Summary:
Moxion Power, a portable battery startup, went bankrupt after raising over $110 million, highlighting the challenges of the valley of death in climate tech.
Founder Paul Huelskamp is back with Anode Technology Company, aiming to complete Moxion's mission with $9 million in seed funding from Eclipse.
Anode focuses on mobile battery generators for EV charging, construction, and events, learning from past mistakes like avoiding in-house manufacturing.
The startup's smaller, optimized battery design and integrated hardware aim to reduce costs and improve transport efficiency compared to competitors.
The Rise, Fall, and Rebirth of a Climate Tech Vision
Just over a year ago, Moxion Power shut down, becoming one of the high-profile bankruptcies that shook the climate tech sector in 2024. The portable battery startup had raised more than $110 million with the ambitious goal of replacing diesel generators at events like festivals and construction sites. Despite this funding, it couldn't survive the valley of death, leading to over 400 layoffs and asset liquidation.
Now, Paul Huelskamp, co-founder of Moxion, along with several former employees, has launched Anode Technology Company. Their mission is to pick up where Moxion left off, aiming to avoid past mistakes. "We started Anode with that goal to kind of finish what we started," Huelskamp, now CEO of Anode, explained.
Securing Funding and Learning from the Past
Anode has been operating quietly but is now emerging with $9 million in seed funding, led by Eclipse. The round was spearheaded by Jiten Behl, a partner at Eclipse and former chief growth officer at Rivian. Behl's interest stems from his Rivian experience, where he saw the challenges of EV charging infrastructure firsthand. "You need a mini power plant to charge 150 vans, and that infrastructure does not exist at depots," he noted, highlighting how businesses often resort to diesel generators for flexibility.
Innovations and Competitive Edge
Anode is developing mobile battery generators for construction sites, live events, and EV fleets. While competitors like SparkCharge and Power Sonic offer similar solutions, Huelskamp claims Anode's integrated hardware will differentiate it. The company has designed a custom inverter tailored for its target markets. Additionally, Anode's battery is slightly smaller than Moxion's 600 kilowatt-hour unit, making it easier to transport on flatbed trucks and optimizing for the lowest cost of delivered energy.
Key Lessons Applied
A major shift from Moxion's approach is Anode's decision to use contract manufacturers for battery production, rather than handling it in-house. "One of the main lessons learned is it's really tough as a startup to take on that part of [the manufacturing]," Huelskamp admitted. This strategy aims to reduce risks and improve scalability.
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