Yotta, a developer of safe, panel-level energy storage, has raised $1.5 million in seed funding and an additional $300,000 in grants for the continued development and commercialisation of the SolarLEAF, a simple and affordable energy storage technology with smart thermal protection. The new funding allows Yotta to expand its beta testing to several new installations with strategic partners. For more information see the IDTechEx report on Batteries for Stationary Energy Storage 2019-2029.
Yotta fills a void in the growing commercial and industrial (C&I) energy storage space by solving the issue of safety with large battery systems and making solar + storage installations more affordable and streamlined. Soft costs and balance of hardware can add to total system costs, often making energy storage installation too expensive to deploy. The SolarLEAF reduces these costs by eliminating the need for specialized installers and strict siting requirements that other energy storage technologies require. This simplicity enables solar installers and developers to expand their customer base and grow their business by delivering a scalable, cost-effective storage solution that can easily be installed anywhere.
Yotta has accelerated fundraising efforts in pursuit of Series A equity financing, which will be used to advance beta testing into commercialization, including bankability study and UL certification. "With the tremendous market opportunities we are seeing, it makes sense for us to ramp up our fundraising efforts so we're in a solid position to respond as the market continues to gain speed," said Yotta CEO Omeed Badkoobeh. "It's important for Yotta to take advantage of the gap we see in the C&I market, and we're prepared to do that."
Yotta has teamed up with PanelClaw, a leading roof racking provider for flat roof systems, and a tier 1 developer of lithium- ion batteries.
Source: Mercom Communications on behalf of Yotta
Top image: Yotta