Lunar Energy Raises $232m To Deploy Home Batteries That Prop Up The Grid

Forget EVs — stationary batteries are getting each nan buzz, and investment, successful nan U.S. these days.

Startup Lunar Energy is nan latest example. The six-year-old company, which builds artillery packs for homeowners successful California, Georgia, and Washington, said Wednesday it has completed 2 ample backing rounds. The startup shared it raised a antecedently unannounced $130 cardinal Series C and a $102 cardinal Series D. The Series C was led by Activate Capital, while nan Series D was led by B Capital and Prelude Ventures.

The startup plans to usage nan costs to standard manufacturing to 20,000 units by nan extremity of this twelvemonth earlier rampaging to 100,000 by nan extremity of 2028. In total, Lunar has raised much than $500 cardinal from investors.

Stationary retention has go a agleam spot for artillery manufacturers that person been taxable to argumentation whiplash aft nan Trump management and GOP-controlled Congress gutted ample parts of nan Inflation Reduction Act, which had incentivized companies to build batteries successful nan U.S. to proviso nan automotive industry.

As nan grid strains nether nan weight of an progressively electrified system — on pinch nan roar successful information halfway request — grid-connected batteries person go 1 of nan astir versatile ways to boost its resiliency.

Lunar tin telephone connected its fleet of batteries, which travel successful 15 kilowatt-hour and 30 kilowatt-hour modules, to present juice to nan grid erstwhile needed. It’s virtual powerfulness works (VPP) package tin besides power EV chargers and appliances, allowing it to some proviso electrons while tamping down demand.

Such VPPs are expected to beryllium capable to switch costly and polluting peaking powerfulness plants successful a matter of years.

Competition successful nan abstraction has been heating up lately. In October, Base Power raised $1 billion, little than six months aft raising a $200 cardinal information for its residential battery-based VPP. Tesla operates its ain Powerwall-based VPP, too.

Outside of residential settings, Tesla’s retention business has been growing successful leaps and bounds, while erstwhile Tesla executive J.B. Straubel’s startup Redwood Materials has launched its ain power retention division. Even Ford wants successful connected nan action. 

Batteries person transformed from spot players conscionable 5 years agone to awesome assets connected nan grid. Their modularity makes them speedy to build and easy to deploy, and while they’re still costly comparative to immoderate fossil substance powerfulness sources, prices person been dropping quickly. No wonderment investors are piling in.