Exowatt, a Miami-based renewable energy startup, has raised $70 million in Series A funding to accelerate the deployment of its modular solar thermal power system, the Exowatt P3. The round was led by Felicis, with participation from Andreessen Horowitz, Atomic, Sam Altman, Leonardo DiCaprio, and others. Half of the funding comprises debt financing from HSBC Innovation Banking and other partners.
Founded in 2023 by CEO Hannan Parvizian and Atomic CEO Jack Abraham, Exowatt aims to provide sustainable, dispatchable energy tailored for AI data centers and other energy-intensive applications. The Exowatt P3 system captures solar energy, stores it as heat in a long-duration thermal battery, and converts it into electricity on demand. This approach offers a cost-effective alternative to traditional battery storage, with energy costs as low as $0.04 per kilowatt-hour.
The P3’s modular design allows for scalable deployment, fitting within a standard 40-foot shipping container. Exowatt reports a demand backlog exceeding 90 GWh from data centers and energy developers across the U.S., with initial deployments planned for 2025.
The company is committed to domestic manufacturing, sourcing materials and producing systems within the United States to enhance energy independence and resilience.
Exowatt Overview:
- Headquarters: Miami, Florida
- Founders: Hannan Parvizian (CEO) and Jack Abraham (CEO of Atomic)
- Founded: 2023
- Core Technology: The Exowatt P3 system integrates solar energy collection, thermal storage, and on-demand electricity generation. It utilizes a proprietary silicon-based composite material for heat storage and a Stirling engine for energy conversion. The modular design allows for scalable deployment, fitting within a standard 40-foot shipping container.
