Yotta Energy announced it has raised $5 million in a seed round of funding to finalize UL certification and commence commercial production of its disruptive panel-level, PV-Coupled energy storage technology. And the investors for this round include Fiftysix Investments, EDP Ventures, Skyview Ventures, and other undisclosed investors.
Yottaâ€™s patented thermal management system for batteries is enabling a decentralized format for solar-plus-storage, which is ideal for rooftop commercial and industrial applications. And Yottaâ€™s panel-level energy storage solution can easily fit under any solar module, neatly integrating with the solar racking array.
The companyâ€™s format follows the success of module-level power electronics (MLPE). And the plug-and-play design simplifies and standardizes the integration of energy storage with solar projects, eliminating the need for heavy, difficult to install enclosures and complicated HVAC systems. Plus Yottaâ€™s passive thermal management technology allows its batteries to withstand extreme weather and extend their lifespan.
Wood Mackenzie estimates that the US is sitting on 145GW of unused solar potential. And it further anticipates annual global energy storage deployments to increase from 11 gigawatt-hours in 2020 to 164 gigawatt-hours in 2030, reaching a cumulative 741 gigawatt-hours, the large majority being tied to solar.
â€śOur team has proven the value proposition of our unique solar-plus-storage technology and its ability to cost-effectively contribute to a world powered by renewable energy. We are thrilled to share the news as we begin to build the infrastructure needed to help capture the commercial rooftop solar market in the U.S.â€ť
â€” Yotta Energy CEO, Omeed Badkoobeh
â€ťThe Yotta team have innovated a solar-plus-storage solution perfect for the small to medium commercial markets â€“ a key growth market globally. Yottaâ€™s decentralized format can easily scale and fits the market direction, while also significantly reducing the costs of rooftop solar-plus-storage installations.â€ť
â€” Ray Rothrock, FiftySix Investments founder
â€śYottaâ€™s unique solution streamlines the installation of storage coupled with rooftop PV units, allowing for important cost savings. We believe this is decisive to allow the scale up of distributed storage in the C&I segment.â€ť
â€” LuĂs Manuel, Executive Director of EDP Ventures
â€śThere is not a cost-effective commercial energy storage solution available today and improvements in battery costs and efficiencies only solve part of the problem. Yottaâ€™s patented solution takes a whole system design approach which will facilitate the commercial rooftop solar and storage market.â€ť
â€” Matt Coleman, Principal at Skyview Ventures