.datacenterdynamics.com. Retrieved 2025-04-24.
- ↑ FinSMEs (2025-04-23). "Exowatt Raises $70M in Series A Funding". FinSMEs. Retrieved 2025-04-24.
- ↑ Bock, Greg (2025-04-23). "Renewable Energy Startup Exowatt Raises $70 Million in Series A Round". Climate Insider. Retrieved 2025-04-24.