"Just over a year ago, Moxion Power closed its doors, adding its name to a list of high-profile bankruptcies that roiled the climate tech world in 2024. The portable battery startup had raised more than $110 million in a bid to replace diesel generators at festivals and construction sites, but even that wasn't enough to get it through the valley of death. Moxion laid off more than 400 employees and its assets were liquidated."
"Behl's interest in the space was sparked by his experience at Rivian, which once had an agreement to sell 100,000 electric delivery vans to Amazon. But the companies soon realized that the problem wasn't the cost of the vans, but the charging infrastructure. "You need a mini power plant to charge 150 vans, and that infrastructure does not exist at depots," Behl said. In a pinch, many fleets will turn to diesel generators."
Moxion Power failed after raising over $110 million to replace diesel generators, laying off 400 employees and liquidating assets. Former Moxion co-founder Paul Huelskamp and several ex-employees formed Anode Technology Company to continue pursuing mobile battery solutions. Anode secured $9 million in seed funding led by Eclipse and Jiten Behl. Behl's Rivian experience highlighted that charging infrastructure, not vehicle cost, limits fleet electrification and creates demand for grid-independent power solutions. Fleets often rely on diesel generators when depot infrastructure is insufficient. Anode emphasizes integrated hardware, a purpose-built inverter, and compact mobile batteries for targeted markets.
Read at TechCrunch
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